Smart sales strategy in a recession

So, there’s a recession. You’ve still got sales targets to hit – with less resources.

• A leaner, downsized sales team.
• Heavily reduced marketing budget.
• Depleted reserves after several challenging years.

Whatever you’re facing, there are smart sales strategies you can deploy to combat the recession, even on a low budget.

Better still – some of these sales strategies are free (apart from your time!).

ONE – GIVE CLIENTS SOMETHING VALUABLE

Even if your budget didn’t stretch to Christmas gifts, you’ve still got something highly valuable that your clients want – your knowledge about their industry.

Create a helpful PDF about your industry

You’re sitting on a goldmine of insights about their industry problems, what’s happening in the market, and where the opportunities are.

• Create a pdf with helpful tips and email it to current and potential clients.
• Follow up phone calls are easy when you’ve given clients something helpful.

Regular monthly reports

Make sure you keep existing clients updated with regular monthly reports.

This is especially important for service businesses, where projects can take longer for clients to see the value. Regular updates on challenges you’re navigating, and progress to date will accomplish two things:

• You’ll remind clients of the value you deliver, even before they see results.
• You’ll help clients to relax and enjoy the process.

Hold a monthly meeting, in person or via Zoom, to discuss your analysis, answer any questions, and recommend any changes. Busy clients always appreciate updates, even if they don’t manage to read your report.

TWO – GET NETWORKING

Online, offline – get networking with current and potential clients. Online networking allows you to communicate one to many, with evergreen content that works for you 24/7. Keep on top of comments and messages to build relationships with your potential clients and partners.

For B2B businesses – LinkedIn is becoming the social media channel of choice. Also check out other options – Instagram, Facebook, YouTube.

Remember to include offline or in-person networking. Meeting face to face fast- tracks the process of building trust to deepen relationships. Yes, it’s more expensive to meet one-to-one in-person – but could still result in a fruitful partnership with referrals, or a long-term high-paying client.

Find the networking balance that’s right for you and your business.

THREE – MARKET RESEARCH

Market research goes beyond identifying your ideal client.

First – you want to discover who’s still making money. Find out who has available budget. These are the companies you should be spending time with.

Activities that reveal who’s still got budget include:

• Recruitment – New hires and/or actively recruiting for more team members
• Capital – Investment funding
• Acquisitions – Purchased another business, especially one of their competitors
• Commercial premises – Moved to a larger workspace, or to a better area
• Marketing – Hosting catered in-person events, having a stand at tradeshows or conferences

FOUR – URGENT CLIENT PROBLEMS THAT DON’T GO AWAY

Recession or not, some problems just don’t go away. Those urgent problems have a way of demanding budget even when money is scarce.

• What urgent problems do your clients need to solve, regardless of the recession?
• How can you tie your offer into a solution for their urgent client problems?
• Can you adjust payment terms so that it’s easy to choose your company?

FIVE – WOW THEM WITH PERSONALISED SERVICE

Have an account management strategy to keep your existing customers purchasing from you. If you’re looking for new business, your competitors will be too.

With all the doom and gloom around, you have an opportunity to bring something your clients may be lacking – personalised service that brings a bit of joy into their day.

Even on a low marketing budget, you can still wow your clients with your personalised service and client care. You and your clients will enjoy working together, and you’ll feel a deep sense of pride in doing a great job for your customers. You’ll strengthen the moat of exceptional customers service, making it even more challenging for competitors to poach your customers.

Great customer service has a way of travelling through the community, especially via word of mouth. Go on – ask those happy customers for referrals.

SIX – KNOW THE DIFFERENCE BETWEEN PRICE AND VALUE

Everyone in your sales team needs to understand the true value your company delivers, and the cost required to deliver that value. As Warren Buffet said – “Price is what you pay, value is what you get.”

In tough times, some of your customers will suffer. You may be tempted to discount, just to maintain current sales levels.

Be careful. You could be training your customers to expect low prices. When the economy grows again, you don’t want them to hold off purchasing until you discount.

Instead of discounts, look to add more value. Add-on products, service guarantees, additional reporting, and analysis – these are all areas where your clients will appreciate the extra value you can offer.

SEVEN – TIGHTEN UP YOUR SALES PROCESS

Audit your sales process, tightening up every part to maximise sales for your business.

Pay careful attention to any handovers from one person to another, or from one department to another.

• What is the customer experience like?
• What does your team currently do to ensure a smooth customer experience?
• What could you change to improve the customer experience?

LOOK TO THE FUTURE

Business is cyclical. One day, the sun will rise again on an upward economy. In the meantime, you’ll create a better future by implementing smart sales strategies to combat the recession.

And those budget constraints you’re facing? They might just be the springboard that propels your sales into a whole new level of market dominance and innovation.

---

Mary Crampton is the owner and principal consultant at Magnify Consulting