Sales Crisis: How to Sell in Times of Crisis and the Role of CRM
Sales crisis exists and possibly always will. After all, no matter how much you do your job well, there are macro factors that you are dependent on.
And they are often not in your control. As, for example, the Covid-19 pandemic, which changed the world economic scenario a lot.
But sales crises can often be seen as opportunities. As long as you, of course, are aware of them and be able to explore new markets.
Within that mission, there is a strategic ally. Which necessarily needs to be by your side right now so that you not only get around the sales crisis but even grow.
This is the technology that, when within the commercial process of companies, shows the safe path to be taken in moments of uncertainty.
Stay with us and find out how she helps you at this time.
Sales crisis: the reasons and consequences
There are many reasons for a sales crisis to set in. Whether in a specific sector (yours), or in the country in general.
Moments of economic instability are like that. For not knowing what tomorrow will be like, many hold resources, avoid spending and, finally, stop buying from you.
A pandemic of a virus such as Covid-19, which forces people to stay indoors, also slows down the economy, so you can’t increase sales.
But there are other factors that can trigger a sales crisis – which brings with it other consequences.
The purpose of this article is to open your horizon to several possible scenarios. The more you know, the better prepared you will be, right?
And, well, if there is any indication that this is about to happen (or is even underway) you will be able to act with some anticipation.
Therefore, a sales crisis can occur in situations such as:
A big customer leaving
Losing a large account, responsible for a large part of your company’s revenue: this undoubtedly triggers problems in your business.
Your sales forecast is certainly, from now on, compromised.
And, more than that: great pressure falls on the entire sales force of the company, especially on the sales team, to chase the losses and replace the lost values.
So, in fact, it’s not enough to simply replace one customer with another. When a client churns, it is necessary to replace what was lost and add a new one.
That’s because the cost of losing a customer is far greater than the amount a new one will cover. The CAC your business can not be ignored.
And at the same time, you can’t afford to wait for the customer to stay with you until he or she pays the bill left by someone else’s withdrawal.
After all, if the customer wanted to leave, he had reasons.
If you don’t fix your sales process, if you don’t focus on customer success and on enchantment and retention strategies, you will always be running behind.
A business that didn’t work: focus error?
Opportunities will be missed. This is inevitable. Even if you have a round process with well-defined sales metrics and clear sales revenue, you will fail.
Not all of your deals, no matter how promising they seem and within the segment you sell the most, will be successfully sealed.
Here we can cite macro factors such as the new coronavirus that create a scenario of uncertainty (the so-called VUCA world) where many people are not willing to spend.
And then you see more and more potential customers saying “no” to you right now.
What might be happening here, too, might be a focus error. Maybe you’re not focusing your speech on what really matters so that the prospect sees the value in what you sell.
At times like this, it is necessary to clarify the importance of your solution even more. Otherwise, the sales crisis will only increase.
Budget reduction can originate in the sales crisis, yes – this is often what happens.
But it can also occur due to a simple strategic change in the company, especially if we are talking about branches.
But, one way or another, there is a problem, a challenge to be overcome.
The impact of this you can imagine, right? Less money to set up sales training, hire professionals, tools, among others.
It’s also time to review your goals and objectives so as not to further increase the frustration of your team, which is already, to some extent, unmotivated with the cuts made.
At this time, you have to be smart. So if you use a lot of tools in your business process, isn’t there one that encompasses a lot of them?
Or, if you pay a sales system in dollars, isn’t there an equal (or even better) in reads?
Internal problems also hinder sales management and, consequently, the results after a month.
And there are many internal issues that influence:
- teams with low professional engagement;
- sellers who try to “steal” the sale of another;
- insubordination and non-compliance with the necessary activities in the steps of the funnel ;
- difficulty managing the sales pipeline and opportunities;
- Personal problems of your sellers, etc.
That’s why it’s important to know how to correctly assess the performance of your salespeople. You know how to do? Listen:
How does a CRM help to get around a sales crisis?
A sales crisis is only truly contained and circumvented when the company has the technology within the business process.
The digital transformation of the sales sector is urgent, of paramount importance and unavoidable.
Is it through a sales CRM software that companies have the necessary resources to be able to sell more in times of crisis?
Do you know how?
Reducing operating costs
This is the first and, in times of sales crisis, the most important benefit that CRM brings to companies: reduction of commercial operation costs.
So why use multiple tools, with high costs, many in dollars, if you can unify many of them in a single system?
Reducing expenses without losing performance, keeping productivity high, is what the technology of a complete sales system offers.
Identifying the best customers
Within your system, you can set up automatic tags to identify the origin of each lead generated through your marketing strategies.
In times of sales crisis, it is essential for you to know where the people who have bought the most from you are coming from.
The budget for attracting customers often ends up being reduced in scenarios like this, isn’t it?
Yeah, well. Look where your best customers come from and focus your resources and efforts on that specific acquisition channel.
See also your customers by CNAE. Suddenly, in the midst of the crisis, some customer segment is buying more. So, there you have a business opportunity.
In this way, you act intelligently, agilely and focus on best practices on how to sell more in times of crisis.
Predicting the recipe at each step
A good CRM gives company’s revenue predictability based on how much conversion rate you have step-by-step.
So if you can always move X opportunities to the next step in the sales funnel, you’ll know how much you can sell at the end of a month.
Having this sales forecast is essential. In times of crisis, knowing how much money you can count on, in advance, helps a lot in your strategic planning.
It is possible to have a clearer view of what can be prioritized – and when. And act immediately to implement the necessary improvements.
Leaving no activity behind
In times of sales crisis, more than ever, every opportunity matters and has decisive weight.
So, can you imagine losing a business for simply forgetting to perform an activity?
Your CRM sends you reminders of what needs to be done – and you act on time.
So, for example: let’s say you need to follow up to get a response to your business proposal.
If you leave the customer thinking for a long time, he is likely to forget and give up, or even accept what the competition proposed.
After all, she was there all along, present, reinforcing the importance of what she was offering.
So act assertively, at the right time, and don’t miss any sales for simple lack of action.
Having features that streamline the process
Activities such as follow up, as mentioned above, are made much more agile when your CRM offers features that speed up your process.
So, if you need to send an email charging for a response, use the email template and your system’s automatic actions.
Move to the specific step and, when you drop the card with the opportunity, the automatic action configured for sending email will act.
The same goes for submitting a proposal or contract: templates + automatic actions.
Also take advantage of VoIP telephony integrated with your CRM. Call from within each opportunity and leave the calls recorded.
So you can listen to them and improve your speech with customers.
In a sales crisis, identify what were the main objections (already in the pre-sales stage) and direct the pitch to them.
Also take advantage of ERP integrations, marketing automation tools (to assertively relate to your leads), among others.
Measuring Team Performance
A good sales manager knows the importance of analyzing and evaluating his team’s performance.
So, take advantage of your CRM reports to analyze what the company is doing well and what is lacking.
See the report by team, by people, by funnel, by funnel stages, among others.
It is essential to be aware of the numbers to constantly improve the process.
But don’t just monitor at the end of the month or week – after all, a lot of opportunities and money can be lost by then.
Set up a sales dashboard and see how your opportunities are being worked in real time.
Also check your pipeline in the Kanab model if there is an overloaded or idle salesperson, and balance this to keep productivity up in the industry.
Overcoming the sales crisis: 7 practical tips to sell more in times of crisis
We have set aside some practical tips for you to be able to sell more in times of crisis.
All of this, of course, with technology within its processes. The intention here is that, in your sales presentation, you can show the value of your solution.
That you have enough input to get around the objections (which will not be few) of your potential client.
That is why:
- Listen more closely than ever to the SDR team’s calls to learn about customer pains and objections;
- Follow your normal sales routine : keep sending emails, calling, prospecting and following up;
- Put into practice your cold calling 2.0 and cold mail strategies to prospect new customers;
- Create good materials aimed at the moment of crisis, showing why your solution remains relevant;
- Connect better on LinkedIn with Social Selling strategies and bring in new people;
- Don’t be tempted to discount the first objection that comes up;
- Use your up sell techniques (it’s cheaper to sell to someone who is already a customer than to a new one).
So, how can we help you?
Enjoy and read two articles that will help you balance your finances and keep selling more and better.
The first talks about what is Balanced Scorecard (BSC) and how it helps the management of companies.
The second talks about the importance and how to make an intelligent and assertive sales planning.
Sales crisis exists and possibly always will. After all, no matter how much you do your job well, there are macro factors that you are dependent on. And they are often not in your control. As, for example, the Covid-19 pandemic, which changed the world economic scenario a lot. But sales crises can often be seen as opportunities. As…