Sales executive during recession & Your plan-of-Action
Being a sales executive in the IT industry is challenging enough in normal times, but when the economy is in recession, it can be even more difficult. Sales targets may be harder to achieve, budgets may be tighter, and customers may be more reluctant to invest in new technologies or services. How can a sales executive cope with these challenges and still perform well in their role?
One of the most important things a sales executive can do during a recession is to maintain a positive attitude and a proactive approach. Instead of focusing on the negative aspects of the situation, such as lower sales or reduced commissions, a sales executive should look for opportunities to create value for their customers and their company. For example, they can:
- Identify the most profitable and loyal customers and prioritize them in their sales activities. They can also look for ways to upsell or cross-sell to these customers, or offer them incentives or discounts to retain their business.
- Seek new prospects and leads by expanding their network, attending online events, or using social media platforms. They can also leverage referrals from existing customers or partners to generate more leads.
- Adapt their sales pitch and strategy to the current market conditions and customer needs. They can emphasize the benefits and value proposition of their products or services, such as how they can help customers save money, increase efficiency, or solve problems. They can also use testimonials, case studies, or demos to showcase their success stories and build trust.
- Communicate frequently and effectively with their customers and prospects. They can follow up on inquiries, provide updates, answer questions, and address concerns. They can also use various channels of communication, such as phone calls, emails, video calls, or chatbots, to suit the preferences and availability of their customers.
- Learn new skills and update their knowledge. They can take advantage of online courses, webinars, podcasts, or blogs to improve their sales skills and stay updated on the latest trends and developments in the IT industry. They can also seek feedback from their managers, colleagues, or mentors to identify their strengths and areas for improvement.
By following these tips, a sales executive can not only survive but thrive during a recession in the IT industry. They can also prepare themselves for the post-recession period when the demand for IT products and services may increase again.
good article..But retention is a herculean task in a competative market. As observed and experienced by me, a customer always look for better price, when we handle similer products. Take my business example….I sell DSC in market. All DSC does similer job, but when it comes to technical support, it matters. But now a days, due to technical advancement, no such tech support scene occurs. Most of them ChatGPT it, for Google it to resolve. So selling my product purely lean on pricing!! So, i should get new ways to retain my customer, either by reduce my margins or downsize my team. I chose second one…!!
Thank you Tanoj for your comment!
Retention can be tough, especially in a competitive market. You’re right that pricing plays a large role in customer decisions, but it’s important to also focus on other aspects of your business such as customer service and quality. It’s unfortunate that technical support is becoming less important in today’s society, but perhaps there are other areas where you can differentiate yourself from your competitors. Downsizing your team may not be the best solution, as it can impact the quality of your products and services. Instead, consider exploring new marketing strategies or targeting different audiences to increase customer retention and satisfaction.