5 months ago
April 28, 2020

7 Tips for Closing Sales in an Economic Downturn

When the economy struggles, so do many sales professionals. An economic downturn can have a sudden and sharp impact on your sales numbers. Sales numbers drop, customers are more reluctant…

Jace Ermidis Toronto Sales Recruiter
Jace Ermidis

When the economy struggles, so do many sales professionals. An economic downturn can have a sudden and sharp impact on your sales numbers. Sales numbers drop, customers are more reluctant to spend money, and when they do spend, they spend less.

Closing sales is challenging even when the conditions are right. But it is exponentially more difficult when your customers tighten the purse strings and get more strategic about when and how they spend money. It is not an easy time for the sales industry to say the least. The coronavirus pandemic has proven this to be true for many organizations.

But you still have to sell, even if there is an economic downturn. In this blog,  Toronto sales recruiters will provide you with some tips to help you close sales and maintain your sales performance when market conditions are not ideal.

1. Shift Your Approach

An economic downturn is stressful for everyone, including your customers. So, the sales tactics you’ve used in the past may not resonate with them because of current market conditions. People are less likely to take risks and are more interested in the sure thing. Shift your solutions and sales strategy to provide safer and more secure solutions for your customers. If you can effectively help your customers and meet their needs, you’ll be able to close regardless of the state of the economy.

2. Don’t Be Desperate

While it’s challenging to make a sale, showing signs of desperation is never a good thing. It can almost immediately plant seeds of doubt in your customers’ minds. They may question the validity of your products, services, and solutions you are trying to sell.

Toronto sales recruiters advise not looking desperate while trying to close sales

Desperation can also lead to you making concessions and offering discounts too quickly. This can devalue your product and severely cut into your profit margins. Rather than cutting prices, find ways to offer more value. Avoid showing your cards, even if you are hard up for a sale.

3. Be Confident

Looking and acting successful is important when communicating with customers. People are drawn to confidence. Customers are more likely to buy from a sales rep who shows faith in their products/services and what they are offering. Who would you rather buy from – the sales rep who is desperately trying to get you to buy something? Or the sales rep who evokes a sense of success and confidence?

4. Get Creative

Your sales process has gotten you to this point. But there are times when you need to get more creative and think outside the box.

COVID-19 is proving to be a great example of this. Countless companies have had to quickly transition and change how they operate. Many service providers have had to change what they offer and how they offer it. Creativity is essential.

For example, restaurants that have had to close their dining rooms are now offering delivery and pickup solutions. Personal trainers are offering online and at-home workout programs. Hairdressers are offering home haircare kits and tutorials online. What can you do to get creative to keep the sales coming in?

5. Play the Long Game

Many of your customers still have to buy. They still need to do business and live their lives. They just don’t want to or are reluctant to buy right now. They are in preservation mode. This is still an opportunity for you to sell – you just need to play the long game. Now is the time for you to make headway, build relationships, and find out more about how you can help these customers. Offer value, qualify them, and do what you can to position yourself as the best solution. Why? The time will come when they will need to start spending again. When they do, they are going to come to you.

6. Put the Work In

We all know that sales is a numbers game. If you put the work in, you will get results. So, make an extra effort to prospect more, connect with more people, leverage your network, and do the leg work to create more opportunities for yourself. Work harder and smarter than your competition to gain a competitive advantage. The hard work will pay off.

7. Block Out Negativity

Having the right mentality is important. Take steps to block out the negativity associated with an economic downturn. Don’t listen to people who want to talk about doom and gloom or how sales numbers are taking a dive. Maintain a positive outlook and attitude at all times. This will help you stay focused on the right approach. With a strong approach, you will close more deals.

More Sales Tips From Toronto Sales Headhunters

Whether you are struggling with sales lately or are looking for ways to ensure you are prepared for an economic downturn, these blogs from our expert sales recruiters can give you great insights and ideas. Check them out:

7 Ways to Be a Leader in a Time of Crisis

Yikes! Never Say These 9 Phrases on a Sales Call

Don’t Give Up! 4 Ways to Salvage a Sale

6 Best Phrases to Use While Trial Closing

Noticing a Drop in Sales? 7 Ways to Get Your Sales Team Back on Track

6 Ways to Come Back From a Drop in Sales

8 of the Most Common Sales Mistakes to Avoid

6 Highly Effective Ways to Keep Customers Coming Back

 


SalesForce Search is a sales recruiting company which specializes in the recruitment and placement of sales professionals. We recruit salespeople in every sector of the economy including, software, manufacturing, financial services and medical devices. Find the right salesperson for your organization, start your search here.

Jace Ermidis Toronto Sales Recruiter

Jace Ermidis

With 10 years of sales, management, and recruitment experience across multiple industries, Jace has helped numerous businesses (including many Fortune 500 companies) build high performing, quota smashing Sales teams. Jace provides an honest and consultative experience, while helping his clients hire smarter, faster, and more confidently! When he’s not networking with Toronto’s best Sales talent, Jace likes to travel, snowboard, and watch sports.