1. Work. Are you doing certain things right? If so, do more of them. If you worked 50 hours a week when the economy was strong, it’ll take take 55 or 60 to get the job done now.
2. Put resources into marketing. Companies are sorely tempted to scale back on marketing in a downturn because marketing expenses don’t have a direct and immediate impact on sales. However, since new business opportunities have dwindled, downturns become a fight for market share. If people don’t know who you are or why they should care, you’ll not only lose opportunities, you’ll lose the customers you have.
3. Put resources into sales. Companies are loath to add cost when business slows, even in the sales department. Yet for the reasons stated above, expanding the sales force enables you to outperform the downturn, while contracting pretty much guarantees you’ll do worse.
4. Do good deeds for your customers. When business is booming, customers often overlook the nice things you do for them. But when customers are struggling, they never forget even the smallest gesture. Recessions are opportunities to build long lasting business relationships. When I was in packaging, time and time again customers would thank me for something our company did to help them 5, 10, even 20 years previously when business was in the tank. SIDEBAR LESSON - The reverse is equally true. Treat a customer roughly in tough times and they’ll drop you the first chance they get.
5. Innovate. Necessity is the mother of invention - right? Now is the time to squeeze more performance out of the sales effort by implementing smarter prospecting strategies, CRM programs, value-added services for customers … whatever you can think of to operate more efficiently and make your company indispensable to your customers.
6. Rally the troops. Sales is tough enough in a bull market. When bears roam free, sales can be downright terrifying. Show appreciation for the extra hours and extra effort. Give people a chance to blow off steam. Force yourself to take a break. Nobody works well when they lack motivation, and this is especially true of sales people. In a recession, strategy and tactics become more important than ever, but the human element - more important still.
What can you add to the list? How do you swim when the rest of the world is sinking?
