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All Sales Articles > Will You Get Caught in an Economic Slowdown?
Will You Get Caught in an Economic Slowdown?
By Todd Cohen
There has been widespread talk about an upcoming economic slowdown. According to informed and knowledgeable people I have been talking with, as well as reading a great deal on this, this is connected to the "credit crunch" and other global economic situations that have been in the news for months. The systemic effect of such a slowdown could cause a negative effect on clients willing to close the deal and spend money and on corporate hiring plans.
So that there is no confusion, I am not an economist! I have been listening closely and am learning about how the global economy affects the sales community-beyond a cyclical slowdown in sales. I have seen a great deal of activity and conversation on the blogs and other venues about what we as sales professionals can do to prepare and keep the deals closing. This critical question should occupy the minds of us all in the sales community as we approach the fourth quarter.
How can we insulate ourselves against economic slowdowns?
Here are a few thoughts:
- We must build our pipelines as aggressively as we can now. Consider stepping up the prospecting and sales activity in general. Make sure your pipeline is robust and ready to burst! Perhaps the simplest way to avoid the effects an economic slowdown is to focus on the numbers and activity. Look for new clients that you may not have considered previously. Companies change and people change. Work your contacts and reach out. Think out of the box.
- Understand what a downturn means to your client and then create value propositions for your clients that are unassailable. Your value to the client should always show that you understand their plight and are willing to work with them to meet their needs during difficult times as well as good ones.
- Use the time to keep your skills sharp! Take advantage of continuing training and educational opportunities if they are available. You need to be ultra-competitive in a slowdown because your competition will be doing the same!
- Work collaboratively with your company to create as many products and services possible that will resonate with clients during a slowdown. Demonstrate your willingness to push your company to make changes that help your clients as you see you clients doing the same. Again, think out of the box.
- Network. Network. Network. Get active in organizations that will connect you with potential clients you have not approached yet and meet people who have great ideas and needs that you can fill.
If we have an economic downturn, we can make the choice to be prepared or not. I have seen many great sales professionals think proactively about what they have to do to stay ahead of the game in times like this. These are the sale pros who figure out innovative and unique way to make the deals happen. Do not let yourself be caught!
As always, let me know what you think!
Good Selling!
-Todd
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Todd Cohen recently presented to a group of Omnicare Clinical Research leaders on the topic of building a sales culture. Todd's thorough preparation for the meeting and his presentation were spot on to what we needed to energize our leaders about 'selling' our services, no matter what their role.
Todd's desire to understand his audience, his knowledge of the subject matter and his enthusiasm really showed. Meeting participants left the meeting referencing many of his points, and we continue to refer back to his advice in subsequent meetings and interactions. He really made an impact. I would highly recommend Todd as a presenter on this topic.
Mary Vila VP-Human Resources, Omnicare CRO -
Todd Cohen's program is WAY more than sales training! Todd instills a mindset and skill set that are far more powerful, meaningful, and lasting. His expertise - building sales culture - is about showing sales leaders at companies of all sizes how to multiply their sales effectiveness by harnessing the power of the entire organization and ALL its stakeholders in the pursuit of closing sales. Bigger sales. Better sales. More sales. THAT is the result of implementing Todd's strategies.
David Newman Marketing Speaker and President, Do It! Marketing -
Todd is the ultimate catalyst to grow a positive, highly-motivated sales culture within any organization. He's the perfect coach to build or strengthen teams. As a marketing professional, working with Todd was insightful!
Sue Watts Product Marketing, Shunra Software LLC -
Outstanding...very powerful! You came across well spoken, experienced, confident and most of all I felt like I wanted to hear more. I had no idea you were such a great inspirational public speaker with such a powerful message to deliver.
Russell Heid Manager, Deloitte and Touche, LLP -
I just read your whitepaper and found it to be the ABC's of successful selling. It applies to any selling and is an excellent paper! I will recommend it to my sales team for reading.
Mike McCann #1 Prudential Realtor in the USA -
Todd is as passionate about helping others as he is about selling. I would certainly recommend him for assistance in motivating others to achieve a sales objective, whether selling the value of a non-profit, any product or a service.
Craig Stabler Soliant Consulting -
Todd...is passionate about helping organizations build a "sales culture" that understands customer needs and develops an out of the box approach to the sales process.
Dr. Jean Wilcox, PhD Professor of Marketing, Temple University -
Todd is the consummate professional - his presentations are effective, to the point and entertaining. His demeanor is one of confidence that reflects years of experience and successful outcomes. He's also a terrific guy to work with.
Jerry Wolfe Partner, Nenko Advisors International -
Todd has an unusual combination of sales talents - he can sell (intangibles to the C-level? no problem here!), build and manage a sales department and train for success. Impeccable execution and classy style!
Dr. Janice Presser CEO, The Gabriel Institute -
I have worked with Todd and SalesLeader in connection with helping me to expand my client base. Todd readily wraps his mind around concepts and then uses that understanding to help you achieve your goals in an ethical manner.
Todd Ewan, Esq. Partner, Fisher and Phillips -
In a relatively short time, Todd has provided substantial value as both a sales leader and a personal coach. As a sales leader, he has proven abilities to bring a sales orientation to a technology startup business. As a personal coach, Todd constantly pushes to ensure that this entrepreneur stays focused on the things that will bring the company growth and results.
Chuck Sacco CEO, PhindMe -
I have known Todd for a long time and witnessed the results of his hard work, knowledge, and enthusiasm as a sales person, sales manager, and entrepreneur. Todd is results driven and is able to leverage his experience, knowledge, and professionalism to create, mentor, and manage winning sales teams. What is impressive about Todd is his ability to communicate to individuals and groups. I highly recommend Todd to anyone interested in improving their sales organization.
Reynold Guida Director of Product Development, Thomson Scientific -
Your seminar was quite an eye opener for me...Speaking for the Finance folk majority, your tips are invaluable.
George Daulerio Senior Finance Professional -
Todd is a sales visionary, a champion with a drive to connect with his customer and drive the performance of his sales team.
Oliver Picher Executive Marketing Consultant -
Just read your paper, it was great! Keep the wonderful info coming....Your work has helped me tremendously already! .... I have you to thank for that...
Chad Holland Independent Insurance Agent, AFLAC -
... your enthusiasm and passion for sales, marketing and networking is contagious!.....
Michael Hughes Executive Level Banking Executive and Adjunct Professor -
Todd, thank you for creating a wonderful resource for information to support professional services sales.
Mary Newman Search Consultant -
Todd succeeded in bridging the gap between a Silicon Valley start-up and an old-line 'white-shoe' firm, having the patience to lead us through a long sales cycle, building first a foundation of trust, before diving into features. He was always a welcome sight in the office. We found him to be consistently creative, personable and with the highest integrity.
Marco Parillo Senior Manager, IBM -
Todd Cohen is an extremely focused, hard working and intelligent sales manager.... He is a tireless sales asset and takes great pride in building successful, revenue producing sales organizations.
Jim Riely Owner, Brownstone Group -
Todd this is a very helpful site that really illustrates your strengths in Solution Sales.... I hope the industry will take advantage of your insight.
Jonathan Grant LexisNexis