Span the Chasm – Sales Team Training – Driving Sustainable Sales and Growth through Development and Consulting

Tag: recession-proofing

  • A Great Renewal Strategy Can Be the Key to New Sales

    A Great Renewal Strategy Can Be the Key to New Sales

    Renewals are getting tougher these days.  Everything is suspect when businesses cut costs to survive a recession.  Sales managers I talk to bemoan the changes to the renewal process this recession has caused: longer negotiations, shorter renewal agreements, reduced ancillary products. 

    Your current business is at greater risk every day. 

    Imagine if you could adopt a renewal strategy that can lay the groundwork for explosive growth down the road.  Focusing today on a great renewal strategy can have unexpected benefits in creating more future business.  

    How so? Well, let’s walk through it.  

    A Great Renewal Strategy Factors These In…

    First of all, a solid trust bank will be expended when a renewal negotiation begins.  The larger the balance going in, the more likely you will get through a renewal discussion on the positive side.  That’s accomplished with a solid cadence of connection to your client. There’s a real need to be focused on the champion and economic buyer within this cadence to build trust with those that are most likely to help you get a strong renewal. And focus on multiple ways of connecting; email ONLY is insufficient.  

    As sales leaders, establishing a multi-pronged client cadence is immediately transferable to your prospecting. This teaches your team to both hunt and gather creatively. 

    Secondly, do the math on your ROI for each client.  How much are you saving your clients in time, money, and headaches?  How much revenue are you assisting them in generating?  What other sources of value are you creating?  One example would be to connect two clients to work on a joint venture to solve a problem together.  If you’re the source, you’re the reason for the increase in value you bring.  Solve client problems with other clients.  

    Both of these behaviors, a trust-building cadence and ROI calculation, create an environment for consistent and fruitful renewals.  The real genius of making this part of your sales model is this:  Referrals.  

    80% of people will refer you if you ask them.  Having a strong trust bank and clear message of value creation; gives those you ask all the ammunition you need to have a remarkable closing rate on your referrals.   

    As always, we at Span the Chasm can help you develop a program for this from your current sales process.  Reach out to us and preserve your current revenue while laying the groundwork for your future business.  

  • Recession-Proof Your Sales Team NOW!

    Recession-Proof Your Sales Team NOW!

    Imagine how it will feel when your sales team is left behind by the market because you didn’t make the necessary adjustments to not just SURVIVE but THRIVE in and thru the recession.  It is not gonna feel good, my friend!

    The question isn’t ‘if’ but ‘when’ a recession is going to hit.  Some argue it is already happening. Others claim the economic macros are strong and we are years away. 

    What can you do to prepare for it?

    Having lived and sold through many recessions, I know there are specific activities that separate the ELITE from the rest.

    Three things you can do now to begin the process:

    Back to the basics:  Now is the time to make sure you and your team are excelling at the fundamentals.  Running your sales process with precision and not taking shortcuts. Setting aside time for pipeline building activities.  However your sales process was designed to run, run it. With precision, confidence and velocity. Now is the best time to focus on pipeline, both qualitatively and quantitatively.

    Get to the Economic Buyer:  I have always been a big fan of getting to the EB.  Now, with everything being more tightly scrutinized and signature levels changing, you MUST meet with your EB, or the NEW EB.  If you have been lazy with your EB language in the past, now is the time to make sure your language aligns with their goals. 

    Tighten up value alignment:  When selling is easy, our value alignment often gets a bit lax.  Our value alignment must be in lock-step with our prospect’s goals and vision.  We must be very clear on how we are going to take them from their Current State to the glorious Future State they seek.  It is CRITICAL that you re-make the Current State unacceptable as your prospect is going to be looking for reasons not to act.

    These are just a few of the many things you can do in preparation of the economy changing.  To get them – and more!, do not miss our Monday Morning Pearl series (https://spanthechasm.com/monday-morning-pearls/) on this topic that Ken and I are leading.

    Also, our podcast, Uncommon Sales Success (https://spanthechasm.com/podcast/), is hosting an expert-voice series on Recession Proofing where we are pulling some of the best from several areas like investment banking, HR, executive advisors, and professional trainers.  We are pulling their expertise together for your benefit.

    Don’t miss either of these.  They are rich with actionable content for you to not just survive but to thrive during an economic downturn. 

    Remember: Market share that is captured during an economic downturn stays with you and has a massive impact on profitability up to a decade later. 

    Simple question that you need to answer: Are you and your team going to be in a position to ride the tide of change or be left behind by it?

    Remember, the best time to buy hurricane insurance is before the storm is buffeting the shores!  I doubt you want to pay those premiums!

    #BeBrave