Investing in training during the recession?
This will be a hard message to hear.
We all have heard recently that their is a recession looming, cost of living is increasing and as a business owner with a sales team, this will be of concern to you, especially if the enquiries you rely on are inbound only leads and that your teams of sales are able to close them because they are inbound with the credit card ready to pay. However, in the coming weeks and months it will be more challenging for those who can order take but not sell!
This isn't overly harsh, this is truth really! Lot's of sales people can sell when it is easy to get business in and people are ringing with credit cards, the last 2 years have somewhat de-skilled a number of sales people because of supply and demand. Now, it will require someone who understands the sales process, the buyer and how to communicate with them, understand exactly what a buyer is and isn't saying.
Customers will still spend, they just need more reason to be sure on the investment they make!
There is not a more true statement, people don't stop spending because of a recession, they are more careful with the money they have the investment that they will need to make. In short, they need more justification within their mind that spending money is the right thing to do. Buyers will be sceptical about how they spend their cash, but they will still buy cars, buy houses, spend money in coffee shops. People have a lifestyle that they will want to continue a degree of what they do.
The struggle comes here where sales staff order take will now struggle to explain to a customer and ultimately will either discount giving away precious margin or loose the customer completely.
Would you invest in training?
Well this is a great question and in the current circumstances, you may feel like investing in training is the wrong thing to do. Afterall, training is just that it trains people but does it actually work and the cost of investment vs the results is it actually worth it.
The first thing to consider is, now more than ever is the time to invest in sales training because upskilling your sales team will only benefit you and them. Increasing the skills that works with buyers in 2022 will increase your customer retention, your ability to develop new business and retain the margin whilst closing sales. The key is to work with a sales trainer who actually can deliver these results, after all many do 1 day power points and disappear or charge the earth for a 1 hour a month session. Right now, it is important to choose and work with a trainer invested in success, results and a trainer that actually has the ability to deliver with you the results that are desired. Ultimately, selecting a trainer who can actually sell, shows and delivers, not just puts you on a steady program.
When you see this line, what do you actually read? If you see opportunity is no where then you need to rethink your approach because your looking at the negative. However, if you see Opportunityisnow/here then just by putting the slash mark in their, you now see the real message that opportunity is now here.
Tips to cope
What can you do yourself right now?
Reach out to your existing customers to check on their plans
Ask for referrals more so than ever
Review your products / services ensure that the options are supportive for the customer
Ensure you are reaching out to new customers via cold calls, warm leads
Review every lost sale, as a manager having an input can sway a customer away back to you and if not you can learn from them why they didn't buy.
Look for loss sale patterns to ensure you can adapt
Be active, don't start recoiling, now more than ever its be active
Ensure you have regular contact with your team, make sure you are aware of the message from customers and adapt accordingly.
In summary, this recession may well see some of your competitors unfortunately have to close and whilst it is nice to not have competition, it is healthy to have it and of course nobody wants to see job losses. However, selling in this market is more challenging, it doesn't have to be a doom and gloom, it can actually be exceptionally good for you and your business.
Jamie & Building Profits Results
As a sales trainer, mentor and coach, I specialise in business to business selling and have 20 plus years in negotiations. In specific, I work on business development, new business outreach, cold calling, warm leads, prospecting, follow up and closing sales. Having been in sales for a number of years, I have closed sales from £50 in value to £6 Million pounds and sold into challenging organisations and national high street names. My personal results focus on working with a client and team to achieve the desired results. I am not a 90 day get rich quick, but working with your team I am able to get you the sales results and numbers.