For sales and marketing pros to get up and run while the economy is on its hands and knees means avoiding these seven mistakes.

Mistake #1: Relying on your gut instincts

Some business people seem to think that relying on information is a sign of weakness. They are more comfortable trying to guess correctly than they are attempting to get the facts and accumulating the necessary information to help the prospect make an informed decision.

Mistake #2: Always keeping your eye on the competition

Just because the competition is doing it doesn’t make it smart, effective or correct. Following the competition like a shadow may be a sign of a lack of confidence. Top business pros see themselves as innovative, cutting-edge pacesetters — not second-hand followers. They embrace new ideas and suggestions on how to stand out from the competition.

Mistake #3: Focusing solely on product quality and price

Top revenue generators recognize that just offing a great deal on a quality product isn’t nearly enough in today’s competitive market. They recognize that they can get everything right in terms of the product and price — but unless they complete the process with incredibly good customer service, they run the risk of losing business.

Mistake #4: Believing a quick payoff is better than making an investment

The extended slowdown may be creating serious panic at some organizations. They may respond by making few investments in their customers and concentrate only on making the sale today. But those who’ll come out on top now — and when the economy rebounds — recognize the importance of making long-term investments in existing customers. It’ll boost customer loyalty, which in turn will keep sales up despite economic conditions or increased competition.

Mistake #5: Thinking the sale is made after the presentation

Oftentimes, the sale is made — or lost — before the presentation begins. It’s what happens before the presentation that determines whether the sale is made. How is the salesperson or your company perceived by prospects? Do prospects trust you? Do they know you’re willing to share your industry knowledge and expertise both before and after the sale.

Mistake #6: Taking rejection personally

It’s never easy to learn that you’ve lost a sale or an existing customer to a competitor. But never take rejection personally. Use it as a sign it may be time to review your techniques and try to pinpoint areas for improvement.

Mistake #7: Relying heavily on relationships to sell

There was a time when one customer could influence numerous decision makers within their own company. But that trend’s fading out. Today, department heads want more autonomy. They want to make their own decisions, because more companies are holding decision makers personally accountable for their actions. Being overly reliant on existing relationships to help boost sales can be dangerous today.

Tags: customer loyalty, economy, mistakes, presentation, price, quality, Recession, rejection, relationships