Recession, downturn, stagflation, inflation…Economists and weather forecasters are the only people who get so much leeway in their predictions. The rest of us have quotas, budgets, and growth targets we are expected to meet. These people take a dartboard approach to their jobs. <sigh> What do you think our economy looks like now and in the next 12 months? Would you bet a year’s paycheck on it? No. So don’t. Set aside this B.S. and let’s get to something real – selling big sales.
The fears, uncertainty, and hard-stop attitudes of your customers are real as they consider making buying decisions. Ignore their perspective at your own peril. Here are five things you can do:
1. Separate the affected from the not
Not every prospect or company views the current economic conditions the same. If there is a hard stop, realize that it won’t be there forever. Ask the question, “When will you know that the economy is right for your company to make beneficial changes?” You can then get a threshold to measure and possibly pique the interest for the second question, “What threshold of performance would cause you to make a change or purchase now?”
2. Set the timeline
Everyone in the market is looking for the “turnaround point.” I have listened to four different podcasts lately from uber economists. Some said we are there. Others said Q1 of 2023, others put it at Q3 of 2023. Do you know when the turnaround point is? It’s whenever you say it is. Explain your conclusion and sell to that date. I have decided the turnaround is happening now because of the amount of money swashing around the economy. Besides, I’m an optimist. Be that predictor of a better and sooner future.
3. Establish the market leader tipping point
Senior executive buyers are often driven by data and the reports of data. From that, they establish a tipping point – the “when this number changes by that amount, then we’ll do…” They are waiting for an arbitrarily assigned moment in time. Ask, “What’s the number that precedes that number?” You are selling the future (i.e. the tipping point) by anticipating it.
4. Scan the prospect’s market for outliers
For every company that is laying off people, cutting marketing investment, and pinching pennies, there is a company doing the opposite. Margin is gained in the downturns. Warren Buffett says it well, “I love it when the stock market dips, it means we can make some money.”
5. Sell into recession–proof industries
Regardless of economic conditions – good or bad – there are industries that are somewhat impervious. Health care, food, energy, government, snack foods (I’m not kidding), work involving restoration and repairs, cellular. These are some of the key ones. Why? Because people will give up many other things before they give up on the personal items. The other industries are fundamentally infrastructure.
Companies are buying products and services regardless of the economic circumstances. Accept it, and hunt big sales aggressively and smart.
Hunt Big Sales offers efficient systems and holistic approaches to smooth over change to land bigger sales — see how our company can serve yours, and get in touch for a free consultation.