SALES FACTS - RECESSION

SALES FACTS FOR THE CURRENT RECESSION

Recession Fact #1
Companies that significantly reduce Sales & Marketing in 2009 will be gone in 2010. This is a strong statement, but justified. I would like to add that Sales will not cure all ills. Cash Management, personnel, and making sure you are touching base with all aspects key to your business is a must. Do not accept mediocrity from yourself or your people.

Recession Fact #2
Sales people need 20% more prospects to stay even. No one can rest on their laurels, or think that a sale is coming in. Do not assume. Get as many prospects in that pipeline as possible.

Recession Fact #3
It takes 20-30% longer to close a sale. People just are afraid to buy. It is actually quite strange, because it is the best time to buy. There is less business so better service, interest rates are low. Why keep your money in a bank?

Recession Fact #4
Lack of insight into sales activity and the target markets loses 10% of all sales. Not having a full understanding of a standard processes, information, and interfaces, forced salespeople to lose sales. The average business loses 10-20% of the business they had the previous year due to financial reasons, poor service, or unforeseen competitive advantages. Do you keep track? What actions do you take to correct this issue?

Recession Fact #5
Why do we lose sales? 22% of deals are lost to “no sale.” Don’t chase garbage, select better targets. Use a score card to identify good customers. This is so true. I do not know how many business owners I asked, who their target customer was, and they had no real idea how to identify. The statement that everybody is my potential customer is just not true. Benchmark which customers generate the most and are easiest to have and target new ones just like them.

Your thoughts? Anything else you would add?