It's hard to keep your head above water when things are going well, but what about when things start falling apart? What should you do if the economy around you starts to falter? If your competitor takes an unexpected turn, what can you do?
And finally, if your customers suddenly aren't buying like they used to, how can you adapt to this sudden change in the tide of your industry?
Planning for Change
We all like stability, but the truth is that change is inevitable. The best way to prepare for potential change is by planning. As a best practice, we recommend you consider what would happen if you were no longer with the company and how your management team would fill your role.
It's also helpful to figure out what makes your company special, like your mission statement or corporate culture.
Communicating with Clients
Regular contact with your customers is crucial for a successful selling strategy. Whether through email, social media, or an old-fashioned phone call, staying in touch can help you stay on top of their needs and make a sale when the timing is right.
Maintaining Strong Client Relationships
People are less likely to buy a product they don't need, but they're also less likely to purchase anything. Therefore, it's essential for businesses, especially those that deal with sales and customer service, to maintain strong client relationships and provide an excellent experience when the customer is on the other end of the phone or email. To build long-term relationships with its customers, a business should try to be consistent and reliable.
Staying Professional during Difficult Times
The economy is unpredictable, making it difficult for businesses of all types. Wilmar Inc. has been through some tough times, but we know how to stay professional and keep our chin up when the going gets tough.
We know that no matter what happens, we need to stay focused on what matters most: serving our customers and meeting their needs. It's a simple philosophy that will keep us successful no matter what the economy throws at us.
How to Sell to Large Corporations in Challenging Situations
Selling to large corporations is never easy, but it's incredibly challenging during a recession or volatile market. However, the right sales skills and strategies can help you make the sale in tough times.
Here Are Five Tips for Selling Successfully When Business Is Slower than Usual:
- Plan your attack. Be prepared with data, information, pricing comparisons, and more on your competitors' products so that you can respond to customer inquiries immediately.
- Exceed expectations through consistency.
- Focus on excellent service and product quality to set yourself apart from other companies vying for their attention.
- Show flexibility in your approach when needed.
- Stay focused on your plan and vision. Keep the entire team on the mission!
The Importance of Value Pricing
One crucial strategy for keeping your company afloat during tough economic times is value pricing. Value pricing ensures that you provide customers with a product that offers the highest quality at a reasonable cost. It's more than just making a profit; it's about retaining customers and being able to provide them with the best service possible.
Supporting Your Sales Team and Good Prospects during Challenging Economic Conditions
As the economy shifts, we must provide guidance and support for our sales team and good prospects. In the past, if a company experienced a downturn, it would tighten its belts, cut expenses, and hold off on capital expenditures. But this is not the case today. In fact, as of July 2018, more than 100 U.S.-based companies have used bankruptcy filings since 2008.
The Old Sell-for-Less Model Fails in Today's Market
Times are tough, but that doesn't mean you have to sell for less. That's the old sell-for-less model, which doesn't work today. Instead, you can still sell at a profit by using a new, innovative approach to help you achieve steady ground.
Change Is Coming—Are You Prepared?
The world of business is changing. Steady and reliable companies are being forced to adapt to stay afloat. Of course, change can be scary, especially when you're used to the status quo, but it doesn't have to be. Wilmar's guide will help equip your company with the skills needed for change.
Final Thoughts
In the event of a downturn, it is essential to know your options. One option is to maintain your business and ride out the market's ups and downs. Another option is to sell off your company's assets and get what you can for them now. A final option is selling your company at a loss to purchase it back when the market turns around.
Contact us today or visit our website or follow us on Twitter to learn more about how we are uniquely positioned to help you take advantage of these opportunities and stay afloat.
