Economic Recession
Economic recession is one of the most important crises that every business is likely to face. For this reason, it is necessary to always consider upcoming possibilities and crises for their correct and timely management. Economic recession is one of the cases that every manager, including business managers and sales managers, must be fully aware of the essence of the issue and its consequences.
It is natural that in a recession, the purchasing power of customers decreases and the number of sales decreases. But a professional seller does not make these conditions a barrier for his business. A professional seller is aware of changing customer behavior, but does not allow the customer’s behavior to have a negative and destructive effect on his behavior; Rather, by changing his/her sales method and strategy, he/she tries to change the situation in his/her favor.
Sales During Recession
During the recession, we are facing a change in customer behavior. Behavioral reactions of customers in this era include things like fear of buying or waiting for conditions to improve and buy. Since during the recession, the purchasing power and budget of the customers decrease and on the other hand, most of their focus is on the price of the products, they will not be able to make a decision. In addition, at this point in time, customers do not want to do trial and error and are more willing to test and evaluate before buying. All of these cases cause customers to lose their trust in the seller and to obtain the necessary information in other ways.
Methods of Increasing Sales During Recession
1. Keeping Existing Customers
During the recession, the probability that our current and former customers will buy again is higher and the probability of attracting new customers is minimal. In a turbulent market, retaining existing customers is more important than attracting new customers. We have to look at our current customers with the eyes of the existing funds under their control.
2. Providing the Right Price
Considering the decrease in the purchasing power of customers, it is better to offer a lower and fairer price for our products. Even if the price of our goods and services is high, we must have a logical and solid reason for this high price; This means that the quality of our products must be high and match the price we declare. In this way, the customer is willing to pay a higher price to meet his/her needs even in recession.
3. Investigating Changes in Customer Needs
Focusing on a specific need of customers does not seem right. Because the needs of people are different and variable during different times. In fact, this method refers to the flexibility of our business. To be able to understand the needs of customers in recession conditions and relying on the new needs, let’s solve them. We must always remember that supply is based on demand; Therefore, by properly examining the potential in the market, we should make the best use of it.
4. Improving Relations with Customers
Establishing effective relationships is very effective in marketing and sales. This issue should not be denied and forgotten during the recession. Improving relations with customers, if it is in line with the principles of sales management, can overshadow the company’s profitability to a great extent, even during a recession. To improve these relationships, knowing customers and their needs is the main condition for effective communication.
5. Providing After-Sales Service
As stated earlier, in recession conditions, customers are more afraid to buy. For this reason, providing after-sales services is very important because it can play an effective role in building trust and increasing sales. In fact, it creates confidence in the customer that if he/she buys the product at any price, if he/she encounters a problem, he/she can use the after-sales service. As a result, his/her desire to buy increases.
6. Providing Free Samples
It is true that during the recession, our focus should be on our current customers, but at the same time, we can attract potential customers by offering free samples. These samples can be individually or as a free package of commonly used products and suitable for the customer’s needs.
Up To Sum
Recession and bad economic conditions provide a good opportunity for businesses to outpace their competitors and grow. Having appropriate measures at this point in time to manage the crisis that has arisen will both fix the current situation and maintain business continuity in the future. Passing this crisis is possible only by having a proper strategy and its correct implementation.
