Author:  Todd Blaschka

Reading Time:  Less than 2 minutes

Manage inside your box.  Cut marketing spend to offset slow growth projections.  Do more with less.

These statements are just a few that I’ve heard this summer long. From new companies flush with cash to established firms concerned about the short term, the economy is affecting how they look at new customer acquisition and driving new revenue for existing ones.  We’ve been through slow times before and the companies that thrive act differently.  They embrace the slow economy.

One company I worked with recently uses this as the time to “plant the seeds” for new customer acquisition.  Marketing continues, the sales professionals continue to consult (yes, consult, not sell!) with them.  This is often a time when a prospect shares more information about the business plans, the budget, and by serving them as a trusted advisor pays off (TIP 1: get to know your customers!) .  The connection developed between you and your prospect is developed, strengthening the bond to conduct business as soon as budgets open up.

Being their “trusted advisor” is earned.  Customers want sales professionals to understand their business, their challenges, and serve as their advocate. I am currently working with a company that sells its software on-premise (the buyer is responsible for the infrastructure in which the software operates).  They are considering adding Software as a Service (SaaS) as a new delivery model, but need the numbers to work – ROI, sales demand, etc.  They have spoken with many “reps” willing to sell them anything to help them make this transition.  Those reps are not winning.  The firm winning is working with them on the business side; educating them, earning their trust. 

Marketing also plays a key role in building the trust.  Technology has many eco-systems (customer and partner networks) one can leverage them for marketing.  One firm is partnering with its customer for a seminar on best practices for email marketing.  This provides both companies an opportunity to meet new companies they already may not be talking to.  Planting the seeds and developing the relationships is very important in this slowdown.

How do existing customers fit into this?  Their account managers need to use this time as the opportunity to further understand their clients’ business, business projections, and develop a program on how you can help. If that means revising a contract, pricing model or bring executives into the picture, it’s imperative that the customer know you have their interest at heart.  That’s what a business partnership is. By sharing in the pain, you are demonstrating they are an important customer during downturns and good times.   

Now is the time to embrace the slowdown and use it an opportunity to build trust with your customers.  Create an action plan to analyze each part of your business to understand how your teams are support this strategy.  It’s one that has been shown to pay off.