The best companies will survive during a down economy and will ultimately thrive when the recession ends precisely because of their efforts made during those tough times. As you’ve already seen, many weaker organizations will not survive.  As one of many examples, compare Best Buy to Circuit City.

In an analogous way, the best sellers are adaptable and find opportunities during a down economy to retain business and strengthen customer relationships. By contrast, poor salespeople make several mistakes and don’t do well during difficult economic times. 

Common Mistakes Made by Salespeople in Difficult Times
• Not spending enough time on sales prospecting, at a time when sales prospecting is needed more than ever.
• Getting discouraged, which allows your competition to take business away from the seller’s company.
• Not responding well when customers ask for additional concessions.
• Failing to communicate the value that the seller’s company can provide for a particular customer.
• Missing the opportunity to wow existing customers.
 
For starters, we’ll focus only on the first two mistakes:
 
Now, more than ever, you need to spend time prospecting for new business. In our Prospecting and Business Development Workshop, we cite that successful sellers spend more time than average sellers do at keeping their sales pipeline full. This is always important but notably so when times get tough.  In a down economy, you must spend extra time on sales prospecting. In addition, a down economy is a great time to be more creative in your sales prospecting. As one example of the latter point, now is the time to explore for slightly different market segments or geographic regions that may not be experiencing as difficult a time as your existing customer base.
 
Don’t get discouraged.  It is easy to get discouraged when customers are slowing down and reducing the frequency and quantity of their orders.  Today, nearly all salespeople are likely to encounter more “no’s” when asking for an order, but keep in mind that the competition is experiencing the same difficult times.  Here is how one seller that is being coached by STAR has responded to the slower economy:  “I'm going to try to contact XYZ customer again this afternoon - I don't give up easily!”  Nor should you!
 
We'd like to hear from you. Do you agree that more time and creativity needs to be spent on sales prospecting during a down economy? How can you minimize becoming discouraged in today’s business climate?