With businesses facing tough financial times across the board, closing sales is more challenging than ever. So how can we continue to generate revenues when our prospects and customers are scaling back their budgets? Make more phone calls? Lower our prices? Improve our sales process? Make better use of technology? Find better prospects?
I posed the question to my LinkedIn connections and got some great feedback, including this very valid point from one respondent: “Unless you can help [your client] generate more revenue on every dollar they spend on your solution, none of the above will really help you generate revenue.”
Consider this before entering a conversation with a current or prospective client. Know how you can help their business before you approach the sale. Learn how their business specifically is being impacted, and identify the ways in which your product or service can aid them.
Refocus your sales tactics on value instead of cost. Lower costs will not attract people who do not have a need for your product. Find out how your product can bring value to someone else. If the value is there, cost will become secondary.
Lowering prices may be a strong tactic in the short run, but it is a slow and difficult process to raise them back up as the market improves. Instead, try limited time offers and make sure that yours is the most cost-effective solution on the market to drown out competitors.
One respondent suggested that making more calls will lead to more sales. More calls means more prospects and more opportunities to find a way in which to help that prospect and, if all goes well, turn them into a client.
Whatever tactic you chose to use, remember that value outweighs cost. Improve your client’s business and your business will also improve.