The past few months have been challenging and different. Covid-19 pandemic - a giant wave that has washed away domestic as well as the global economy. India has currently experienced a series of lockdowns since March 25, which not only has an adverse effect on this year but also on the financial year of 2021 which began on April 1.
We have been facing a fierce decline in government revenues along with the slowdown in economic growth for at least two to three quarters as the deadly virus has hit the economy real hard resulting in various impacts on government and industries. There is also a radical change in the way we work and live. But, now that we are here dealing with a new norm sliding into a new routine of virtual life, we must face this with a new strategy.
Diving into the topic of sales, irrespective of the well-planned system or the cutting-edge technology your company has been using, you still need a seasoned salesperson to convince your client to buy your product.
In our view, sales is one of the most important aspects of any company. Most of you might have been wondering what could happen to your company? Should you stop manufacturing? Remember this "Nothing happens until someone sells something"- Henry Ford. We all know this pandemic is causing a massive loss to the Indian economy but, instead of panicking, we could look for an alternative.
Let us categorize the impacts on sales during this period of the pandemic.
A. Financial Crisis
In a financial crisis, there is a steep downturn in the businesses, and there is negligible profit seen. There is also a decrease in the count of end-users. Here, the monthly salary and daily wages of the employees also comes into the picture. From where do we get money to pay them enough? Also, the EMI, along with the interests of the bank. The payments of local vendors, overhead costs, fixed costs, etc., also need to be taken care of. The financial crisis has spread throughout a single economy, the economy of a state, or economies worldwide. Everyone is anxious, wondering when will all of this come to an end?
B. Production Crisis
The management of the workforce, dealing back with the existing orders from the customers, running the factory or organization with limited resources. Also, the focus must be on health and hygiene products, healthy organic food, medical needs, fitness, medicine, education and financial investments.
Let us explore how could you sell your product during the time of emergency.
1. Fetch, fetch and fetch!
You have got to hit the bull's eye and search for the potential customers and make sure you act upon their requirements. Providing a superior service level to the existing customers is the key.
2. The salesforce must be engaged:
Owning a productive team that can work efficiently to increase sales is a cherry on the cake. Identifying and working on the content also the Sales team must take part to improve the economic conditions actively.
3. Plan and Prepare:
Plan A did not work well with you? No worries try making an effective strategy that could solve the problem. Keeping the bigger picture in mind, a sales plan must be a month-to-month forecast of the level of sales you expect to achieve and how you are going to get there. It includes past sales, market concerns, your specific niches, who your customers are, and how you are going to find them, engage with them, and sell to them.
4. The "Solution Selling" always comes to the rescue:
The features tell, but the benefits sell, this is the mantra to meet high sales since ages. Once you know the requirements of the customer, cater to those requirements with your products or services.
5. Do not ignore your assumptions:
Make sure your forecast is based on your assumptions about the market. If you assume the market's going to decline and you are going to lose some market share, it just doesn't make sense to forecast increased sales. Your sales team are in the trough with you and have the best knowledge about your customers. So, why would not you ask their opinions, give them time to talk to their customers, and come to an understanding about the targets that go into your sales plan?
6. Hello, Digital world!