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There were no customers in the office, plus being away made it harder for my boss to transfer the abuse he got from his boss on down to me.
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During bad economic times, an interviewer asked Sam Walton, founder of Wal-Mart, "What are you going to do about the recession?" Walton fired back, "We don't plan to participate."
Back in the days before cell phones, I had a five-state territory. I used to say, "When business is bad, stay out of the office!" And that was precisely what I did. Why? There were no customers in the office, plus being away made it harder for my boss to transfer the abuse he got from his boss on down to me.
For many of us today, the economy stinks. My old modus operandi tailored to your circumstances makes a lot of sense. If you are not busy closing deals and entering orders, take all that time and spend it with your customers and on prospecting. When you phone for appointments, your customers and prospects will protest that they don't have any money. Counter that you want to keep them apprised of new product offerings and developments. These sales calls will be low pressure because your customers and prospects will not be afraid that you are going to hammer them for orders. They will be more open about their companies and policies and their wishes and needs. You will help them plan for the day the money starts rolling again by helping them choose the product that fits the needs you uncover together. You will help them budget. You will learn about the decision processes in their organizations and make plans to help them navigate the waters at the proper time. Your customers will appreciate it. Your new prospects will form a favorable impression of you and your company. By spending time like this, you will build loyalty. When the economy does turn, your customers and prospects will phone you. You will not only preserve your market share, but you will steal some from your competitors!
There are more things that you can do. If you can't make big-system sales, how about initiating incentive programs for consumables? How about limited-time special offers on small accessories and add-ons? These things keep your customers spending small bucks with you so they will be in that habit when the big bucks materialize.
In your discussions with customers and prospects, focus on mission-critical benefits and return-on-investment. If the company is going to spend some money, maybe you can get them to spend it on your data backup system rather than some other guy's fancy printer/copier.
Arrange to offer special financing such as extended payment plans, leasing, or no interest for six months. Offers like these sometimes make it possible for your prospect to buy. They also show your customers that you are sensitive to their cash-flow situation.
Look for market segments where times are not so tough. Maybe some of the companies you work with manufacture missiles or security devices or teleconferencing systems. For the time being, give them extra attention.
I have two suggestions for sales and marketing management. First, maintain your sales incentive programs if possible. If you lower your commission and reward programs because business is down, you will de-motivate your top performers. Keep the programs in place; you will simply have fewer winners. In fact, you might consider lowering the bar on the other end so that sales people who are struggling can shoot for a realistic reward. And secondly, preserve your advertising presence. Study after study has shown that companies that do so during a downturn gain market share from their competitors when the economy recovers. The Wall Street Journal recently ran an ad that said, "Out of sight. Out of mind. Out of business."
So, is my strategy to stay out of the office when business is bad successful? You bet! My customers came through and proved me right. I was the top sales person in the country for the period. You can do it too!
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