Monday, February 23, 2009

How to Jump Start your Sales in a Downturn

by: Daniel Morales, MBA


With the current challenging economic conditions it’s suddenly become much harder to win new customers and more business. But going back to basics can help jump start your business performance while your competitors struggle.

Even in today's economic conditions, growing your business must likely be your number one goal. However, in the current economic downturn your ability to develop new sales can be harder.

How do you increase your bottom line when your finances continue to be challenged? How do you continue to cultivate your client base when even your most loyal customers are cutting back on their own spending?

Here are a few things you can do today to help jump start your sales even when the economy is tanking:

Look at your business from the inside out

This is simple enough but is something many businesses fail to do until there is a problem. Remember to work on your business, not just in it. Look at what is working and what is not working.

Positive Attitude

Don't wait for business to come to you. Be proactive, focus your efforts on growing your customer base. Turn off the fear machines. Associate with positive attitude people. Look for the silver lining in all crisis or challenges.

Allocate resources wisely

Don't cut your sales and marketing budget, as a matter of fact, increase it. While your competitors are cutting back you should be more effective in your marketing efforts.

Attract new customers

An economic downturn brings uncertainty. Do not underestimate the importance of winning new clients. New business is the lifeblood of a healthy bottom line.

Nurture Existing clients

Treat each client as if they are your only one and you only work for them. Expand your offering and rebuild the relationship. Give your clients more value for their money and they will find it difficult to leave.

Listen to your customers

You were given two ears and one mouth for a reason. What are your clients really saying? What do they really want from you? Don't assume you know what your clients want; listen and they'll tell you what they need and what they want.

Get more business from old clients

This is the most cost effective way to increase your sales at the least cost. Find ways to get more business from previous customers. Building up a good rapport with existing clients will unlock the door to further business. Ask your clients for referrals.

Your value proposition and elevator pitch

Take the time to construct and learn a 30-40 second pitch for your company and your product or services. Tell them about the benefits you deliver and what is your value proposition and what you can do for them. Be ready to market your business at any time and any place. You never know when or where a new business opportunity may present itself. Be ready to sell always.

Qualify your clients

Do not waste your time and money on leads that are unlikely to end in a sale. Qualify each new lead. Being smart with your prospecting may also uncover a new market for your product or service

Do these things and you will jump start your sales and grow your business while others are left kicking themselves out wondering what happened.

Source: http://www.mtsacsbdc.com/web/index.php?module=article&view=43















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