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How to sell in a market that doesn't want to buy....
Watch the news, listen to radio or TV commentary or speak to most business owners and it's fair to say that things are probably not quite as buoyant as they were a year or so ago. People just don't seem to be as free and easy with their cash. And yet that doesn't mean people have stopped spending altogether, but getting a share of that harder to win pound is going to take a lot more work than it used to.
So how do you sell in a market that doesn't really want to buy? People are nervous, they're cautious about what to do with their money - how do you make sure that they spend it with you?
I think the first thing that you have to do is to be clear about how your product or service will help your customer. If you're selling business to business then what will happen if they don't buy from you? How will what you do help your clients keep their businesses afloat?
Secondly, avoid seeming desperate. Customers don't like to smell desperation - it makes them uneasy - they start to wonder what's wrong with what you're doing. That said, nor should you lie "our best sales period ever" might have a slightly hollow ring to it if it isn't true - and often that sounds even worse!
Try to have an 'economy' option or find cheaper ways of producing your products. This is something that savvy restaurants do really well - in this type of market rather than reducing their profit margins, restaurants will try to create dishes using cheaper cuts of meat that are more in line with what customers are prepared to pay. This doesn't mean that they've undersold themselves. Far from it, it means the restaurant can retain the integrity of it's food and service (and profitability) whilst still retaining customers. If you're selling a service can you offer a 45 minute rather than one hour consultation? If you're selling a product can you find a cheaper way of producing something (for example, we have over five different paper stocks that we can produce leaflets on, all at differing price points)?
Empathise with your clients. On a recent visit to online gift retailer Cox and Cox I was greeted with the words
"This year we’ve taken your pockets into consideration! We have sourced well priced items that still have the beautiful, unusual and quirky Cox & Cox feel about them, but with some real luxuries scattered throughout."
. And this from quite an upmarket gift catalogue - but it somehow reassured me that they were doing their best to help me.
Offer something compelling. I recently placed quite a large order of Christmas presents with The Book People because the whole experience was compelling - great prices, great copy and also a gift with purchase which I can actually use. The more compelling you make your buying experience, the more you will sell. And I do think we all have to work that little bit harder this year to sell.
Don't underestimate the power of great design - it really will make you stand out from your competitors. Great design and great branding will make you look professional and instil confidence in your clients - this is an area you really shouldn't scrimp on.
Finally don't forget to tap into all your resources. Make regular contact with your existing customers, ask for recommendations and market to new prospects as well. It's oh so tempting to cut back on your marketing spend and just send out the odd email, but it's the businesses who invest in marketing through a recession that will survive. What other tips do you have for selling in a slumping market? I'd love to hear from you...
Share your thoughts and comments on this article on our blog.
Other articles you might find useful:
Americanised shouty copy - is there a place for it in British marketing?
How meaningful are your links?
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