In today’s market place, you can survive the short term by making quick adjustments to your sales plan, pricing and market strategy. These adjustments will be reflected in your sales pipeline and in your monthly sales results; however, what you will see in the end is that these adjustments will do little to secure consistent and predictable sales growth. This is what you need to focus on to survive the current environment. How do you do that?
Although the marketplace is sensitive to pricing, don’t automatically reduce your pricing or margins just to get a sale. Yes, this will help you today, but if you keep that client, you will have re-established your brand as the low cost provider or a price-based resource.
As difficult as it might be to maintain your pricing, I understand that you may have to sharpen your pencil in order to get a deal. Ok, then start selling additional services so that you can increase the revenue value of that client. Start focusing on average revenue per account instead of average size sale.
Focus on the client. The marketplace today certainly wants good pricing; however, they also are seeking “comfort” in a relationship. As much as we have discussed “not showing up and throwing up”, the market has changed. Prospects want assurance that your product will work; you will be there when they need you; and that your business is sustainable. Start early by providing them information that will satisfy their need for security.
ABP = Always Be Prospecting. You need to step up your prospecting activity. If your normal mode of penetrating the market is through introductions, then you need to increase the number of meetings that you have with centers of influence. If you market yourself through networking, then do more networking.
One-time hits are valuable right now to prop up your sales and to support your financials, but understand that the one-time hit is exactly that, a one-time hit. If that hit is a $100,000 deal, then your strategy for next year needs to include how to replace that revenue event. You are better off transitioning those one-time hits into long term clients by closing the immediate deal and then entering discussions as a valued advisor.
Certainly, these are unprecedented times, but fundamentals are fundamentals. When you stray from them, you get into trouble. When in trouble, return to the fundamentals and return to consistent and sustainable sales success.
By Aaliyah Brooks