|
"Without promotion, something
terrible happens - NOTHING!"
- P.T. Barnum
 Managing
your business in a slowdown
What happens in a slowdown?
Money gets tighter. Decision-making slows down. Management runs
scared. Purchasing decisions require more review steps and
justification than before. Price negotiations become more
frequent. Companies stop hiring.
A slowdown represents a threat that is
similar to a major competitor moving into your market. It will
reduce your margins, cut your sales opportunities, de-motivate
your sales team, reduce your profits, and shrink your cash flow.
Smart managers look at a slowdown as an
opportunity to cut waste, streamline processes, reduce the cost
of sales, stimulate mar¬keting innovation, create better sales
incentives, harness the collective intelligence of the team. Let
go of poor performers...and so on.
Here are FOUR ideas for increasing
your sales in a slowdown:
 1.
Go on the offensive
The purpose of an offensive strategy
is to win. The purpose of a defensive strategy is to survive.
Consultants on the defence path look
defensive. Recruitment consultants who try to ride out the
recession with a defensive strategy are so preoccupied with
protecting existing accounts that they tend to overlook the
opportunities for new business. As a result they spend too much
time with their customers out of fear of losing them instead of
pursuing new accounts ahead of their competition.
Recruiters who respond to an economic
slowdown with an offensive strategy win battles every single
day. They invest extra time courting new prospects. The
defensive strategy is fear-motivated; the best you can do with
it is survive. The offensive strategy is driven by the craving
for victory; and there are no limits to your possibilities.
2. Introduce new incentive programs
It's tempting when things get tight to
put sales incentive programs on the back burner. But that's a
mistake.
An economic downturn is precisely the
time to step up incentive efforts.
It’s a great time for the company to launch a new program at the
same time educating how employee efforts have an impact on the
bottom line.
Don’t forget to celebrate when they reach
their new goals.
3. Sharpen your marketing
P.T. Barnum once said. "Without
promotion, something terrible happens - NOTHING!"
Many managers try trimming the fat out of
their marketing and advertising budgets: but instead they cut
into their marketing muscle.
During a slowdown is the time to
implement creative ideas such as discounts, loyalty program for
repeat customers, or free trials.
4. Retrain your sales team
Help recruitment consultants understand
how to prioritize their opportunities and activities.
Re-train their selling skills, introduce
relationship selling – remember people do business with people
they like. Hire a negotiation trainer to help your recruiters
win larger deals at greater margins.
Emphasize value-focused selling that
helps your clients survival. Create a major-account selling
strategy.
Increase your recruiters business acumen.
Help them understand the customer's business so they can assume
the role of the trusted advisor to explain the impact of a
quality recruitment on performance and retention. |
