Business development in tough times
When times get tough, the most successful organisations look for new opportunity. While other business owners and sales professionals are busily tightening their belts, cutting costs, increasing discounts and accepting lower sales revenue, opportunity is there for those who take action. It is vital to keep prospecting when others have temporarily stopped.
Most companies (including your competition) will be doing less and doing with less. They will be cutting out marketing, they will stop prospecting, they will discount. Some might be scared to approach current customers for more business for fear of alienating and losing them altogether. In fact, research shows that sales people reduce their calls by 38% in tough times. Because of the way most companies will react to the economic crisis, this is a good time to build your pipeline, win new business and expand your market. The key to flourishing during difficult times is not to simply work harder; it’s to work smarter.