Recession across the UK and most of the World looks inevitable. In fact, by definition we are already in a recession, with consecutive months of negative growth being recorded. It appears that business is on a downward spiral, fed by the uncertainty that Covid-19 has brought to the commercial environment.
One of the curious things I have noticed about recessions or periods of growth is that they are fuelled by attitudes and beliefs, as much as they are by economic reality. We see only negative news published in the press which, over time, shapes the beliefs of many and potentially creating a self fulfilling prophecy.
On a more local level, I believe that we have the choice to be the architects of our own recession or of our own recovery and growth. Our attitude, behaviours and activities over the coming months will determine if we decline and eventually sink or whether we recover and eventually fly.
Pool of Opportunity
In a recession, there is one particular truth that effects businesses and sales people especially. Our pool of opportunity will probably decrease as our prospective customers cut back in order to ensure their own survival or even disappear. This is inevitable, especially when driven by a global crisis like Covid-19. What is not inevitable is our reaction to this.
Let’s assume that prior to Covid-19, your company enjoyed 5% share of the available market, marking you out as a key company in that sector. Post Covid, that market may well have shrunk. If you have managed to retain 100% of your customers and their spend has not decreased, then your market share has increased, albeit artificially. Alternatively, your share may have stayed the same, in which case your customer numbers and spend have decreased.
Whichever scenario you find yourself in, there are a couple of simple truths.
1. You still do not have all of the market as customers, which means there is still opportunity for replacing lost customers and for growth.
2. You may have fewer competitors than before, providing you with an additional market advantage.
So, given those facts, you have a choice. Either you are the architect of your own survival and growth, or you allow market forces to damage you.
The Importance of Your Sales Team
Right now, your sales team are even more valuable and vital to your business than ever before. They must be working hard to secure all of the existing customers they can and then searching out new opportunities. The opportunity pool may be smaller, but it’s still there. With the right sales strategy, you can gather up all of those new customers who no longer have a supplier in your industry and conquest those that are currently dealing with your competitors.
So, what can you do to help your sales team achieve great things in the forthcoming recession?
1. Strategy - Ensure your strategy is fit for purpose and updated for the current times.
2. Training - Make sure your team have the most up to date skills, techniques and knowledge.
3. Focus - Drive your team in the right direction.
4. Motivation - Help them to see the opportunities that exist and avoid them falling into the recession attitude.
5. Positive Prospecting Culture - Develop a culture of forward thinking, positive prospecting for new business that will deliver the results you want.
Remember - The recession in our personal businesses is a state of mind. Make up your mind how this recession is going to work for you.
If you would like to know how Sure Train can help you and your sales team to achieve growth in a recession, contact us now.
Sure Train Sales Training
0800 840 1501