How to Sell in a Tough Market
Selling can be a roller coaster ride, and, sometimes, those dips can seem to go on for much longer than expected. We know it’s not easy to Selling can be a roller coaster ride, and, sometimes, those dips can seem to go on for much longer than expected. We know it’s not easy to meet your targets quarter after quarter, season after season; it’s just the natural order of things. Sometimes, demand is low, the economy is slow or the market is apprehensive. Whatever the cause, here are some tips on how to sell when you find yourself in a tough market:
Start Prospecting and Don’t Make Assumptions
When consumers are more cautious about making purchases, it helps to have more prospects in the pipeline. The more prospects you have, the easier it is to segment and prioritize, which enables you to a craft a targeted message. You shouldn’t wait for the phone to ring – take things into your own hands and sniff out potential business. If someone has shared their contact details on your website, shoot them an email or send them material to pique interest. But, don’t work on the assumption that a prospect or lead won’t take your call. Sure, they may not purchase right now, but you’re not losing out by making that call either. You need to get the ball rolling.
Bring Existing Customers Into the Inner Circle
Never ignore your existing customer base. In tough markets, a great way to sell is by boosting interest levels from your present customers. Share a new product or service, offer an upgrade to an existing purchase and feed them with information about what is going on and what you have planned for the future. It’s important to keep in touch with your loyal customers and keep them close so you don’t lose them to the competition. Make sure they know you value their business. Studies show that customers tend to take their business elsewhere when they feel undervalued. The other positive outcome of keeping your existing customers close? You can ask for referrals and may even get a few without asking!
Follow Up, Follow Up
The customer will buy when they are ready, not when you want to sell, so you need to follow up and be present when they make the decision. A tough market means that sales reps are out chasing as many new opportunities as they can. To prevent a lead from slipping through the cracks, schedule the next call before hanging up. Once this happens, both parties are aware and know that it would be unprofessional to not communicate.
If you stick to the right process and do all your groundwork, it doesn’t hurt to be a little assertive; go ahead and ask for that order! If you leave sounding iffy and not particularly bent on closing, the prospect or customer will leave you hanging. Why should they be sure when you’re not?
Salesvue helps you follow up with ease, with automated solutions and customizable campaigns that allow you to create targeted messages that resonate. Plus, our detailed analysis and reports show you objection and success patterns, so that you can create a prospecting cadence and stick to it. When you follow a tried and tested approach that has proven successful, you can repeat it! Download our white paper on Why You Need a Prospecting Process to get some more tips and information.