Regardless of what the experts say about a "real" recession: American consumers are behaving as though we're in a recession. And we've just begun to see the "trickle down" effect of our slowing economy. Don't let the lagging economy trickle down on you. Recession-proof your business with these 8 Killer Steps.
How do you tackle economic uncertainty? Cut advertising, travel, training, marketing, and discretionary expense line items? Cut purchasing? Ouch! The pipeline starts to dry up and the anxiety level goes through the roof. Many people think that since there’s nothing they can do, they should just do nothing. But “nothing” is futile thinking.
Referral Selling Works
What if you could reach your market without hard costs—no marketing budget, no direct mail budget, no advertising budget, no trade show budget. The only budget you need to worry about is your “Time & Referrals” budget—simply your time…your time to ask for referrals!
You know about referrals. When a qualified prospect is referred to us, we get a new client a minimum of 50 percent of the time and typically between 70 and 90 percent of the time. Additionally, we are pre-sold, our selling time decreases, we have credibility, and we ace out the competition. There is no other business-development process that can claim these results. Results are the only thing that matters.
Here are five “Killer Steps” to accelerate your sales in a lagging economy, retain your loyal customers, and attract new business without increasing your cost of sales.
- Broaden Your Perspective
What business are you in? Redefine and reinvent yourself. Is Starbuck’s in the coffee business or the people business? Build new alliances and consider alternate distribution channels. Don’t go solo. Assemble a group of advisors and get their input and creative ideas.
- Be Nimble and Innovative
You’ll never have all the facts. Make quick decisions. Be fearless and make tough choices. Create new uses for your products. Why not a new business model?
- Dazzle Your Current Customers
Your current customers need care and feeding. Don’t ignore them at the expense of new business, because they are your best source for new business.
- Prioritize Wisely
The most important activity for any salesperson is to do what’s “closest to cash” the first thing every single day—whether it’s following up with a prospect, writing a proposal, or closing a deal.
- Become an Expert
Companies hire experts because they can’t afford to make mistakes. Position your company as the expert with a specific product or in a specific market niche.
- Stay Connected
Network like crazy. Attend a minimum of one event a week. You never know whom you will meet and what you will learn. Woody Allen said that 80 percent of life is showing up. He also said 70 percent of success in life is showing up. Show Up! It counts.
Never let your network go down. Networking is an essential activity in making connections and building your business.
Talk to people and find out how you can help them. How is their business doing? Are they being impacted by the lagging economy? Don't email, call. You make connections by talking to people, spending the time to have a robust conversation. Pick up the phone. It's the best way to spend your time.
- Don't Cut Price
There's a lot of chatter about cutting price in a lagging economy— businesses are cutting back, they don't have money for your project. Consider how to "get in and get started." Divide your offering into smaller chunks, get results, and create traction. If you do decide to adjust your price, always get something in return.
Let your client know that you would like to find a way to work together. Remember, nothing is traditional anymore. Think of new ways to solve old problems. Work together with your clients and collaborate on a solution.
- Commit to Building Your Referral Business
What if you could reach your market without hard costs-no marketing budget, no direct mail budget, no advertising budget, no trade show budget. The only budget you need to worry about is your Time & Referrals Budget. Your time. Your time to ask for referrals. Referrals are always terrific, but they mean even more in a lagging economy. There is no line-item cost to referrals.
In addition, you are pre-sold, you have credibility and trust, you ace out the competition, and you will get a new client well over 50 percent of the time. There is no other strategy that comes close to these results, and at no cost.
We've just begun to see the "trickle down" effect of our slowing economy. Don't let the lagging economy trickle down on you. The companies that take charge and compete will win! Just like traditional indicators have changed, so have traditional responses. Nothing is traditional anymore. What can you do to be non-traditional?
Recession-Proof Your Business
In the last few months, I I have spoken to many audiences on Recession-Proof Selling, and conducted a Webinar on the topic. The exciting replay is now available to you with companion slides and a written transcript: Learn more about the Recession-Proof Your Business Emergency Kit.
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More About Joanne Black
Bio: Read Joanne's BEW profile.
Speaker: Invite Joanne to present on this topic as well as The Power of Referrals, The Truth About Your Sales Funnel, and What’s New in Sales? (plus more!) at your next sales meeting or sales conference.
Visit: NoMoreColdCalling.com.
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