Since around the 13th of June, you would have noticed that journalists, economists, and the like, have said that our US economy is now in the bear market. Now, while I wish this was the kind of bear that you cuddle with, the reality is it isn’t. For sales leaders, we are extra tasked to sell in a difficult market. However, I’m here to say, yes, it can be hard, but you can produce high sales in a bear market. You just need to be smart about it. Just a heads up, given the gravity of this topic I’ve split it in a two-part series; part two will be published in next week’s blog. Ok, now pour out some coffee, let’s chat!
What’s a bear market anyway?
First, I’m no economist, I’m just a humble Sales Executive Coach with 20+ years in sales. So, let me have the experts from Investopedia break it down:
“A bear market is when a market experiences prolonged price declines. It typically describes a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.”
We’re a highly commodified society, so our jobs as sales professionals are pretty integral to the economy. It’s our job to ensure our businesses still brings in those profits. It’s the only way we can do our part to help our market rebound.
“As soon as people realize what they think and how they act are going to determine their success much more than what the news talks about, then they can experience the same level of confidence and success as those organizations or individuals who are thriving in [difficult times].”
I’m here to say, don’t get caught up in the pessimistic news. Accept that you and your team will thrive by building your own thriving eco-sphere. Here are three sales strategies that will help you boost sales now:
- Fight the “Power of New”
- Go Back to the Basics
- Focus
Let’s take a closer look at each one.
Fight the “Power of New”
As I explain in my book, The Sales Leader’s Game Plan, fancy marketing programs or sales gimmicks aren’t going to help increase sales. They may give a short-term boost, but you and I know it’s all about the long game, so sales professionals need sustainable plans.
Avoid coming up with new plans that deep down you know you’ll forget about in a month or two. Whatever sustainable strategy you come-up with must be able to stand-up against the black hole of great programs that ‘were’.
If you’re a sales Leader in the Middle (LIM), it’s your time to remain optimistic and highly motivated. Now more than ever your team needs strong sales leadership and coaching.
Go Back to the Basics
You know why I always tie sports with sales? It’s because they’re similar; they require coaching, practicing and accountability to bring in those numbers. Let’s run through those basic sales game plans that are tried and true.
Practice Program
“Professional teams practice before each game. Sales professionals should do likewise.”
Revamp your weekly sales meetings into practice sessions. I’m not saying roll-out pop quizzes on product information. Nope, actually practice the skill of pitching and selling. Now you might be rolling your eyes at me right now, but hold on, let me explain. Fight that natural inclination to remain falsely comforted by your sales teams’ past track record and years of experience. That was then, this is now and only the future lays ahead.
Coaching
We know that the serve up, coach down leadership strategy wins every time. I highly recommend that you conduct weekly one-on-one meetings with your team members. Coaching means dedicating the time with your team members to ensure their success. Drill down on accountability, let them know you believe in their potential to grow those sales.
Oh, and like I said a few weeks back, don’t forget to pay particular attention to your best sales champions. We can’t afford to have them wandering away to other pastures. That is when you’ll truly miss those targets. Spend a little extra time with them; hone their skills and show them what being a part of a winning team is all about.
“The greatest thing sales leaders can do for their sales team is hold them accountable to getting to the next level and accept nothing less.”
Ok, I’m going to stick a pin here for this week. In next week’s blog post, we’ll look on the final ‘Back to Basics’ strategy and really get into why focus is your greatest advantage. Until then!
Remember to check out my books, including Serve Up, Coach Down, The Sales Leaders Playbook ,and The Sales Professional Game Plan. They’ve got lots of tips and tricks on how you can boost sales despite a mercurial market.
