Selling during a recession can be very different than selling under normal circumstances. With an economic downturn projected to happen in 2023, or already underway depending on who you talk…
Selling during a recession can be very different than selling under normal circumstances. With an economic downturn projected to happen in 2023, or already underway depending on who you talk to, it’s essential for sales organizations and professionals to make the necessary adjustments.
Our sales recruiters are seeing the signs that a recession may be underway. Have you started to adjust your sales process? Here are some things you need to know about selling during a recession:
People are more reluctant to sell during a recession. They will take more time to compare their options and they will be more willing to explore solutions from multiple providers. With more scrutinous customers, you can expect them to take more time to make a decision. This will extend your sales cycles. So, you’ll need to adjust your expectations, timelines, and sales forecasts to reflect this condition.
Not everyone will be affected the same way by an economic downturn. Some industries will continue to thrive, and others will be minimally affected. So, don’t make broad assumptions about your customers and prospects. Stay abreast of the current market conditions and map out how this will affect your customers.
It’ll be a hard sell with many of your prospects. They will take more time to make decisions, they’ll want more details, and they’ll have more questions. Before they choose what you’re offering, they will need to understand the value you can provide. You’ll need to spend more time differentiating, customizing your solutions, and building trust before you close.
Your key selling points, features, benefits, and messaging will need to change. During a recession, more than ever, you’ll need to customize your communications to meet each individual’s specific needs. Your messaging needs to be in alignment with current market conditions and address specific pain points as it relates to the recession. Generalized messaging and outdated tactics just won’t cut it.
As things slow down during a recession, one way to make up for this is to reach out to more people. With longer sales cycles, you’ll need to connect with more people to keep up your number of potential sales. It becomes a lot more about volume – more prospects, more interactions, more leads.
So, now is not the time to wait it out. You need to find that extra motivation to put in the extra work to grind things out. Reach out to previous customers, leads lost in the past, and look for ways to identify leads you may not have considered or pursued in the past.
SalesForce Search is a sales recruitment agency that specializes in hiring sales rockstars. Hiring top salespeople is tough. Only 55% meet their quota. Our proactive approach recruits talented salespeople before they hit the market. As North America’s leading sales headhunter we recruit salespeople in every sector of the economy including, software, manufacturing, financial services and medical devices. To find your next sales rockstar, start your search here.
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.