Strategic Selling Skills For a Tough Economy - Follow the Money

If you were to distill the essential wisdom from all of the sales books and articles published in 2009 to one key golden nugget, your mission statement would become "Find the people with money and custom-tailor your value statement to those people."
Of course, that's pretty conventional wisdom for even the best of times. But in the current economy, the people who are willing to spend money on your products or services might exist outside of your "sales comfort zone." Therein lies the first step...if you are willing to surrender any notion of the false concept of a "sales comfort zone" (or a comfort zone in any area of life, for that matter) you are already miles ahead of the rest of your competition.

As an example, you might be very comfortable with the "walk in / drop in" method of in-person cold calling. In the world of strip malls and "Mom & Pop" businesses, it's one of the easiest ways to get directly in front of your prospect. In most situations, it is also "gatekeeper-free." You simply walk in, strike up a conversation, and you're selling. If you are uncomfortable on the phone, you will not face that issue. If you are articulate, well-groomed and professional, there is a good possibility of quickly building rapport and entering into a sales cycle within moments. You might secure an appointment for a follow-up conversation, or you might close the sale on the spot. During times when the "Mom & Pop" stores lining Main Street in Anytown U.S.A. are thriving, it's a veritable harvest waiting to be plucked.

We are not in those times. Sole proprietors, Mom & Pop, small business owners...these are the prospects who are reading the newspapers, watching TV, surfing on the Web and witnessing unrelenting doom and gloom and a hundred reasons a day to keep their wallets in their pockets.
That does not mean that every small business owner has mentally shut down when it comes to spending. It simply means that if this is your area of sales expertise, the basket which holds all of your eggs, and the one trick your pony has mastered...you've got a problem.

In the current economy, as a professional salesperson, you have two key objectives: find the money and go after the money. You cannot chase and hope to catch something which does not exist. In thriving economic times, "persuasion skills" and a bit of cat and mouse might help you turn the corner with hesitant prospects. In tough times, you are potentially dealing with prospects living in fear, in panic, in "survival mode." The extended effort you waste in attempting to "persuade" them keeps you away from other, more qualified prospects.

A colleague phoned me recently. He's a small business owner who specializes in incentive gifts...items like coffee mugs emblazoned with a corporate logo. He bemoaned the fact that "things are tough out there right now." He asked if I had any clients who might have a need for his products and services. I explained that many of the business owners I've spoken with in recent days are hesitant to spend a single penny on what they consider to be "non-essential purchases." An additional problem lies in their definition of the things they consider to be "essential." That includes expenditures which might, ironically, help them survive...marketing, advertising, and promotion. I told my colleague that unless he is able to approach a prospective customer and clearly articulate how his products and services will make them money, save them money, or bring them new customers, he most likely will not get an extended audience with them.

In this scenario, my colleague has an overwhelmingly tough uphill climb. He can find the money by stepping out of his current comfort zone of small business owners into a broader corporate playing field, but once he's standing on it, he will still face the challenge of crafting his value proposition. At this particular point in time, companies don't have to provide perks for their employees. They simply need to point to the headlines and the daily stories of layoffs. The climb must go higher, up through the first level of clouds, up through the first few levels of people who have the money to spend.

Once that level is reached, a new challenge presents itself. Perhaps the "incentive gifts" determined to be appropriate for small business owners won't pass muster in larger companies. That calls for a new offering, and with it, a new value proposition.

It all begins with finding the money and conducting thorough research on the person or company in possession of it. The second step is to identify all areas of growth or challenge that the person or company is currently facing. The third step is to craft a value proposition, preferably laced with detailed and enthusiastic testimonials from current customers, which clearly and unquestionably translates into making money for the prospect, saving them money, or bringing in new customers.

A salesperson who can accomplish that is a salesperson who can sell successfully in any economy. The remaining salespeople need to internalize all of the elements outlined above and aggressively put them into practice. Consistency of effort will yield the desired results, but more importantly, will also result in a "sifting" process which empowers the salesperson to identify the best markets and the best approach in each. Let go of the familiar. Step outside of the comfort zone. Take a deep breath, put a smile on your face, and go to work.

Article by: Michael DeAngelis