Sales Facts In a Recession

When facing a recession and business owners are forced to re-evaluate their business strategy, marketing is often one of the first areas in an organization faced with cuts. However, TAB business coach, Allan Himmelstein, recently published a blog article discussing the following sales facts in a recession to help ensure your business success:

“Recession Fact #1
Sales people need 20% more prospects to stay even. No one can rest on their laurels, or think that a sale is coming in. Do not assume. Get as many prospects in that pipeline as possible.
Recession Fact #2
Companies that significantly reduce Sales & Marketing in 2009 will be gone in 2010. This is a strong statement, but justified. I would like to add that Sales will not cure all ills. Cash Management, personnel, and making sure you are touching base with all aspects key to your business is a must. Do not accept mediocrity from yourself or your people.
Recession Fact #3
Why do we lose sales? 22% of deals are lost to “no sale.” Don’t chase garbage, select better targets. Use a score card to identify good customers. This is so true. I do not know how many business owners I asked, who their target customer was, and they had no real idea how to identify. The statement that everybody is my potential customer is just not true. Benchmark which customers generate the most and are easiest to have and target new ones just like them.”

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Leading Change

We've discussed the importance of having a leader and a clear vision in order to effectively guide an organization to be able to achieve business success. When the world around us is continuously changing, a leader must be able to guide the organization and adjust the business strategy in order to achieve the desired business goals. TAB business coach, Maureen Ennis, published a blog article discussing how a leader can use the four "As" to guide an organization:

"We live in a world of continuous change. Successful people and businesses share a common characteristic: their ability to adapt to a changing environment. Unfortunately that is easier said than done. Why is change so difficult? Change can bring disruption, anxiety, and a decrease in productivity. How can you lead your employees through the ambiguity to adapting new ways of working?

A clear vision of where you are going and a strategy for how you and your business will get there is the starting point. Next, think of change as a process as opposed to an event. Your role as a leader is to provide the appropriate support during each phase so that people progress. Consider the four “As” to guide you through your progression – awareness, acceptance, adoption and adaptation.

Awareness: Create a shared understanding of the need for change and how the change will affect employees. Don’t underestimate how much context employees need to understand why the change is important. Describe the change and why it must happen clearly and succinctly. Communicate it over and over again in both written and face to face communications.

Acceptance: Just because employees have a conceptual understanding of the change, doesn’t mean they are with you yet! It is natural for people to try to preserve the way things are. Expect resistance. Acknowledge it as a phase that people need to work through and recognize the loss they are feeling. One way to move through resistance to acceptance is by giving people the opportunity to air their views and talking with employees 1-1."

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Putting Your Customers First

Do you have superior customer service? A program unlike any of your competitors they’re constantly trying to match? Customer service has always been a top concern for business owners, but now it’s more important than ever to step it up a notch and think of low- or no-cost ways to be the best and retain customers when everyone tends to be hunkering down, spending less and conserving more. Read the following tips and implement them into your business strategy today:

• Guarantee you’ll get back to your customers within 24 hours—showing them that they are your priority and you care and want to resolve their questions and concerns.
• Start an incentive or rewards program. If you own a restaurant, have a frequent diner club, offering a free entrée for every ten visits, offer a 10 percent discount on services after a certain dollar amount is spent, offer a buy one get one free offer for those products they frequently purchase with you or a free consultation to introduce new products and services to existing customers or sell to new prospects.
• Go the extra mile. Offer flexible hours, take the time to double check your inventory or help meet a tight deadline.

By rethinking your customer focus and approach today, you will open up new doors and be able to take advantage of new opportunities in your quest for business success tomorrow.

Networking with Purpose

Networking is “working to create a net of relationships” that provides support, resources and additional revenue for your business success. By acquiring and cultivating these networks, you increase your exposure to innovative ideas and fresh opportunities that allow you to look at how you are operating and potentially growing your business. For networking to be effective you need to tackle it with the same focus and dedication as you do all your other business strategies—you need to “network with purpose”. Here are some of the key steps you need to take to ensure your networking efforts drive your business goals.

Before Attending a Networking Event

1. Start with a purpose. Define your objectives for attending the event. Do you want to learn something specific, leave with referrals or make more business connections?
2. Establish a goal. How many new people do you want to meet? Establish a goal you can meet, but will really have to work at reaching to ensure you leave the event with a good return on your investment.
3. Prepare to make a great first impression. Practice your 15 to 30-second introduction, make sure you dress professionally and prepare some open-ended questions to start conversations.

During a Networking Event

1. Have a positive attitude. No one wants negativity and they avoid it.
2. Listen. Find out what is most important to the other person so you know where you can most directly add value.
3. Focus on new contacts. Do not “hang out” with people you already know—arrange a later time to meet and catch up.

After a Networking Event

1. Follow up. Enter your new contacts into your tracking system with any notes you took, call or e-mail them within 24 hours of the event to schedule a longer time to meet and invite them to join your online social networks such as LinkedIn, Facebook and Twitter.
2. Evaluate your performance. After each event, take note of what worked and what did not by looking at your performance against your goals.

Most importantly, remember that networking is a two-way street. Take time to touch base with your contacts on a regular basis to share information, ideas, resources and contacts and watch your networks grow.