Recession – Sink or Swim

The word recession produces different reactions in different people. There is no doubt that times are hard and they're about to get harder, but is it the end of the World? Is it the end of your business? For some it is. I put it to you that there are four categories business operators fall into at this time.

1) The Over-extended
For these folk their business was already walking the thin line between operation and insolvency and any downturn in income would have tipped them over the edge. A recession is truly insurmountable for them. By now these businesses have probably already failed.

2) The Oblivious
These people have businesses which could, with a little effort, survive or even prosper in a recession. The problem is that the people running these businesses have not planned or prepared for a recession. They think that by not acknowledging the economic downturn it will just go away. These businesses will probably fail in the coming months. If they do manage to survive they will come out the other end much worse off.

3) The Overly Cautious
We've all worked for or dealt with one of these companies. These are the ones who, at the first mention of economic hardship, pucker up so tight that not a single cent gets spent. These are the companies laying off workers, slowing production, stopping advertising, canceling orders and, in all ways possible, feeding the recession.
Sadly they do this because they know it means they will survive the recession. They will worry later about the hits they've taken in the process – lost market share, lost suppliers, lost skilled employees and lost brand confidence.

4) The Opportunistic
These people don't see recession, they see opportunity. These people find a way to not only survive the recession, but to come out on top. They find a way to pick up the business lost by other companies; they take advantage of cheap advertising rates to build their brand; they forge new corporate relationships with like-minded companies and together they move forward. They know that any weakness of others can be a strength of theirs. They know that it is easier to implement a new idea now than ever.

This is a sink or swim moment for businesses. New businesses are at an advantage, not having the investment of established companies.
The Internet holds great potential for new and expanding businesses to cheaply build their brand, their customer and supplier base and to establish themselves as leaders in their fields.

Take advantage of great opportunities.

B2B vs B2C – Selling technique differences

I know my mandate here is to blog about strictly online issues, but this one overlaps into the physical world a little, so forgive me.

There is an aura around business-to-business (B2B) selling that makes people lose their sales minds, much more so than business-to-consumer (B2C) selling. Business owners in the B2B world seek experienced B2B salespeople to stock their workforce, claiming that this experience is essential to performing well in the role. Today I'm going to tell you why that's entirely unnecessary.

B2C sales is involved. Take it from someone who has been put through just about every avenue of sales training that exists, B2C sales is intense. Consumers are demanding. They shop around for the best price, they do their research on their product, they have bad days, each one of them has a different expectation of the product, a different need and a different style of communication.
As a B2C sales person it's your job to go through the steps with the individual: Greeting; assessing need; developing rapport; dispensing information; assisting with research; matching product to consumer; closing the sale; following up...
Each of these steps is essential to a successful transaction. The individual needs to respect you (preferably LIKE you, but not necessarily) enough to take on your opinion of the product and believe the information you give about it. You need to involve yourself in the sale to ensure the individual gets what they WANT and NEED.  
If this is all done well then there will be no miscommunication which will mean less likelihood of refund or negative word-of-mouth publicity. It also means more chance of positive word-of-mouth publicity and repeat business.

B2B is totally different, isn't it?  

No. It's not.  
Whether you're selling a $100 item to a consumer or a $100,000 item to a business, chances are there is still an INDIVIDUAL making the decision.  

So what's the key?

Here are some points to help you in your next sales situation, regardless of who you're selling to and how much the item or service costs:

• Do right by your customer. This is a practice all employers should encourage, because it's good for everybody. I got fired from a job when I was younger because I talked an elderly couple out of taking out a mortgage on their home that they already owned outright. I talked them into the sale, then out of it once I looked further into their financial affairs. The boss was not impressed. At another company I was promoted for the same attitude. Guess which company is still trading...

• Believe in your product or service. You might think that you're the world's best salesperson because you can put on your poker face and sell water to a drowning man, but people don't like to be sold to by a poker face, nor do they appreciate ending up with something they don't need. Believing in what you sell will allow you to get excited about it, and excitement is infectious, and people like that.

• Practice full disclosure. Everything has limits, most things have faults. Be honest about what those faults and limits are. Chances are it won't lose you the sale, in fact it will give more weight to your positive statements and cement trust between your customer and yourself.

• Deliver what you promise. Or more. Definitely not less. From the sales conversation your customer is going to know exactly what to expect and all your good work can be undone very quickly if you have promised something that isn't delivered. Surprises are only pleasant if they're something you want, don't let your customer be unpleasantly surprised.

• Keep your refund and dispute policy flexible. Sometimes a company can gain even more credibility when something goes wrong. If your company is at fault, admit it. Rectify the problem. Worst case scenario you end up doing what the ombudsman would have ordered anyway, and you avoid the wasted time, cost and tension that ensues. That said, if you follow the preceding steps, you probably won't ever get to this stage.

• Communicate. Do it during the sales process. Do it during the transaction. Make sure the customer has your contact details and invite them to contact you if they have any questions. Be happy if they do. Follow up after the sale if it's appropriate, especially after big spends (cars, houses, website builds...) because not only does it make your customer feel important, it also allows you to check on your product and gauge your success in customer satisfaction, which will help with the next sale.

If B2B has ANY difference to B2C sales, it's that when an individual purchases something on behalf of a business they are accountable to the others within that business which exposes them to criticism. If you do a good job and sell them exactly what they need, a business is much more likely to return to you next time because they know you're a safe bet.
So in B2B sales, the above points are even more important for you to follow.

Visit Melbourne Online for more.