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How to Increase Sales in Times of Economic Hardship

By | Hannah Boothe

During tough economic times, you may be scrambling to find ways to increase your sales. Whether you have been impacted by a crisis like the COVID0-19 pandemic or some other setback, you have options to help you with your sales. In fact, there are five ways to increase sales in times of economic hardship you should consider.

1. Better Prospecting

If you need to increase your sales, you need to focus on your prospecting processes. Without strong sales prospecting, you sometimes can be casting a lure into an empty lake of leads. Do not think that a large pipeline means you have sales coming your way. You must know that quality is better than quantity.

To make sure you are getting the most out of your sales prospecting you might want to check out some online resources. There you can discover detailed guides on sales prospecting and learn how to get the most out of your sales prospecting processes.

2. Improved Technology

You need to be certain you have the right technologies in place to get you the sales results you seek. Not only must you be certain you have the correct bandwidth in place, but you also need to be sure you have the appropriate tech products that ensure your salespeople can get their job done.

Don’t forget to think about your website and social media. You want to be sure they are fully integrated. You need to also know for certain that you are getting the most out of any mobile apps your staff and your customers use. And don’t forget to ensure you have around the clock and mobile access to data and the technology in place to make the most out of your data.

3. Stronger Communications

When you focus on stronger communications, you obviously can see increased sales. It is a very important part of your sales processes. You need to make sure your salespeople are following the communications protocols you have in place unless it has been determined your procedures need to be improved. If that is the case, you need to make time to go over with everyone what is and what is not working and make the needed changes.

Make sure your salespeople are fully documenting all of their contact efforts in your database and be certain you are regularly reviewing those efforts. You might be able to find some common denominators that could point to the needed areas for improvement. Do not think that tough economic times mean people want to be left alone and not solicited. You need to remain committed to ensuring communication efforts do not cease. And more than ever, your communications need to be as strong as possible.

4. Networking

Word of mouth marketing is the most effective form of marketing. And if you are in the midst of tough financial times, you must increase your networking efforts. Your salespeople should be aggressively marketing your company and services, too.

Many networking opportunities are free or come with very minimal costs. Check with your local chamber of commerce and alumni groups for opportunities. And don’t forget that involvement with local charities also can open up doors for you. You have all kinds of networking ideas you can consider, so be sure you and your team make the most of them.

5. More Coaching

Whether you’re a young company or a more established business, you always need to be sure coaching is taking place for your sales team. And tough financial times mean coaching is more important than ever for your business. Not only do you need to coach employees on the most effective sales techniques, but you also need to make sure you coach them through any negative mindsets they might have due to tougher than normal economic times.

Make sure you schedule plenty of one on one coaching and ask employees for their feedback. Schedule in group coaching, too, so that everyone can learn from one another.

Know matter how new or how big your problem is, your business can make it through times of economic hardship. You can still get the sales you need. Turn to one or more of the strategies above that can help you.

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