How To Develop A Sales Strategy In Tough Economic Times

As of recently, you must have witnessed a global contraction economically. Since the outbreak of COVID-19, industries began to experience devastation and a huge economic gap was created in almost every state and country around the world. As per the statistics, 5.2% of contraction was witnessed back in 2020. So, in such times, what measures would you take to counter the downturn and to keep your business operations run smooth.

Common Practices That Create A Negative Impact On Revenue Generation

Commonly during tough economic times, companies prefer to lay off their employees or to stop major revenue-generating sectors. They limit their approach to reaching prospective and even pull out their investments. They take measures with a bit of aggressive or restless attitude.

What happens is, when you shrink your workforce, limit your operations and bring a halt to your marketing goals, you create a vacuum in the market that someone else fills in. You leave your position and shake the business foundation that you have gained after a million efforts. Now till the time, until the economic gap recovers, you have to start positioning your brand from scratch. So, instead of ruining your performance, you should initiate a different plan with a more targeted strategy.

Techniques To Develop Your Sales Strategy For Tough Economic Times

During the pandemic, many businesses vanished or got lagged behind because they were not focusing on what the time needs. On the contrary, there were many like eWorldTrade who witnessed an upward growth. Everything depends upon your vision and your strategy.

Here are some result-oriented techniques about how to develop a sales strategy in tough economic times for your business. Read on.

·         Invest More Time In Your Prospecting Efforts

When it’s about selling in an uncertain economic time, you need not stop prospecting instead be more targeted. You have to reach out only to the highly prospective and potential target audience. For instance, at present Millennials have surpassed the Baby Boomers as per the US statistics, See down below:

Millennials who fall under the age bracket of 23 years to 38 years are numbered to be 72.1 million. Their population is growing at a faster rate and they contribute the most to the economic stability of the states. Investing your efforts in targeting them would reap fruitful outcomes.

So, instead of putting your business to a halt rather create a results-driven strategy that can increase your target prospecting and gather more traffic to your brand that can generate potential sales and greater revenues.

Moreover, as other firms may slow down campaigning, you can seek leverage from the situation. You can fill in their places in the market and generate better growth.

·         Redefine Your Unique Selling Proposition (USP)

Your business model may have a unique selling proposition, which is abbreviated as USP. It revolves around a certain policy, promise or guarantee that makes you stand apart from others. However, choosing your USP during tough economic times is a bit complicated.

You need to be more careful as to what promise you should make that can really influence the buyers or your target audience. Your USP will define your place in the market, so it should better be good and strategic.

Therefore, when facing economic uncertainty you need to redefine your USP that can reflect the current industrial image and help your consumers to lay trust in your services. As a suggestion, keep transparency your USP. It helps in gaining more confidence in your audience and garner greater attention.

You should narrate everything honestly to your client to give them a clear picture of how things are done and what will be the best possible outcomes. Do not jump for closing big sales, instead focus more on building relationships, that no matter what happens your client find you trustable enough to invest.

·         Focus on Building Customer Relationships

According to the statistics, Millennials trust 50% more on user-generated content than the content used for branding. Moreover, ComScore reported that an increased 28% brand engagements are a result of a mixed exposure of both the user-generated content and the marketing content.

The point of sharing these statistics is that you need to focus on introducing strategies that can help build trust among your customers. You need to pay attention to their needs, which at present is transparency. Consumers are more conscious and want to trust a reliable entity to shop from or to do business with. Sharing user-generated content can help you give a clear picture as to what your valued customers are talking about your services.

Apart from this, offer them robust customer support to cater to their unique needs. Your representative should be available round the clock and come up with sound ways to address the needs and queries of valued customers.

·         Keep Your Sales Professional Motivated

Motivating your sales professionals by giving them goals and targets can build up a huge revenue stream for your business. There is a common problem among sales teams that they get discouraged quickly and lack interest in closing sales or reaching their perspective. You need to conduct monthly or weekly training sessions that can help in bringing them back on track. Most importantly keep a check on their performances. Give them exciting incentives to boost their motivation and enthusiasm. Your sales team have the potential to bring great benefits to your business it all depends upon how you handle them.

·         Redefine Your Marketing Goals

Marketing and sales go hand in hand. If your marketers have not positioned your brand wisely in the market, no matter how hard your sales executives try they might not be able to pull out better sales. So, when you are reshaping your sales team and improvising your business model you must pay attention to your marketing wing.

Your goal should be to make your footing stronger and firmer. You should not merely focus on bragging about your services. Instead, get closer to your audience, stay alert about the current situation and make your campaign more practical and realistic. Create SMART goals that can help in generating the outcomes you want. Utilize the power of every marketing channel it is search engine marketing, pay-per-click, social media or designing.

How do you deal with tough economic times?

The first thing is not to panic. You need to identify your financial stressors to overcome them and create a robust plan to counter the financial gap.

How to sell in a tough market?

The first step is to start prospecting and avoid making assumptions. Interact with customers and seek to follow up. You need to stay active during the high traffic time and make sure to cater to the unique needs of your customers.