How to Sell in Hard Economic Times

An economic downturn requires new selling strategies.

Selling during an economic downturn is undoubtedly more challenging than in a robust economy. However, with the right strategies, you can maintain or even increase your sales and be well positioned for future growth when the economy eventually takes a turn for the better.

Instructions

1. Promote a product or service that meets the needs of your target market given the hard economic times. If selling to businesses, your customers are most likely looking for products that will decrease their costs or increase revenues, helping them to survive the slow business cycle. If, on the other hand, you are selling directly to consumers, your customers will generally be attracted to two types of products: basic necessities and inexpensive luxuries. The inexpensive luxuries provide stress relief during tough economic times at an affordable price.

2. Pitch your product or service to potential customers. If selling directly to businesses, show how your product can help their businesses survive the tough economic climate. In your marketing pitch, stress the cost savings that are possible through your product. For instance, if you are selling billing software, show how it would cut costs by increasing a business's productivity while also increasing revenue by speeding bill collection. If selling directly to consumers rather than to businesses, highlight how your product provides cheap entertainment and stress relief. For instance, an inexpensive luxury such as a movie rentals could be marketed as a chance to escape daily troubles for a couple of hours, at a fraction of the cost of going to a movie theater. Ice cream sundaes could be promoted as a cost-friendly alternative to taking the family out to a sit-down dinner, while still providing a fun outing.

3. Price your products and services competitively. Businesses and consumers will be incredibly cost-conscious in hard economic times, so pick a competitive price. While you will still want to cover your costs, the pricing should be low enough to be attainable to customers on a tight budget. See this time as a chance to build a loyal customer base for your product that will be valuable when economic conditions improve.

4. Advertise discounts and add-ons. While making your price even more competitive, coupons and discounts are highly visible marketing tools that will catch the attention of your cost-conscious customers. In addition, consider low-cost add-ons to your product to emphasize further the good deal you are offering to your customers.

5. Pick the right venue for selling. If you are selling directly to consumers, think through where your customers are most likely to be searching for goods during an economic downturn. Then, promote your product through these venues. Secondhand goods sites like eBay or Amazon are great choices, as consumers may already be visiting these sites looking for exceptional deals.

References

• David Ednie: Selling in an Economic Downturn
• Robert W. Bly: 14 Winning Methods to Sell Any Product or Service in a Down Economy

Resources

• McKinsey & Company: Selling in a Downturn
• Jeremy Gislason: Maximizing Sales in an Economic Downturn