During poor economic cycles many corporations attempt to survive while a small few continue to thrive. This article discusses how to gain market share in difficult times.
In tough economic times, most business organizations labor to retain old customers and struggle to find new ones. What principles can they follow to gain market share in unfavorable conditions? This article discusses four main points regarding sales goals, product quality, and customer relationship management (CRM).
- Make Consistent Sales Calls Every Day
The first tip to grow a client base during a bad economy is to establish a sales plan and work it consistently every day. One sales technique is to make 30 contacts each day (either by telephone or by cold calling at the place of business) with the aim of setting up an initial face-to-face meeting with the decision makers or at least getting a card for a follow up call in the near future.
- Provide a Quality Product for a Fair Price
Larry Burkett, author of Business by the Book, wrote that if a business wants to retain long-term customer relations they must provide a good product at an acceptable price. Felix and his company knew that the best sales pitch in the world would never make up for a bad or over priced product. Brand loyalty results in repeat business and is accomplished through offering quality at a reasonable price.
- Follow Through on Promises
A third tip for gaining clientele in a hard business climate is to make sure the company is in a position to deliver on its promises. When a company consistently delivers on its promises, customer loyalty will increase as will referrals due to the organization's reliability.
- Execute Flawless Customer Service
The fourth tip is to craft a comprehensive customer relationship management (CRM) scheme and execute it to the best of the organization's ability. After a product has been delivered, the salesperson should call the customer to check on their satisfaction with the delivery of the product as well as the performance of the product. If a product malfunctions, communicate promptly with the client and make every effort to fix the problem within a reasonable amount of time.