Podcast: How To Drive Sales In A Downward Market
A very relevant question and important to keep our businesses afloat with cash flow.
But I think the question needs to be rephrased slightly in order to take the right approach.
In this short video I give my thoughts or how to best grow your business in a downward market.
So, what I mean by this is that there are always gonna be opportunities in a downward market. You can really change your business model, see where there’s gonna be growth in different areas, but for a lot of people, there really isn’t a lot of things happening at the moment. There isn’t a lot of sales going to happen at the moment, so the real question is not how can you make sales right now, and only be thinking about cash flow for this moment in time, but to be thinking, “How can I improve my cash flow later, “on account of the opportunity that’s arisen?”
So, if you’ve lost a bunch of clients, it now is the perfect time to be focusing on business processes, and things that really optimize your time, and input, to give you a higher rate of earning, so when things come back, and things really start to pick up, you now have the potential to earn more. So, the problem is, when we get stuck in our day-to-day work, we get stuck at this rate of earning where we can’t really push it any higher. So, the typical saying, working in the business, rather than on it, so now is the perfect opportunity to be working on the business, building processes that help you grow, and also leverage your time more effectively, but being a lead gen guy, I think you’re probably more interested in hearing, well, how can you take, how can you make sales, or how can you make sales on account of a downward market, with regard to lead generation?
So, the interesting thing is that whilst there are markets that won’t necessarily be hustling and bustling, and making lots of sales, lead generation is really about building. It’s about networking, it’s about building relationships, and that’s never gonna stop, so, no matter what the market’s like. So, even if people aren’t making sales at the moment, you still need to be filling that top of your funnel with leads.
The only difference in a downward market is that there’s gonna be a delay for when those leads actually take action. So, the moral of the story is to make sales on account of a downward market, is to not stop your lead generation, if anything, to ramp it up more. Build more relationships, see where you can help, and get to know more people. Basically, just talk to more people. If you have the time, reach out.
See who you can start conversations with, ’cause what’ll happen is that as the market pick up, if you haven’t built these relationships during the time when everything was quiet, then you’re gonna have a delayed, you’re gonna have a really bad time. At least when things pick up, you’ve already done the hard yards. You’ve built these relationships, and you’re gonna be the person who’s front of mind when they need you when things are starting to pick up, and go crazy.
So, the moral of the story is how to make sales on account of a downward market, don’t stop your lead generation, keep building relationships, keep networking, get your name out there, so when things pick, you are gonna be front of mind, and of course, keep working on the back-end side of things. That’ll help you increase your rate of earning, so when things pick up, you’re gonna have a more scalable business model.
Hope that all makes sense, and helps you out, and gets you thinking about maybe taking action on getting some more leads, getting some more conversations, and networking for your business.
Cheers, I’ve been Ryan Caswell, from ryancaswell.com.