Recession Roadmap: Driving Sales in Tough Times
It doesn’t take an economist to see that we’re in a tough spot. The shops are empty. People – and businesses – are under huge pressure.
Will things get better? While they say that time heals all, the fact is that market downturns mean deep economic recalibration – there will be winners and losers at the end of this. It’s scary, but it’s true.
The better news? It’s possible to emerge even stronger on the other side.
So strap in, hold on and commit.
1 – Work smarter
It may seem counterintuitive, but when times are tough, resist the urge to do more. Instead, get back to basics – focus on your business’s core. Do fewer things, but do them right! Boom times allow for the growth of fluff, while recessions reveal the real revenue drivers. Exploit this opportunity to identify them.
Tough times reveal the products and services that are your business’s bedrock – direct your energy there.
2 – Get the right mix
New customers? Be crystal clear on your targets for new acquisitions – come one, come all isn’t a strategy to deploy when the market is making life difficult.
3 – Improve your sales process
By driving efficiencies in this part of your business, you’ll free yourself up to add value elsewhere.
4 – Improve your sales productivity
Automation can give people the time they need to focus on sales. When back-office processes are taken care of, there’s no need to sit in the office crunching through admin. You can work from anywhere, knowing those aspects of business are taken care of.
5 – Improve and automate your reporting
Smart software that integrates machine learning techniques can help streamline the process and power intelligent decisions.
Need a report? You should be able to grab one instantly.
6 – Work on your product offerings
The second? Stop customers from straying. You can do this, for example, by introducing a sub-brand, which customers can cancel their use of later.
7 – Improve your marketing
Secondly, get social. Go where your customers are and get your customer mix right. Closeness with the right customers has never been more important than right now.
8 – Focus on your cash flow
With your admin and reporting under control, this becomes far easier. You have both the time and the necessary tools to make revenue generation a top priority.
It’s simple, really
What we can change is how we react.
Make this a reality!
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