In a down economy, it’s easy to lose sight of the prize and the ultimate goal of growing business. After all, when customers keep saying no, it almost seems as if there’s next to nothing to close. However, it’s during these periods that the best companies double their efforts. While some companies take a “wait and see mentality”, others are proactive and use their solid business acumen to pursue every business opportunity they can close on. In this sense, these companies have sales teams that are programmed for growth and to look for signs of a market recovery. While they may be dealing with a down economy, the best sales teams always have their eyes on the prize. So, where do these signs come from and how can your sales team be programmed for growth?
When business starts to decline, a number of companies become somewhat resigned to their fate. In this sense they kind of lose track of their customers and the day to day happenings within their market. They become so accustomed to the down economy that they end up waiting for orders, instead of pursuing them. Now, I won’t argue that sometimes customers just can’t buy and this is not a post about how to make customers buy something they can’t or won’t – which isn’t the right sales approach.
This is more about why some companies are better prepared to capitalize once the market rebounds. It’s about why some companies know something is happening, and others don’t. It’s also why some companies are caught off guard and not ready, while others steal customers and grow market share. Therefore, the question remains, what are these signs and where should your sales team concentrate their efforts?
1. Information From the Competition
Some may be reading this and immediately question the wisdom of staying in touch or even networking with a company’s competition. While it’s a valid concern when the market is booming, it’s not as big a concern when the market is faltering. When times are tough, and nobody seems to be getting anywhere, it just seems as if everyone’s more willing to discuss their market and industry.
It’s the truest meaning of the term “misery loves company”. Information could come from friends in different companies who get together after work, suppliers who service your company and the competition, trade shows & market conferences, trade magazines, websites, blogs or even inter-company softball games etc. I could write a myriad of ways to gather information from the competition, but most of you reading this already know of it, but perhaps haven’t used it.
2. Information From Customers
There’s no better source of information than from customers themselves. It’s the reason why strong customer relationships are so pivotal to success. It’s also the reason why the best sales teams are embedded in their customer’s business and know all the major players. Don’t lose touch with your customers. Make it a point to get your sales team to constantly search for new and important information on a market rebound.
3. Information From Complimentary Markets
Not all the information you need will come from your own market or industry. In most cases, the signs of a market rebound will start in a complimentary market. For instance, if the price of crude oil suddenly started to creep up, it wouldn’t be a good sign for the general consumer, but it would be an excellent sign for commodity based sales people who sell petroleum based plastics. This would allow them to capitalize on higher pricing. If the housing market started to show signs of recovery, who would benefit? Light and fixture, furniture and appliance manufacturers might see this as a positive sign. Look for signs in your complimentary markets.
Looking for signs of a market recovery is essential to stealing customers and increasing market share. Being proactive allows companies to remain one step ahead of their competition and always be front and center in the eyes of their customers. Stay hungry and keep your sales team looking for signs that things will improve.
Learn about how the value-chain analysis can help your company defined its value assertion within its marketing initiatives.
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