And they are often not in your control. Like, for example, the Covid-19 pandemic, which changed the world economic scenario a lot.
But sales crises can often be viewed as opportunities. As long as you, of course, pay attention to them and manage to explore new markets.
Within this mission, there is a strategic ally. You necessarily need to be at your side right now so that you can not only get around the sales crisis, but even grow.
This is the technology that, when within the companies’ commercial process, shows the safe path to be taken in times of uncertainty.
Stay with us and learn how it helps you at that time.
Sales crisis: the reasons and consequences
There are many reasons for a sales crisis to arise. Whether in a specific sector (yours), or in the country in general.
Moments of economic instability are like that. Because we do not know what tomorrow will be like, many hold resources, avoid spending and, in short, stop buying from you.
A virus pandemic such as Covid-19, which forces people to stay at home, also slows down the economy and, therefore, you are unable to 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 are, right?
And, well, if there is any indication that this is about to happen (or is already underway) you will be able to act with some anticipation.
Therefore, a sales crisis can occur in situations such as:
A big customer who leaves
Losing a large account, responsible for much 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: there is a great pressure on the entire sales force of the company, especially on the sales team, to chase the loss and replace the lost values.
So, in fact, it is not enough to simply replace one customer with another. When a customer churns, it is necessary to replace what they lost and add a new one.
That’s because the cost of losing a customer is much higher than the value that a new one will cover. Your company’s CAC cannot be ignored.
And, at the same time, you can’t afford to wait for the customer to stay with you until he pays the bill left by another’s withdrawal.
After all, if the client wanted to leave, he had reasons.
If you don’t correct your sales process, if you don’t focus on customer success and enchantment and retention strategies, you’ll always be on the run.
A business that failed: focus error?
Opportunities will be lost. 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 businesses, however promising and within the segment that you sell the most, will be successfully sealed.
Here we can mention 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 may be happening here, too, may be an error of focus. You may not be focusing your speech on what really matters so that the prospect sees the value in what you sell.
At times like these, it is necessary to make the importance of your solution even clearer. Otherwise, the sales crisis will only increase.
The reduction in the budget can be caused by the sales crisis, yes – this is often the case.
But it can also happen 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 that you can imagine, right? Less money to set up sales training, hire professionals, tools, among others.
It is also time to review your goals and objectives so as not to further increase the frustration of your team that is already, to some extent, unmotivated by the cuts made.
At that time, you have to be smart. So, if you use many tools in your business process, is there not one that encompasses several of them?
Or, if you pay a sales system in dollars, isn’t there an equal (or even better) system in reais?
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;
- salespeople who try to “steal” another’s sale;
- insubordination and non-compliance with the activities required in the stages of the funnel;
- difficulty managing the sales pipeline and opportunities;
- problems people of their salespeople, etc.
How does a CRM help to overcome 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, extremely important and urgent.
Is it through 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: reduced costs with commercial operations.
So, why use several tools, with high costs, many in dollars, when you can unify many of them in a single system?
Reducing expenses, without losing performance, while maintaining high productivity, 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 source of each lead generated through your marketing strategies.
In times of sales crisis, it is essential for you to know where the people who 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 at 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, you have a business opportunity there.
This way, you act intelligently, quickly and focus on best practices on how to sell more in times of crisis.
Predicting revenue at each stage
A good CRM gives companies predictability of revenue based on how much you have, step by step, of conversion rate.
So, if you can always move X opportunities to the next step in the sales funnel, you’ll know how much you’ll be able to 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 and a lot in your strategic planning.
It is possible to have a clearer view of what can be prioritized – and at what time. And take immediate action to apply 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 by simply forgetting to do an activity?
Your CRM sends you reminders of what needs to be done – and you act on the spot.
So, for example: let’s say you need to follow up to get the answer to your business proposal.
If you leave the customer thinking for a long time, you may well forget and give up, or even accept what the competition has proposed.
After all, she was there all the time, present, reinforcing the importance of what she was offering.
Therefore, act assertively, at the right time, and do not miss any sale for simple lack of action.
Having features that streamline the process
Activities such as follow up, as mentioned above, are done in a much more agile way when your CRM offers features that speed up your process.
So, if you need to send an email asking for a reply, use the email template and the automatic actions of your system.
Move to the specific step and, when you release the card with the opportunity, the automatic action configured for sending email will act.
The same goes for sending a proposal or contract: templates + automatic actions.
Also take advantage of the 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-sale stage) and direct the pitch towards them.
Also take advantage of integrations with ERP, marketing automation tools (to relate to your leads in an assertive manner), 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 it lacks.
See the report by team, people, funnel, funnel stages, and more.
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, lots of opportunities and money can be lost by then.
Set up a sales dashboard and see how your opportunities are working in real time.
See also, in your pipeline in the kanban model, if there is an overloaded or idle salesperson, and make this balance to keep productivity high in the sector.
Overcoming the sales crisis: 7 practical tips to sell more in times of crisis
We have separated 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 will be able to show the value of your solution.
That you have enough inputs to get around your potential client’s objections (which will be few).
That is why:
- Listen, more than ever, attentively to the calls of the SDR team to know the pains and objections of customers;
- Follow your normal sales routine: keep sending emails, calling, prospecting and doing follow up;
- Put your cold calling 2.0 and cold mail strategies into practice to prospect new customers;
- Create good materials aimed at the moment of crisis, showing why your solution is still relevant;
- Connect better on LinkedIn with Social Selling strategies and bring new stakeholders;
- Don’t be tempted to offer a discount on the first objection that comes up;
- Use your up sell techniques (it is cheaper to sell to someone who is already a customer than to a new one).
So, how can we help you?
If you were unsure about the article or want to know more about how CRM helps companies in times of sales crisis, talk to a consultant.
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 one talks about the importance and how to make an intelligent and assertive sales planning.
A hug from CWT, your CRM. #RunCWT