So how do you find those opportunities in an economic downturn?  Salespeople and sales managers should find the answer in not only avoiding some common mistakes, but by taking some proactive steps.  The most recent STAR blog presented 5 common mistakes made by salespeople during a down economy and featured the first two mistakes shown below:

1. Not spending enough time on sales prospecting, at a time when sales prospecting is needed more than ever.
2. Getting discouraged, which allows your competition to take business away from the seller’s company.

Now, we continue the topic and feature the balance of the list of common mistakes salespeople make during a down economy.
3. Not responding well when customers ask for additional concessions.
4. Failing to communicate the value that the seller’s company can provide for a particular customer.
5. Missing the opportunity to wow existing customers.

Take these proactive steps to find opportunities in spite of the challenging economy we’re all facing:
 
Don’t be surprised if your current customers ask you to make additional concessions. The prevailing bottom-line climate has created an increasingly frequent request by customers to reduce costs.  Salespeople are being pushed more and more by customers for deeper concessions, especially on price and payment terms.  The prevailing competitive culture makes Sales Negotiation Skills savvy a top priority, and requires you to be confident and skillful at both giving and getting concessions.

Highlight the value that you can provide. You don’t always have to make a concession, even though times are tough. If you can provide value to a client in ways other than reducing the price, this is the time to do so and can be a "win win" solution for both of you.  As an example, STAR was recently asked by one of our clients to make a concession but offered instead to help them in some revenue-generating actions that will end up increasing both of our revenue streams, and negated the need to make a price concession.

This is the time to wow your customers. What can you do to exceed your customer’s expectations? If you can provide them some additional service or benefit, at no extra charge, you will strengthen your relationship and set yourself apart.  For more on this topic please visit our recent blog “Last Time I Checked, Wowing Your Customers Did Not Any Include Nickel-and-Dime tactics.” 

We'd like to hear from you. Which other mistakes do sellers make during a business downturn? What should sellers do now to win and retain business?