Depending on what you sell, you may be experiencing a period of stagnation. Some of my clients are finding that their customers are delaying buy decisions, often choosing a “wait and see” approach.
Why? In most instances, there is no urgency for them to invest, so their preference is to wait until some point in the future.
The good news is this can create pent-up demand, which will need to be filled at some point soon. However, that doesn’t help you close sales right now.
What are the best steps to take for generating new sales in a less-than-stellar economy? There are four steps that my clients have repeatedly found successful in generating new sales, despite the current economic conditions.
Step 1: Stop Trying to Sell
Although this might sound counterintuitive, quite often when sales slow, sales professionals become desperate to make a sale. As a result, they usually rush through their sales process with prospects, inadvertently creating the perception of being pushy or desperate.
What to do: Instead of trying to make a sale, focus on trying to be helpful. What ideas, suggestions or connections can you share with prospects that will be immediately helpful to them? When you focus on being useful, you add value for your prospect, earning trust and ensuring that when they have a need, you’ll be the first they call.
Step 2: Offer Referrals Where Possible
When the economy is slow, almost everyone finds it more challenging to make a sale. For this reason, if you can provide an introduction or referral to others in your network, you’ll create some reciprocity that some will be sure to fulfill.
What to do: Consider your network of existing customers and prospects. What do you know about their needs beyond the product or service that you sell? Who might be a good connection for them? Reach out and offer to make an introduction where appropriate and build some reciprocity with your customers.
Step 3: Request Feedback from Your Customers
Your customers might be delaying their buy decision, but that doesn’t mean everyone is. So, how can you unlock opportunities to connect with new prospects that may be avoiding your outreach? The answer is referrals, for two reasons. First, it creates a reason to reach out and connect (other than, “Would you like to buy something?”). And if done correctly, you’ll earn some introductions that you might not have had otherwise.
What to do: Begin outreach to existing and past customers at the pace of 10 per week (more if you have the capacity). Ask for a brief discussion to gather their feedback on a specific topic. During the conversation, mention the types of companies you’ve been working with and ask if they know someone in their network whom you might want to connect with. The key is to ask the question and then sit in silence until they answer.
Step 4: Fix Your Mindset
When the economy slows, it isn’t easy to remain optimistic. You aren’t alone. When you shift your measures of personal success from closing to connecting, you’ll take the pressure off yourself to make every deal, and instead build conversations that will convert, if not now, in the future.
What to do: At the end of each week, make a list of everyone you want to connect with the following week – do this in a book or on your computer. Begin outreach to each contact to catch up, and then, when and if appropriate, incorporate steps 1, 2, and 3 above.
The reality is, you can’t force someone to buy if they don’t want to. Top-performing sales professionals succeed during a slow economy by reconnecting with their network, building strength in their relationships, and earning trust.
