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24 PalletCentral • July-August 2020 palletcentral.com Selling value in tough times and commoditized markets is not a new thing, but history frames the right efforts to advance. S ince the Great Depression, we have experienced thirteen domestic recessions and four global recessions. Although tough times are painful, they are only temporary. Each economic downturn is followed by greater economic expansion. Tough times are challenging, but they are also necessary. Tough times will force you to become stronger and leaner. The pain we feel in tough times acts as a catalyst to change. During tough times, buyers hoard resources. As companies tighten their belts, cut costs, and reduce unnecessary spending, buyers become hyper-aware of the dollars they spend. Every purchasing decision is subject to scrutiny. Naturally, this mindset creates a more price-sensitive buyer that will demand cheaper pricing. Salespeople experience this pain with fewer orders and slimmer margins. Since customers buy differently during tough times, salespeople need to sell differently. During tough times, buyers clarify and streamline buying behavior to align with bare essentials. Buyers view your value-added extras as nice-to-haves versus need-to-haves. Buyers convince themselves they don't need all the extras; they just need the bare minimum. Buyers value-strip your solution and focus the conversation on price. Too often, salespeople are ill-equipped to manage price resistance. Their fear of losing the business trumps their logic and reason. The seller succumbs to this pressure and relies on deep discounts to save the order. This establishes a dangerous precedent. Buyers expect deep discounts moving forward, even when the tough times pass. Selling in tough times requires more energy, effort, and mental strength. In tough times, you work harder, face more rejection, and sell less. As one salesperson put it, "I'm working twice as hard to get half as much." Although tough times are frustrating, they are necessary to make us stronger. You can prevail in tough times. And on your toughest days, remember, that this will pass. There is hope. Here are six ideas to help you prevail in tough times. SALES By Paul Reilly History Expands OPPORTUNITY iStockphoto.com/pattier