Tips for Generating Revenue in Tough Economic Times

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.

2 thoughts on “Tips for Generating Revenue in Tough Economic Times”

  1. Dear Kathleen:

    This is a great tool – my daughter Simone sends this to me every month, and since I am in New Homes Sales, this is a wonderful way to not only keep abreast of what you and your professional organization see as challenges to (in this economy) even keep our heads above water, but also to keep a personal level of excitement in all of our daily affairs!!

    I work for a major Developer/Builder in the greater Indianapolis area now, after seeing my previous employer, after 30 + years in the business, sadly have to fold. I was recruited heavily by several building corporatiosn, but the developer of the area that I previously sold in went so far as to form a new Building Corporation to finish the work I had started. Why, in this economy, did he think of doing this – he agrees 100% that we all have nothing but to look up to a recovery and close that bottomless pit that is not only in the ground but in our stomachs.

    I was my previous builders’ brightest point – I sold, even in the spiraling down real estate economy, over $10 million in 2006 and $10 million in 2007, which accounted for 35% of his total revenue. In 2008 I sold just over $3 million before his overall development and building costs other than mine forced him to close.

    My point is I feel that I have a lot to offer across the board on sales techniques, sales presentations and motivation of sales teams, and I would love to have a forum to occasionally offer comments and tidbits that I believe not only help others but also do me a world of good by offering a chance to reinforce these in my daily life!!

    Let me know if this is a forum you would like to at least look at, and I would be glad to present forth some of my writings – I have been posted with other forums, and I have attended probably in excess of 50 Real Estate and other Sales Seminars in the past 10 years!!

    Keep up the good work, and keep me posted!!

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