Francorp Client, Dunn and Bradstreet Article

Dunn and Bradstreet

When economic conditions get tough and revenues start to decline, sales and marketing departments have traditionally battened down the hatches - employment freezes, training is cut back and layoffs often occur.But is this the right approach?The answer is an emphatic no. Cutting back in a challenging economy is the worst thing a business can do. A deteriorating economy should be the trigger for businesses to ensure their marketing and sales focus is unwavering, if not strengthened.But the approach must be focused to ensure maximum results are achieved and meaning you need to reach targets most likely to respond to your offer.There are two key groups - current accounts and the ones that got away! Selling to peoplewho know your business is always easier than forging new relationships. A slow economy provides the perfect opportunity to leverage your customer relationships, remind your clients you were there for them before times got tough, you are there for them now and you'll be there when conditions improve. They'll appreciate the message and the attention, and will likely reward your loyalty with their own.Now for the ones that got away - former customers and previous prospects who may have chosen an opposing product or service are ripe for the taking. If your competitors have battened down the hatches in an attempt to survive the downturn its highly likely they aren't giving their clients the attention they deserve. Take advantage of the situation, make your competitors clients feel loved. Winning them over could be as simple as a face-to-face visit.An economic downturn also presents an opportunity to pump up and prepare your sales force so they are ready to hit the streets when conditions turn the corner. It's likely that many companies will be forced to lay off staff, don't fall into this trap. Hire the talented people that other businesses are letting go and use the time to train them thoroughly on the products and services you offer. Current and new staff should be included in this process. Ensure that everyone understands the business goals, that sales leads are good, that marketing materials are in order and that the ideal customer profile is well and truly understood.When the economy turns the corner, confidence returns and cash begins to flow again, it is important not to let the diligence and discipline slip away.It is easy to throw money around when it's flowing through the door; however industry leaders maintain their focus and use the positive economic conditions as an opportunity to examine every line item in the budget.Value needs to form the central focus of this exercise. Investments that have value to you and your clients should absolutely remain while those that don't need to be let go.Consider the value of your current budgeted activities and determine whether slight tweaks could enhance the impact on your clients and prospects. A slow economy is an excellent opportunity to improve the quality and size of your sales force, double up your efforts to get people on the street and capitalise on the strengths of your executive team. A solid economy on the other hand is the time when businesses can improve their cost base by thinking outside the box and questioning every investment the business makes.Top performers do not allow external factors to control their success, instead they use these factors to their advantage.
Christine Christian is the chief executive officer of Dun & Bradstreet Australia