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Selling in a recessionSales Negotiation |
Selling in a recession demands an understanding of what businesses seek during tough economic times. Inevitably money is tight during a recession so buyers cannot afford to make bad decisions. Buyers are accountable for their decisions and bad decisions in an economic crisis can prove costly. To ensure bad decisions are avoided, buyers seek safe, low risk purchases. Deliver confidence and safety to businesses and you will become a successful seller regardless of the economic climate.
The big mistake by most sellers during a recession is the belief that businesses cannot afford to spend. Typically businesses cut prices thinking this will help them to sell more. Cutting prices however doesnt bring confidence to the seller nor does it make your product a safer purchase than your competitors. Businesses that cut prices are trying to sell products that do not meet the demands of businesses and have to sell more to meet their targets. Sellers then get told to work harder, book more meetings. This means contacting more businesses and booking more meetings. Sales leads tend to be less targeted as a consequence and success rates tend to be lower. This soon becomes very demotivating to any sales person. A demotivated sales team certainly is not going to help any business sell more!
So how do you make buyers feel confident about buying your product? Confidence is achieved by demonstrating the low risk nature of your product. You can achieve this by:
- Getting satisfied customers to refer you
- Offering money back guarantees
- Keeping promises
- Keeping to deadlines
- Under-promising and over-delivering
- Listen to the customer and stop telling them
- Talk to potential customers even when there is not a sale currently in sight
- Demonstrate you competencies with case studies and testimonials
Companies will happily pay high prices for safe, low risk products. Offer guarantees and charge your customers for them.