Is the Economy Slowing? How to Create New Critical Sales.

Weakening economic indicators have stopped business owners and sales managers in their tracks. They are taking a step back in order to revisit their sales and marketing strategies for 2020. Analyzing two years’ worth of data from the Business Confidence Index, it indicates that the economy has consistently trended downward month after month.

Often companies respond to economic uncertainty by cutting programs, reducing marketing headcount and increasing pressure on sales to perform. This type of action can be in direct conflict with bottom-line revenue.

When a heightened level of uncertainty, there are two approaches to consider:

Current Customers

There’s no better time like today to reinforce the commitment you have to your customers and they have to you.

1. Identify top performing customers (frequency in purchases or usage), and a middle tier performing customers (those that buy, but have the potential to purchase even more). You can use the expertise of marketing and sales to help gather the information.
2. Send personalized communications, calling efforts, and on-site visits to show a consultative approach. How can you help improve their business with what you know and with your products and services?
3. Are there other departments or divisions of the business that can use your products and services? Do you know who they are? You can ask your customer, but many times they won’t know the answer. However, they will refer you if they know who the right person is. So how can you get the names and contact information of key contacts in the other division or departments?

Use SalesLeads’ Target Account Sales Intelligence. The system will help you acquire the information you need. Once you get their names, titles and contact information, go to the customer and ask if you can use their name as an internal reference, and if they’d be willing to make a call on your behalf.

Acquiring New Customers

It seems impossible to acquire new customers with the threat of an economic downturn. There are some critical strategies you can use to help keep the new customer funnel at profitable levels.

1. Review the sales funnel for each of your sales reps in order to get a more accurate understanding of each potential new customer. Identify weak areas, and use the ‘war room’ approach to strategize. Be sure to include marketing to help reinforce the message with the various channels. This can be a way to further customers down the sales cycle.
2. Use SalesLeads’ Project Reports. SalesLeads’ researchers uncover sales and marketing intelligence on companies that are planning to relocate, expand, renovate or modernize their equipment. These identified projects are exactly what is necessary to begin the sales cycle. Again, be sure to include marketing to create a strategy and program to keep in front of prospects especially if it’s a long(er) sales cycle. One of the best ways to understand the quality of the Project Reports is to open a free account.
3. Keep the multi-channel lines of communications consistent to your prospects. If you are emailing or mailing, implement the targeted campaign in small batches. Personalize the communications and allow sales to follow up on some or all of those that were sent. It’ll make for a multi-touch scenario, which will help drive a conversation with the prospect.

If you’re interested in learning more about these subjects, let us know at [email protected]. If you’re ready to give our project reports or market intelligence a try, open a free account to get started.