Situation: A company’s customer base is experiencing market softness and uncertainty. Customers are tightening budgets and delaying purchase decisions. How do you boost sales in an uncertain environment?
Advice from the CEOs:
- Offer incentives to prompt customers to buy now instead of waiting. Two potential options:
- A limited time discount – Sign by <date> and save X%.
- Pre-announce a price increase. Follow this with a promotion – buy now, before the price increase.
- If you are selling a service, package your service options in smaller chunks while pricing them so as not to erode your margins.
- Consider 30 day trials for $X, or discounted pricing for large or committed long term purchase contracts.
- Examine your sales process. Are your sales people speaking to the right people? Try to move the sales process up a level if this gets you to the decision maker.
- If some of your sales people are significantly outperforming others, give them incentives to share their sales techniques with other members of the sales team.
- If the issue is sales productivity, leverage someone else’s sales team through a partnership. The partner incurs the sales cost while you focus on implementation.
- Look for opportunities where a partner can sell your product on top of theirs to boost value of the overall offering and increase their own top line.