How to Stimulate Sales during a Lackluster Economic Recovery

Sales is as much a science as an art. It can be challenging enough to find the right formula or set of ingredients during good economic times. 

However, when money is tight for consumers or for your business clientele, convincing anyone to buy becomes even harder. It’s not to say that it can’t be done and successfully. It is just a matter of asking yourself the right questions and taking a hard look at what you might be able to improve.

Questions to Ask

Before making any changes to your strategy with the objective of stimulating sales, ask yourself these questions:

• Do you know your market? That means can you describe your target audience, their unique needs, and what they value?
• Do you know who your sales team should be calling on? Is there a specific niche of your target audience that may not be as impacted by the recent economic downturn as others? Even if segments have been affected, could those groups be served by your product and service in a way that fills their need or heals their pain points?
• Do you have daily sales activity planned and do you track this activity with specific metrics and performance indicators?
• Do you have specific sales goals and targets and are you always reviewing them and adjusting as real results come in?

Tips on Stimulating Sales

To keep focused on opportunities rather than the challenges at hand, there are a number of tips to consider:

• Keep focused on what you do best and do not take the route that a new product or service will stimulate sales. It may only put you farther behind and put a dent in cash flow.
• Hone in on the customer. Service excellence is one of the most important things you can do. It lets customers know you care and are interested in them rather than in just making the sale. Be sure to listen to the customer and check in with them on what they need or what you could do better for them.
• Try new sales channels, especially low-cost options like those involving online prospects and business opportunities. Also use these channels, such as social media marketing and social networking, to gather more information on your target groups and intelligence on what they like and what they need.
• Spend time on activities that help enhance your reputation and brand, including socially responsible initiatives that not only illustrate your commitment to the environment or the community, but these strategies may also open up new opportunities for sales, lower your overhead costs through new green efficiencies, and expand your network of sales prospects.
• Don’t just think about stimulating sales now; have a long-term prospect and plan in place for the recovery. Measure progress and work on performance issues now so you are ready.

Sales Strategy Counseling

The good news is that you don’t have to go through this challenging market cycle alone. There are many ways to seek counseling and advice to help you over these hurdles and navigate through the choppy waters. Think about these potential partnerships:

• Local networking groups in your industry or community;
• Online networking groups through social media channels;
• Business coaches and counselors; and
• Organizations like TAB where you can tap into the expertise of seasoned business executives who have operated through all types of sales and market cycles.

Maybe you have some advice to share, so be sure to submit your ideas below. Or, if you are in need of support and assistance, feel free to post your question or comment below.