We are currently in the midst of economic uncertainty. Gas prices are soaring high, inflation is crippling, the supply chain is consistently facing issues and stock prices are fluctuating. The Federal Reserve is trying its best to cool things down by increasing interest rates. However, it’s hard to tell if we’re going to succeed or not.
If things go as planned, the recession might be shorter. If not, there will be suffering. But the point is, what are you doing to succeed during the turbulent times? What’s your sales strategy and is it good enough to help you face the economic uncertainty?
If you’re even a little bit confused, it’s time to rework your company’s sales strategy. Check out the points below so that you can position your sales strategy to prevent great loss or failure.
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Hard Landing
In the case of economic contraction, companies may decide to lay off salespeople. However, there’ll be other companies that would start panicking. No matter which path you take, the sales talent is likely to be more available.
So, use it as an opportunity to upgrade your team size. Identify the best sales candidates through sales-specific assessments. The next thing you can do is build a pipeline. It will ensure that you’ve enough in your pipeline to help you get through if the economy heads south.
Soft Landing
If there’s a recession in supply chain problems, products may start becoming more available. In that case, buyers won’t have any other choice but to accept the increasing rates. Since there would be no options available, they may test the market in revenge.
To overcome the situation, upskill your team instead of laying them off. It’s your best defense to deal with the process-centric tactics of a customer.
In Between
If the economy stays somewhere in between, businesses may hold their spending while waiting for clearer signals. During this time, your salespeople won’t even be able to convince your prospects to make an expenditure.
However, if they’re able to reach the decision-makers, they can help in overriding the spending freeze. In addition to engaging the decision-makers, the salespeople must also be effective in using a consultative and optimized process-driven approach.
No one knows what’s in the future. So, whether it will be a hard landing or soft or somewhere in between, evaluate the capabilities of your sales team and upskill them. It will help you to achieve success.
