An economic slowdown provides opportunities for salespeople to sell more to existing customers — and be seen by prospects whom they had trouble getting in front of during good times. Why?

As competitors listen to gloomy economic forecasts, they reduce prospecting and cut down on customer service. This leaves their customers vulnerable to salespeople who continue to sell aggressively.

Customer follow-up

During a recession, successful salespeople intensely follow up with their customers — providing products and services that’ll help their customers weather the economic storm.

They also increase efforts to get in front of new prospects, who have been left vulnerable because of supplier cutbacks.

Focus on value

Anytime there’s an economic downturn, people focus more on value than anything else. The possibilities for creating value are limitless — faster service, better delivery, easier ordering, unique features and benefits, etc.

Problem is, customers perceive value in different ways, which makes a one-size-fits-all approach difficult. The most successful salespeople define value in the customer’s terms.

When trying to add value, here are four things to keep in mind:

1. Salespeople who are successful at creating value think in terms of solving problems for customers. These salespeople help customers view their problems and opportunities in a new light.
2. To create and sell value salespeople must understand a customer’s unique business needs, beyond just a product or service.
3. To add real value salespeople must become the greatest informational resources customers have. Salespeople should strive to provide insights on their customers’ market and competition. Educating customers builds loyalty that can’t be bought.
4. Tell customers what your definition of value is. Some link value to paying a low price. Others see value as the benefits or features they receive from a product or service that they can’t get anywhere else. What is it that makes your product or service valuable?

Adapted from “Guerrilla Marketing Excellence” by Jay C. Levinson

Tags: economic downturn, Guerrilla Marketing Excellence, Jay C. Levinson