Lesson from selling in the 2001 recession; more decisionmakers

A terrific study was released earlier this year from DowJones advising that the key to success in selling in a recession comes not from looking at what is different for salespeople but rather at what is different at the companies they sell to. Researchers Jim Dickie & Barry Trailer studied corporate organization during the 2001 recession and concluded that the biggest change impacting sales was a shift in how client organizations bought things.

"Then the economy tanked, sales started to decrease for these firms,
and the CFOs stepped in. They mandated that since revenues in were
declining, expenses out would be decreasing as well.
Enter the era of Buying by Committee: Decision-making power
was removed from the hands of the individual and relegated instead to
group consensus. A colleague of ours the Senior Vice President of a
Fortune 500 firm saw his personal buying authority reduced from $2
million to $50,000."

When you sell in recessionary times you need to anticipate more decision makers will be involved in decision makers,especially economic decision makers.

On a call

One of the best things you can do on a call is to ask about others who will have to sign of on the buying process. Simply ask, "Who else will be involved in the decision making process?"     

Download "Successful Selling in Turbulent Times -  Dealing with an Economic Slowdown" for free on the SellingPower website

 

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