The market’s shot! Go in for the kill or hover on the sidelines?

Dear Aunty B,

I gave my sales team a big rev up about selling out of panic last week.

We have a number of really big deals in the pipeline that we have been negotiating for six months or more, and this is the worst possible time for everyone to freak out and not sign deals.

I told them to get out there and close deals before people changed their minds and freak out more. My sales manager reckons this is totally the wrong approach and pushing people in this environment will freak them out. Which is weird because usually he is the pushy one and I am more laid back. What do you think Aunty B?

In for the kill or hover on the sidelines and miss the sale?

Worried CEO,
Albury

Dear Worried CEO,

Different selling tactics are needed in good times, in bad times and in desperate times. And we are in desperate times. And if you think we aren’t, then you didn’t live through 13 years of boom times. God it was good. And why didn’t we know it? Why didn’t we get up every morning and yell a huge thank you to the coming day? Why did we think it was going to go on and on forever? But I digress.

Just so you know, we are now in desperate times. Why? Because we can’t see around the corner. And that makes us uneasy, fearful and yes, a little bit desperate. Intuitively you want to be out there desperately closing deals because you are worried about putting food on your plate – and that of your employees. But when times are bad, the market is in freefall and people are uncertain even though Australia’s fundamentals are sound, people do defer sales.

Their instinct is to wait on the sidelines and not commit today. They are looking for reasons to wait, to back off, to do nothing for a bit and just breathe deeply, figuring out what’s next. And along comes you. Pushy, yelling you. Waving your hands in their face telling them to make a decision for the sake of your business. Trying to shove them over the fence. And what do they do? They hold on. They dig in their heels. They thank you for bringing it to their attention and defer the decision. They tune out. They may say no. And you have just given them the perfect reason not to buy from you.

Different selling tactics are needed in a downturn. Understand how your customer’s priorities just changed. Reevaluate whether what you are selling them will help and change your pitch if need be. You are obviously in a business with long lead times. Those relationships must be nurtured.

What you do now is stay in close contact. Send them any news updates. Make sure you are attentive to the people in those businesses. Anyone had a baby? Send flowers. Have they launched any new initiatives? Is there any way you can help spread the word? Unconsciously in times of trouble, people look for loyalty and goodwill as well as any movement on price or the opportunity of a better deal.

Keep talking to them about how you are going to solve their problems and make them look great to their boss and their customers.

Be smart,
Your Aunty B

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