The economic downturn is no longer ‘looming’, but well and truly upon us. Try as we may prepare for the inevitable challenges to come, the only thing that’s certain about the future is that nothing is certain. Maybe it will pass quickly, and maybe it won’t. Either way, as we near the end of 2022, sales leaders need to start working on their pipeline now, to give their teams the best chance of success in the new year.
1. Be pickier about outbound prospects.
In a weak economy, there should be no wasting time creating demand among prospects who aren’t in a position to buy right now. Using intent data and high-quality lead capture as a starting point can maximize response rate by focusing their energies on high-potential market segments and buyers who are actively searching for your product.
2. Turn raw data into actionable insights.
During economic downturns, everything your team does is measured with even more scrutiny than usual, and the resulting metrics tell a story about your pipeline. For example, what are your team’s strengths and weaknesses? Which tactics are working better than others? Which client types are most amenable to a sales pitch and at what stage of the sales journey? Are there any tell-tale signs that indicate when and why clients are churning?
3. Pre-empt recession-specific objections with a foolproof script.
However well your current buyer personas have served you in times of plenty, priorities and attitudes change considerably when times are tough. That means that you’re your usual prospecting script won’t cut it during a recession. When they reach out to prospects, their outbound efforts need to be intentional, well-informed, and empathetic. Work with your team to understand your prospects’ needs, their mindset, and potential objections during this challenging time. Then, adjust their communications to include a more personalized approach. By asking the right questions, they’ll be better able to understand your prospects’ current concerns and buying readiness.
4. Boost your team’s productivity
If the overall operating model is predictable, scalable, and repeatable then the sales environment isn’t geared for maximum and consistent productivity. Optimizing your sales operations during an economic downturn is a must and investing in better tech will boost your team’s efficiency in filling their pipeline with qualified leads.
5. Capture better leads with more precision.
This seems like a no-brainer and yet many sales teams are still stifled by lead-capturing processes and software that waste time and make it harder for them to reach their quotas. This may be due to using too many different prospecting sources and tools that are difficult to track and manage. Investing in a platform that can capture more accurate contact data and enrich it for more seamless use with your existing CRM will boost productivity and allow your team to convert more leads and close more deals.
6. Turn to “what you have into more”.
Many businesses initially respond to the onset of a recession with the reflex action of drastically reducing headcount. But instead of expecting a smaller team to achieve even more you could invest in training your team to uplevel their skills and boost their potential. You could also ask your top performers to take your less experienced sales representatives under their wing to help improve their performance. This will lift your team’s win-rate overall, so instead of cutting costs by culling employees, you’ll be generating more revenue with the team you already have.
Incidentally, this strategy also applies to your customers. It costs anywhere from 5 to 25 times more to acquire a new customer than to retain an existing one, so customer retention is especially important during a recession. Focusing on upselling and cross-selling could prove to be one of the most reliable sources of revenue.
7. Get cozy with Marketing.
Make sure you’re messaging to the outside world is consistent and on-point to improve the quality of both your prospects. Just as your usual sales scripts won’t work on more hesitant buyers with much tighter budgets, ‘typical’ marketing initiatives aren’t as likely to convert. Work with your marketing leaders to make sure their efforts are aligned with your revised goals and KPIs, so that they can create lead-gen campaigns that are specifically optimized for buyers with a recession-centric mindset. This will improve lead quality and ensure the messaging remains consistent throughout the buyer journey, and increase the likelihood of closing the deal.
As with past global recessions, there are always winners and losers in business. The challenges you’ll inevitably face as a sales leader are likely to be formidable. But if you stay cool-headed, strategic, and agile, you’ll be better able to empower your team to not only hit but possibly even exceed their quotas.
Join us for a free webinar on November 9th featuring a panel of world-class sales experts who’ll be discussing innovative strategies on how to crush Q4, set up your Q1 pipeline, and optimize your outbound efforts in the current dynamic climate. Register here.
