More than 50% of sales managers say the biggest obstacle to closing is buyers’ shrinking budgets, according to a recent PBP Media survey. These three companies aren’t only immune to that obstacle, they’re thriving on it:

1. Priceline (Revenues up 46%): The travel industry has suffered over the past few years due to corporate cost cuts and a lack of consumer spending. Meanwhile, Priceline has capitalized because it allows travelers to create their own itinerary and, more importantly, name their own price. As a result, Priceline is gobbling up a huge chunk of the market.
   The takeaway: Offer buyers as many options as possible. Empower new prospects by letting them dictate the terms of doing business. Then partner with them to create a win-win.
2. Amazon (Revenues up 38%): Profits are soaring at Amazon, despite the fact most retail book stores have taken a major hit. Sure, Amazon cashes in on the fact that a lot more business is moving online. But nearly 70% of the company’s sales last year were the result of “product suggestions.” For example, whenever someone purchases a product from Amazon, the site suggests a list of other products the customer might be interested in as well (i.e., “Buyers who purchased this item also purchased …”). Amazon also encourages users to interact and suggest products for one another.
   The takeaway: Audit past buying history to identify valuable cross-selling and upselling opportunities. Then market those ancillary products to high-probability buyers.
3. GameStop (Revenues up 26%): The video game market has continued to perform well throughout the recession. But GameStop has done exceptionally well, thanks to two interactive Web sites and a brand-name magazine that promote new offers and encourage brand loyalty. GameStop also resells used games at a discount, which helps the company draw more cost-conscious buyers.
   The takeaway: Work with IT to turn your site into an interactive resource that gives buyers a reason to return on a regular basis. Some companies use blogs, message boards, industry news and e-newsletters to attract more buyers to their business.

Four things these companies’ selling strategies have in common:

1. Several buying options give customers more control over the process
2. Affordable choices for cost-conscious buyers
3. A strong Web presence that allows buyers the convenience of doing business online, and
4. A business model that relies more on satisfying buyers’ needs than pushing big-ticket purchases.

Are there any companies and/or successful sales or marketing strategies we’ve overlooked here? Let us know what you think in the Comments Box below.

Source: “10 Retailers Gaining Strength from the Recession,” by Rick Newman, U.S. News and World Reports, 10/05/09

Tags: Amazon, consumers, customers, economy, Gamestop, priceline, Recession, revenue, survey