Crush sales slumps: Accelerate growth in a flat market
So many people are reporting to us that sales are slow at the moment. It feels like we are in a flat market. Not necessarily bad sales figures, just endless delays in getting to a Yes.
“I sent over a quote last month and I’ve heard nothing”
“The decision is stuck with an internal committee”
If you look at consumer confidence measures it’s no surprise. People are feeling the squeeze and there’s nervousness about future tax rises. For businesses you can add to this increased National Insurance costs and utility bills. If you can hold off replacing your company laptops or cars for another year then you will.
So what can we do about it?
Tighter targeting wins deals
This might sound counter-intuitive. If sales are hard to win then surely I should be firing out more quotes and meeting new people?
The problem is, you’re not alone. If you want to accelerate deals, then you’re more likely to do so by focusing on the people you can help the most. Of course there are people out there you could help – if only they knew about you. But if you want to convert leads more effectively, then tighten your targeting and refine your message so it’s laser-focused on who you can best help.
That value proposition will result in better quality conversations and higher conversion rates.
Simplify your product range
This too might seem a little odd. Not only do you want me to target fewer people but you want me to sell them fewer services too! But the win is in better focus.
Of course we don’t suggest taking out products and services that generate a big chunk of your revenue. If you believe clients are struggling to reach a Yes decision with you then how do you simplify that choice? Maybe packaging your offer in a more simple-to-understand way is what the customer needs to move those internal roadblocks.
You know how your heart sinks when you’re at a gig and the lead singer introduces “one from our new album”… You’re there for the blockbusters, aren’t you, the irresistible big-hitters?
Your product range isn’t any different. If you can trade up with a new service that’s fantastic – but when times are tough give them your crowd-pleasing number one.
Personalise pain
If people are going to buy from you in a flat market then you’ll need to address a pain point for them.
Can you establish exactly what your prospects’ goals are this year? You can bet they are under internal pressure to deliver tough KPIs – so how do you help them make progress towards those aims. The more specifically you can identify pain for that individual, the more likely they are to progress your proposal.
If you’re selling into large organisations then you can amplify this by mapping out what individuals or teams are key to your sales success. You might have an enthusiastic sponsor, but are they the decision maker? Who will decide whether your product or service is technically or legally acceptable? Who’s the budget holder?
Figuring out who these people are and helping them hit their goals for the year will add momentum to your sales. Read our blog on influencing without pitching if you want a different approach.
People buy from people
Your instinct might tell you that flatlining sales means you need to reach more people and generate more leads. But don’t overlook the power of those who already know, like and trust you.
You most likely remember all your previous clients and look back fondly on their foibles and ways of getting the job done. That doesn’t mean they are sitting at their desks thinking about you! Reconnecting with people you’ve worked with before will progress sales conversations more quickly than reaching out to cold prospects.
It might not be that they are ready to buy again, but having a conversation about how you can help each other in today’s market can throw up interesting introductions and partnerships.
The invisible thread of selling
Here’s a question for you: Without reading on, can you spot the invisible thread that links all these approaches?
They are all about you! Each one of these suggestions is about you ramping up your own brilliance. They are all encouraging you to double down on what has already delivered you proven success. Whether it’s the people around you or the products and services you provide, doing what made you great before will make you great again.
Conversely here are three things we’d beg you to think about very carefully before committing. Please don’t…
- Get seduced by new markets. Our rule of thumb is that new markets take twice as long to open up as you think and cost double your budget. That’s probably an under-estimate. There’s a reason others are winning in those sectors and knocking them off their perch isn’t a simple route to riches
- Throw money at leadgen. It’s tempting to run after the riches promised by these organisations. But if buying decisions are slow what makes you believe decision makers are more likely to buy from someone they’ve just met. Surely the opposite will hold true?
- Offer discounts. It’s always tempting to reduce your margin to close a deal. But think long and hard before doing this. Remember, your costs are increasing too! Unless you know for sure that your price is the obstacle to progress, then you’re better off focusing on customer pain points and solutions than on price cuts.
How to accelerate sales in a flat market?
Our overriding message is: Don’t panic! For sure it can feel uncomfortable when your pipeline slows, and it’s frustrating and a bit emotional when quotes disappear into a void or you’re getting ghosted by a hot prospect.
Use this market as an opportunity to refocus on what you really stand for, what you’re good at and what people know you for. It takes courage, but sticking with what you’ve already proven will give you the most reliable returns in the coming months.
If you want help assessing your current sales processes, contact us today.