Wednesday, July 8, 2009

The Second Step to Navigating a Down Economy

After Having Eliminated "It's the Economy" as Your Excuse:

Define your own economy, which is different from the macro economy that gets the negative headlines.

Work to retain your existing customers and ensure sufficient prospecting activity for continually acquiring a few new buyers each month. Make contact early, at lunch, late in the day, and use social networks. Befriend gatekeepers.

Invest daily team time trying to imagine ways to make price not your only differentiator. For example, figure out a way to lower the customer's risk rather than your price.

Let a goal statement influence each day as a pop up on your calendar.

Monitor month-to-month sales funnel status as your leading indicator. This includes close rate, deal size, length of sales cycle, average discount rate, # products per deal and the # of leads required to find a winnable opportunity.

If you have channel partners, coach them on the best closing tactics.

Add recurring revenue sources to your product line.

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