I hear this question from non-tech companies more these days. They start by telling me about high turnover in sales and continue on to tell me about how the product is a perfect fit and people love it. The company worked hard to develop the product and it brings value to buyer’s life – So why are sales stalled? So far, this problem is framed as a sales issue and the answer as to why sales are down has yet to emerge. It is time to ask “What changed in the market?”. Consumers faced with huge changes in their income and buying power are rethinking what is important at all levels. This is not the first time we have seen this happen but this time the drop occurred to a crucial group of buyers – People with kids – the engine that drives a large part of the economy (and perhaps your sales). This group has seen their retirement evaporate and have kids to put through college. According to recent study teens pulled back on spending less than a year after there parents did. Coupled with the media pedaling fear, your customers are rethinking everything. Tomorrow is no longer a thing of certainty (in their minds) and a change of this magnitude in world view is something we in sales can’t alter or control.
Throughout history things outside of our control have caused upheaval and change. Today, the consumer is asking “What can I live without”? In other words, Maslow’s Hierarchy of Needs is at play. A force larger than anything they have faced and one that is outside their control has been thrust upon them. Forced to look hard at their way of life and take into consideration the situations of others like themselves, consumers are cutting back on buying, but the subtext is that they are changing the way they live. Top sales performers know something about a person’s mindset that businesses need to hear – You cannot force a person or market to change their/it’s mind. The harder you try, the more their current belief is reinforced. So what is a company to do? The best thing to do is take a good look the Ideal Client Profile and then look at the sales approach. Sales occur when a motivated buyer hears a message that they can act on. That message needs to offer a product or service the buyer values and one they can afford. Your business needs to look at the market and ask, what can we build, supply and deliver that our market can act on? That may seem like a huge task right now, but the market has changed and your business needs to change with it.
It is time to think outside the box – here are just a couple of suggestions…
Create a list of the characteristics that influence your buyer’s decisions both in your market and in adjacent markets where you might launch a product or service. Can you modify your product or service to meet any of the criteria? Can you create a new offering that does?
Contact your most loyal customers who have stopped buying and ask them what you can do for them – really, I have an entire business at your disposal – what can we do to help you? Call this a form of crowd sourcing but on a controlled level. You might just get your next great idea. Make sure you give the person on the other end of the call permission to be honest and tell you anything. Assure them what they say will not change the way you perceive them. Tell them you value their opinion. Most importantly – Ask for their help!
Ask your repeat customers why they are buying. Are their insights here that might be used to modify the current sales message? Open new markets? Ask that powerful question again – I have an entire company at your disposal right now, is there a problem I can help you solve?
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