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Businesses across the world are going through a downturn. Though this is not the first pandemic that the world is going through, this is certainly the first of its kind. An interesting fact to know is that millennials and Gen Zers who constitute the major part of today’s workforce haven’t worked in an economic downturn situation. Thus, companies cannot depend upon their sales team’s experience for effectively countering the global pandemic. This article discusses 3 learning sales teams can learn from past economic downturns and how they can drive business growth during the crisis.
1. Don’t be overly dependent on sales reports
Sales take a massive toll during times of crisis. This is because employees aren’t able to have a face-to-face discussion with their clients and have to depend solely on virtual communication. Managers are often confused about how to determine the productivity of the sales team. This is why they start over focusing on sales reports. According to experience gathered from previous crises, overindulgence in sales reports snatches away essential time from the hands of the sales team that could have rather been used for reaching more customers. This is where sales CRM can help you. It provides a ready-made dashboard that notes the performance of individual sales officers, suggests new leads, and handles the pipeline effectively.
2. Don’t chase every client that comes your way
One thing that is common in sales teams across industries is to increase sales activity during crises. The commonly accepted notion is that more calls will result in more deals. That can be the case if you sell low-priced products but not if your average ticket size is far above the average. The correct thing to do would be to rework your sales strategy. Sales CRM software will help you do that. It will predict optimum clients according to your budget and scope so that you pursue only qualified opportunities instead of running behind low hanging fruits.
3. Early stages in the pipeline are more important than the later stages
During times of crisis, managers face challenges in bringing business. Their anxiety leads them to focus on the late stages of the pipeline where transactions occur. But, they fail to understand that it does not benefit them in any way. This is because the terms and conditions, pricing, and deliverable are already set and can only be minutely changed. The sales teams need to realize that it’s the early stages in the pipeline that can make a real impact. This is the stage where you can form a conceptual understanding of your solutions, create value, and differentiate yourself from your competitors. A Sales CRM can help you in the early stages in the pipeline by creating a unique account strategy, cementing client relationships, and allocating resources judiciously.
Managers often focus on short term benefits during times of crisis. This mostly happens because they fret over maintaining a healthy balance sheet. But, to effectively lead your sales team, it’s important to implement the tactics mentioned in this article instead of following a fear-based approach. This is where we can help. At Sage Software, we are home to world-class CRM software that will help your sales team sail through the turbulent times of crises.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.
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