Title: How to Sell and Manage In Tough Times and Tough Markets [Buy]
Author: Tom Reilly
In a nutshell: Reilly offers practical tips and advice on how salespeople and managers can effectively steer their way through tough times. Reiterating that that half the battle is always in your head and quitting is not an option, the book shares the vision that being proactive, positive and not price cutting will see you through these tough times. With handy hints and attitude focusers for salespeople, managers, and future managers, Reilly’s book reminds that the problem is you’re still selling regardless of these tough times; the issue is not that the buyer is not buying.
Key quote: “Tough times and tough markets exist, and it’s never fair. Accept it, find ways to deal with it and move on.”
10 things you need to know:
1. Recognise what’s a tough time and what’s a tough market
A tough time is when there’s an extended period of declining economic activity, when supply is greater than demand. A tough market is when you are up against strong competitors – companies who rival you in terms of price, quality and service. Are you going through a tough time or are you just in a tough market?
2. Increase, don’t decrease
During tough times, salespeople call on customers at 62% the rate they call on customers during good times. If your competitors do this, but you increase your call rates by 25%, you have effectively doubled your coverage.
3. Never assume
Don’t assume times are tough for all your customers – you may be giving them buying negotiating power by suggesting to them that times are tighter and this will eat into your margins if you yield to this assumption.
4. Know your buyer’s concerns and act upon these
Needs and wants will become a key concern to buyers; they will want to cut costs and will need more reassurance during this time from you, especially if they go ahead with large purchases. A salesperson that can show understanding, tact and keep their promises will be a salesperson who customers will respect and stick with.
5. Aim to establish long-term relationships
Building on from knowing your buyer’s concerns, establishing a relationship with the customer will bode well for the future. This means not only delivering a valued product on time, but being there to support them after the sale if they need your help. It takes more effort to gain a new client than to keep an existing one happy.
6. Don’t panic and force a wrong decision
Don’t make rash decisions in a panic – take the time to think things through before you act. It’s up to you to choose your battleground and not react to what your competitors are doing. If you’re a leader, make decisions based on what’s best for your company and ask your employees for their input. There’s nothing worse than making a wrong decision which impacts upon morale when you merely have to take the time to listen.
7. Stay positive
Half the battle is always in your head – thinking positive results in positive actions. Dream big, expect resistance, focus on what you can control, maintain this focus and you shouldn’t go wrong.
8. Reward positive attitudes
When you’ve stayed positive and this has resulted in an achievement, celebrate what you’ve accomplished. Every success should also inspire and teach you something as it is a never-ending learning process. As a manager, you should reward your employee’s positive attitudes and achievements but keep internal competition out of it during tough times.
9. Sell your value, not your price
It’s not your price that matters but the value of that price. This includes the preparation and effort you put in, practicing good time management as there’s nothing as useless as doing things efficiently that shouldn’t be done at all, and focusing on delivering more than you promise. Knowing and remembering your worth will come across to the customer and add to your value; cutting your price is counterintuitive to your value.
10. Stay inspirational
In tough times, we need inspiration more than ever before. Remember, leaders inspire others to act, but are also a beacon of stability and hope. This is a two-way deal, for both your employees and your customers – both need to be inspired and reassured. Two-way communication is key.
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