Turbulent times

Turbulent times. So what are you going to do about it?

Many people in sales today are don't remember a significant economic downturn and so are destined to repeat the common mistakes.

Play the right movie

So much of our success in sales (in good times or bad) has to do with what is going on in our own heads.  Are you playing the right movie in your mind or are you buying into the doom and gloom on the nightly news? Normally we talk about having an attitude of abundance, but with everything we see and hear it is hard not to see the market as a shrinking pie. Know that many of your competitors will expect their branches to be less busy, will expect clients to be more difficult and less decisive, and will expect to personally do less business. They are busy preparing mentally and financially for less.  When they expect to sell less, they will sell less. This isn’t magic; people tend to get what they focus on. By expecting to sell less they unconsciously start to cut corners in their sales process which leads to fewer sales. The reaction then is comical: with a “see, I told you so” tone they proclaim that they were right, “things are slow!” It’s a vicious spiral headed the wrong way.

So while they are letting their guard down and getting lazy what are you going to do? Don't plan to fail! Instead of pulling the blankets over your head and hoping that the storm passes quickly, make a decision to take a bigger slice of that shrinking pie. Adopt the right attitude and focus on what you want, not on what you don’t want! People will still be buying vehicles and houses even during an economic slowdown. They are still planning on retiring one day and still want to make the most out their investments. They still have day-to-day banking needs. Make a decision that you are going to take market share by being better prepared and having a better attitude than your competitors. Become hyper-attentive to mastering every detail in your sales process rather than getting sloppy and unconsciously cutting corners because of a poor outlook.

Quality not quantity

More activity means more sales... right? See as many people as you can as quickly as you can? It is a numbers game right? Not necessarily. In tougher times reduced traffic means that we need to do a better job with each client. Sometimes clients make it sound like they aren't as interested in doing business with you as they really are. It’s a natural defense mechanism we all use to guard ourselves against unscrupulous sales people. But if they have no intention of dealing with you, why are they there talking to you? Focus on increasing the quality of each interaction. Treat every client like they are the only one you will see today. Like the song says: love the one you're with.

People want more safety

In tougher economic times buyers are less inclined to take risks.  They want to be sure that the decisions they make are safe. Your clients need to know, like, and trust you more than ever. Take more time with them rather than rushing so you can get on to the next deal. Increase the depth of your interview process. Make them see that you fully understand their needs and how the products you have selected are a wise choice for their situation. Build added value by taking time, in each sale, to discuss the history of your organization, the stability, and the various guarantees that are in place.  Discuss with them how they will be looked after following their decision to go with you. Answer their "why buy here?" question. Make it safe to say yes.

Rate Rate Rate

In more difficult economic times we might assume that when rate questions or demands come up too soon in the sales process it means that people need a better deal to justify doing business with you. Don't make that assumption. The wrong product is a bad decision no matter what the rate is. Don't fall into the trap of assuming that changing your rate or negotiating too soon is what you need to succeed. A decision based solely on price is not a safe or smart one. As discussed, in tougher economic times safety and security are often more important than rate. 

These economic times provide a great opportunity for the proactive salesperson to increase their sales and market share while their competitors whine about how slow it is.

So who will you be:

The person that is going after it by constantly trying to improve their communication with their clients, or the person that is already given up by justifying poor performance with a wave of the hand and a “what do you expect, it’s slow; it’s the economy”.

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