Over the last few months, economic uncertainty has increased significantly due to a combination of factors including geopolitical tensions, supply chain issues, and stubbornly high inflation rates.
While it seemed like companies were set to weather these headwinds, we are now seeing companies emphasizing doing “more with less” and re-evaluating their budgets. Many companies are initiating layoffs. This is especially true for companies that are not confident they can meet projected growth rates.
For sales professionals, selling to companies that face these challenges requires focused opportunity management, since every purchase decision will likely have a heightened degree of scrutiny. By focusing on the following three areas, sales professionals can greatly increase their success during a down economy.
This is the single biggest reason opportunities don’t close. The customer doesn’t see enough value in your solution so it is rejected or deferred based on other priorities. To get full credit for the value your solution offers, assess whether you have:
The number of stakeholders involved in decision-making has grown significantly so it is important to expand your sphere of influence within accounts. As a starting point, you should develop an account map to ensure you can identify who is likely to be involved in the decision-making process. Then, ensure you have:
In a down economy, customers are likely to reconsider priorities and put purchase decisions on hold. To insulate against this risk, you should:
Instead of thinking about the above-listed areas as binary, think of them as a continuum for each opportunity. As you review each opportunity in your pipeline, consider steps you can take to:
Unfortunately, we often delay opportunity management until it is too late. While we don’t have control over business conditions, improved opportunity management is a proven way to close more business during a down economy.