In this blog, we’ll suggest ways to maintain and even elevate sales in a challenging economy.
Navigate customer objections
Navigate customer objections Focus on your pipeline
At the end of the sales funnel, customers usually feel the biggest impact of unsteady markets. To curb the ripple effect, look more closely at your sales pipeline – consider what your business can do to bring more prospects in before driving them further along towards a purchase and, ultimately, retention.
In a challenging climate, practising empathy and understanding is crucial to winning over customers. Tapping into their fears, suggesting they’re missing out, or positioning your offering as a luxury might not work as well anymore. Therefore, you must review your messaging. Are you asking the right questions and providing the much-needed answers?
Once they’ve shown an interest, it’s time to focus on good pipeline management
Follow up with potential customers and focus on quality leads first.
Drop leads that haven’t taken off after a certain period to avoid sunk costs.
Monitor pipeline metrics, such as lifetime value and acquisition cost.
Review and adapt your pipeline process on a more regular basis.
Keep it updated with contact details and notes to maintain good organisation.
Upskill rather than recruit
It’s no secret that businesses and consumers prefer to hold on to their cash during economic uncertainty. But as the old adage goes, sometimes you have to spend money to make money.
That’s not to say that you can’t make smart switches when it comes to budget allocation. Take investing in your talent, for example – recruiting new staff is both time-consuming and costly, but upskilling your existing team can often yield the same boost in performance.
Not only is upskilling more cost-effective than hiring (the Financial Services Skills Commission recently reported that firms could save up to £49,100 per employee), but it enables your employees to grow with your business, improving their satisfaction and retention rates.
Training opportunities with BMS Progress
Many businesses face a turbulent road ahead. However, there are plenty of opportunities to grow your organisation.
We believe long-term investment in your employees will allow you to thrive despite economic challenges. And at BMS Progress, we ensure our training programmes meet the needs of both the business and the individual to maximise that investment.
If you would like to learn more about our available courses, contact us today.