How should salespeople react when there is a dip in the market? If you’re willing to adapt, these downturns can offer great opportunities to grow both revenues and market shares.
If you can grow your market share without discounting during a market downturn, you should be able to convert your increased market share into even more lucrative profits when the market recovers.
Why are market downturns good opportunities? Purchasers are more selective and take longer to make decisions. They are more likely to break purchasing habits as they are under more pressure to cut costs, increase profits and find smarter ways of operating.
When customers are more selective, take longer to make decisions and are looking for smarter options, this suits salespeople who have a consultative approach to selling. A consultative sales methodology enables you to better engage with the customer over a longer period of time and it helps you work with clients to provide smarter solutions.
Relationships are still important of course, but this becomes comparatively less important than being valuable to your client. Consultative salespeople understand their client’s business, their operating environment and the issues that affect them. They understand their client’s requirements and the specific results they need from a solution. This allows them to better structure, and deliver, deals that will be compelling.