How to capture market share in a shifting economy
In a world where technological change and economic volatility have become part of our reality, it’s abundantly clear that the next few months (and perhaps even years) are going to be severely difficult for many businesses. And if you’re in the business of selling, it has the potential to be particularly painful.
In the middle of an economic downturn it becomes simultaneously harder to sell, and of vital importance that sales are made. Whether you have a dedicated sales team or are having to make pitches with little experience, it’s important to think about what’s changed and how it might affect your business.
So how do you sell things when times are uncertain? I picked up a lot of the skills required by weathering the storm of the 2008/2009 recession whilst working in media sales, and running a start-up training business during the pandemic. And although the circumstances and repercussions of the current context are wildly different, there are some learnings that still hold weight.
Timing is your friend
For certain things, moments of crisis accelerate trends that were already in flow. In the short term, businesses will be more nimble and reactive, which may mean they need less time to make a decision. If what you’re selling helps clients tackle immediate challenges, now is the time to pounce.
Uncertainty is difficult to forecast
Uncertainty makes it difficult to price investment, making trust even more important than before. Sales people can no longer rely on their relationships.
Instead, concentrate on the things you can control. Do the groundwork as early as possible, do the preparation, do the research. Be clear on the outcomes you want. Understand your clients’ world and how your product can fit in it.
Positioning is everything
It’s self-explanatory that in times of crisis budgets will change — some will shrink and others will disappear altogether. However, some budgets will become even more important and may even increase. Think about what the company you’re pitching to needs and why. Positioning yourself as the answer to that need will be vital to closing the sale.
Get flexible on payment
During the 2008/09 recession, it became commonplace to get creative when it came to payment. If you are cash rich, consider what allowances you can make so that payment terms don’t become a barrier. If cashflow is tight, get creative with how you can incentivise clients to pay you sooner. Don’t forget that cash is not the only currency — especially for smaller businesses! There is no downside in taking payment in services / products your client provides if that’s of value to you. Work it out in the details, and help them find a way to make the sale happen.
Brush up on the basics
In an increasingly volatile landscape, getting the fundamentals of human connection right is more critical than ever.
- Speak to the right people: Visualise who your perfect client is and speak directly to their specific challenges.
- Active Listening: When clients share insights, play them back. This confirms deep understanding of their current situation and their desired destination.
- Be rigorous: High performance requires discipline. Don’t rush the process or skip the vital discovery steps.
- Practice humility: Ensure the client remains the hero of the story and stays in charge of the journey.
- Don’t assume: If you aren’t sure, check. Asking for clarification shows genuine interest and builds a foundation of mutual understanding.
- Help and reassure: Pinpoint doubts and respond with empathy. Turn the client into an ally by addressing their unspoken concerns.
- Engage and support: Stay close as they approach a decision. Emotional awareness is often the deciding factor in complex sales – and one that cannot be automated.
Get truly client focused
At times of struggle it can be easy to focus on how things are affecting you and your business. However, the most effective way to sell through a downturn is to become 100% client focused in everything your company does.
Acknowledge that clients will be experiencing turbulence, and realise that it means you must show up with even more empathy. While your clients are busy navigating that turbulence, you must display even more rigour and insight on how you can help, all while doing it virtually. Make sure that the meetings you have with a client are useful and relevant, regardless of ‘the sale’ — it makes the conversations better for both of you.
Client-centred thinking is the core of what True & North do, and so we developed a three step method to make client centred sales strategies and tactics simple to implement whoever you are: care (showing your client you deeply understand their world), co-creation (exploring and testing solutions with the client), and consensus (reach agreement on solutions by addressing risks and planning the next steps together). If you fulfil these three things, you should be able to continue selling in even the worst of times.
This too shall pass
It might seem hard to fathom right now, but eventually today’s problems will be no more than a lesson learned and an anecdote we share. It’s a useful thing to remember when things seem insurmountable: this too, shall pass.
Is your team equipped to sell through uncertainty?
When the market shifts, the basics become your competitive advantage. We help sales organisations move from reactive panic to strategic rigour, ensuring they stay close to their clients when it matters most.