Selling in a slowdown

It has been some time since we last had to experience a significant downturn in the economy (1991/2) and those that do remember would well and truly now have considerable salt in the side burns. We can however look back and recall the lessons learned in those difficult times.

While sales certainly fell across the board deals were still being done, budgets strived for and achieved and cheques were being drawn and payed. Albeit at reduces RRP’s, with less margin and over a protracted sales cycle as risk aversion became a dominant buying consideration.

Four key areas standout that successful business did well in a slowdown:
1. Review your traditional sales channel
2. Reassess the capability of your team and individuals
3. Strengthen current customer relationships
4. Look across and beyond established customer bases, market and industry spaces for new opportunities.

Be aware that reviewing and reassessing are generally precursors to change, (and we know how much people enjoy change) however this is not always the case. In many situations it will mean simple realignment, in others, yes, total redesigns. So individuals and teams will need to be prepared and supported through this period.

When it comes to reassessing your teams and individuals, this does not mean put those to keep in one basket and those to let go in another. Slowdowns have a way of standing out performers and those that aren’t, the import question to ask is can we develop the skills, knowledge or attitude in the current non performer?

Strengthening current customer relationships is critical. Successful businesses did this well in slowdowns and in fact found that they sold in a more diverse range of product to their existing customers during the slowdown period.

Finally, so the saying goes, “adversity is the mother of invention”. During a slowdown successful business found sales channels by looking outside and across previously established customer bases, market and industry spaces. This is a time for innovation and supporting the wisdom within and across your organisation.

Infinity Performance Solutions is one training and development organisation that develops and delivers training programs which improve the quality of skills, knowledge and attitudes and services for individuals and organisations. Tony Pearson, Infinity Performance Solutions Director suggests now is the prime time to invest in strengthening capabilities is organisations.

“People and organisations will need support through skill development or strategic consultation to minimise the impact of the changing economic and therefore business conditions. Now is an ideal time to ensure your building strength into your organisation to maximise current and future opportunities. In fact this is one of those rare opportunities to get ahead of the curve.”

Tony can be contacted at Infinity Performance Solutions by phone, 0412 412 577 or by email, tony@infinityperformancesolutions.com.au.