More Answers to Selling in this Economy

Hi there,

Here are 4 more of the best answers to the question i posted on linked in last week. I am curious your thoughts and hope that you join us for some sales tactics to sell now you can use on Nov 25.

Colleen, buyers are slowing down their decision process, and delaying until 2009 in hopes of a different environment. Cost is the focus, so I’ve been spending a lot of time helping client refocus on the pain or problems that brought them to us. Then the difference this year is equating the pain to a dollar figure so they can see the benefit of the solution. It is very time consuming, and almost feels like we are starting all over with every client. – Jim

The changes I see in buyer behavior in the “new economy” can be summed up in one word: fear. The changes in how I am selling in the “new economy” can also be summed up in one word: nothing. –Michel Neray

Clients are not releasing their 2009 budgets to their agencies, so the agencies are not sending PO’s to publishers. Existing solid advertisers are asking for lower rates. Competition is intense…as our president says, “there are no more uzi’s or grenades…it’s now a knife fight.” However, in a recession market share is up for grabs so go get it. – Anon

It depends upon what you are selling, Colleen. At the moment, many companies are structuring their budgets for 2009, so this is a good time to influence their priorities where you have good relationships. As others have responded, many customers are taking additional time to make decisions or are putting solutions on hold. However, in certain industries, they can’t hold off buying any longer. Good luck! – Joan

The only change I am really seeing in buying behavior is that customers use “the economy” as an objection. They love to puke out “I would love to buy, but with the way the economy is, I better wait.” Most of the time they don’t even know why they say it other then the fact that it lets them off the hook. Just like “I have to think about it” The positive part is that most people don’t know how to overcome this objection. My point being that they may be dodging other people so well, that they actually may be financially in a better position by the time you get to them then other times. So, if you are better at addressing this, you could capitalize on your competition not being able to.

Things that could help overcome this pending on what you are selling and to who:

1. As always, address and kill this objection before it comes up. As you know, the best time to overcome an objection is before it is said.

2. If it is puked out at you, don’t be afraid to politely challenge them a bit on it. BE CAREFUL! DON”T ATTACK OR SOUND CHALLENGING! I have come back with questions like “Oh, I’m sorry to hear that. Did you loose your job?” no “Oh, they cut your pay, didn’t they.” well, no. “Did your mortgage or car payments go up?” no “Has your lifestyle changed drastically?’ no…(even if you get yes on this one, it just means they have more money to work with then other times.) When I start throwing stuff like that back, people start to realize that 1st, I’m not buying into the excuse, and 2nd, even though “the economy” is said to be horrible, it really hasn’t directly affected them. Unless of course they really did loose a job.

3. If possible, find a way to use the economy as the reason why your product or service is needed. “This economy, Mr. Buynow, is exactly the reason why you need this because…”

4. Better prospecting: Make sure you are targeting the right people with the least chance of being affected by a bad economy.

Most important thing is to ask yourself: Who is really using the “economy” as an excuse? Is it your customer to avoid buying or is it YOU for not selling?

Lastly, the only thing I have changed in my selling is NOTHING! I still build rapport, get on their agenda, find what is most important to them, (buying motive or hot buttons) check for agreement… My process and goal remains the same. “Sell on to others the way they want to be sold” –  Jim Stringer

Dedicated to helping you increase your sales!