Economic uncertainty is something that can significantly affect how a salesperson operates. It can create buying urgency in some cases, which is great for salespeople, but it can also reduce…
Economic uncertainty is something that can significantly affect how a salesperson operates. It can create buying urgency in some cases, which is great for salespeople, but it can also reduce client confidence. How it affects you will largely depend on the industry and your client base. For some, it will have minimal impact, and for others, it will completely change how you approach the sales process.
Below, we explain some of the challenges presented by economic uncertainty and how you can overcome them:
Economic uncertainty can throw a wrench into everyone’s operations. Everything is essentially called into question. Standing orders have to be reviewed, and there may be an impulse by customers to significantly cut back on spending and reduce regular orders. There also may be the temptation to put a hold on things. As a sales rep, this is a huge challenge because every customer is different.
When the economy becomes less predictable, so do your customers. This is why it’s important to have an open dialogue with them and understand their perspective. When you are aligned with their needs, you can help them. Perhaps it’s in the form of adjusting orders or helping them create a more custom solution.
It’s natural for customers to be hesitant to add new expenses during unpredictable times. For some companies, it may make sense to scale back, but for others, it may not. Hesitation and rejection are part of the sales process. So, you’ll need to double down on strategies for how to handle objections.
Economic uncertainty can also create a sense of urgency or even panic for some companies. They want to stock up on supplies. Or they may want to capitalize on an opportunity because of the state of the economy. In these situations, you’ll want to work quickly to help these customers meet their objectives as fast as possible.
Economic uncertainty can have a big impact on one customer while it will be business as usual for others. Approach each account on a case-by-case basis and do your best to provide custom solutions that will meet your clients’ needs.
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With a background successfully leading sales teams (overseeing training & development, driving sales & revenue, and ensuring delivery of exceptional customer service while executing cost control), Brandon has a solid understanding of what it takes to succeed in sales leadership role, as well as the challenges faced by hiring managers in finding top sales talent.