8 Steps to Recession-Proof Your Business

25 Jun

To continue the theme of our March 2008 posting on Recession-Proof Selling, here are three more steps to accelerate your sales, retain your loyal customers and attract new business without increasing your cost of sales.

Steps 1-5 are here.

6. Stay Connected
Get out there. Attend at least one networking event a week. Even better—attend three. Talk to people, find out how you can help each other. Pick up the phone. Email is great, but you’ll get the best information and the most productive relationships when you have a person-to-person conversation.

7. Don’t Cut Price
Many pundits say that the worst thing we can do in a lagging economy is to cut price. Yes and No. Adjusting your price should never be the first thing you do. A marketing expert told me that 95 percent of salespeople cut price before they’re even asked. If you do adjust your price, always get something in return. (Trim fat, not muscle.) Carve out your work and offer smaller chunks. Get in and get started. Help your clients in a down economy and be there when their business turns around.

8. Commit to Building Your Referral Business
What if you could reach your market without hard costs—no marketing budget, no direct mail budget, no advertising budget, no trade show budget. The only budget you need to worry about is your “Time & Referrals” budget—simply your time…your time to ask for referrals!

You know about referrals. When a qualified prospect is referred, you get a new client a minimum of 50 percent of the time, and typically between 70 and 90 percent of the time. Additionally, you are pre-sold, your selling time decreases, you have credibility, and you ace out the competition. There is no other business-development process that can claim these results. Results are the only thing that matter.

Bottom line: Sell more with higher margins, accelerate your “win” ratio, and take business away from the competition.

Become a referral-selling star from your home or office with my No More Cold Calling Webinars.

One Response to “8 Steps to Recession-Proof Your Business”

  1. Michael Kreppein July 8, 2008 at 6:48 am #

    Paul McCord, who writes the “Sales & Sales Management” blog, recently posted his 5 steps for selling in a recession economy.

    http://salesandmanagementblog.com/2008/07/07/selling-in-a-weak-economy/

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