This Week's Newsletter
4 Ways to Get Out of a Sales Slump
by Mike Brooks
Let's face it – every now and then sales don't seem to be going our way and we can begin to get into fear about making our numbers, making our mortgage, taking that vacation, etc. While we may not be able to control the ebb and flow of sales, what's important is that we keep control of our attitude and expectancy level. In other words, keeping positive, reflecting on wins, and expecting success is what always drives a top producer through the seemingly slow times in sales.
I like to compare keeping my attitude up to how a pilot tries to stay on the radio beam when he's flying. A directional beam is projected to guide the pilot to his destination, and as long as he stays on the beam, he's safe and he'll make it through just fine. It doesn't matter that the weather may be temporarily blinding him or that he may not be able to see where he is or where he's headed, as long as he can locate and stay on that beam, he'll be all right.
It's the same thing in sales. If things are temporarily not going your way, or if you have to start prospecting again, or if that big client or if those deals didn't close, that's OK. All you have to do is...
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"I Hate Firing People..."
If you like happy endings, you'll love this story.
I hate firing people. I especially hate firing a salesperson who is working hard but not closing sales.
A year ago I found myself facing that dreaded situation. We had hired a young woman to sell advertising. She had taken training, understood the product and had a high call volume. She was hardworking and enthusiastic...but she wasn't closing any sales.
Hoping her sales would improve, I put off firing her. However, the fateful day finally came. I had her termination letter in my desk drawer and called her into my office. Continue Reading
When Cold is Hot and Hot is Cold
By Michael Dalton Johnson
Start it cold.
Defy the downturn and start a business during an economic slump? Are you kidding?
It's understandable why many people would prefer to wait out an economic downturn before launching a business.
However, starting a business during tough times may be an excellent idea.
During the recession of the 1990s, I started two companies that flourished. With one, I was lucky enough to catch the very beginning of the computer revolution. We sold informational products that allowed businesses to save time and money. The almost immediate return on their investment drove our sales and profits.
During tough economic times cash-short businesses cut back on purchasing big-ticket items and look for ways to reduce operating expenses. If you are offering a product or service that saves people money, you will get their attention.
Consumers understandably curb spending on big-ticket retail items during a recession. They too are looking for ways to save money, but they still want entertainment and inspiration and are willing to pay for it. During the Depression, movie attendance, which was already high, soared. In Chicago, in the 1930s, theaters had enough seats to accommodate half the city's population.
If you have the right idea, a weak economy may be precisely the right time to launch your business. Confront uncertainty with ingenuity and don't wait for the tide to turn. Be part of the reason why it is turning.
Red hot is risky.
Start-ups are especially risky businesses in red-hot markets. Huh?
Remember when cigars were all the rage? Fashion models puffed stogies on magazine covers, and well-known actors extolled the pleasures of a well-rolled cigar on the inside pages. You couldn't escape the smoke. Soon there was a proliferation of small cigar stores popping up in strip malls across the country. Most of them, which were very expensive to stock with fine cigars and equip with walk-in humidors, are now boarded up. The fad is gone, and so is their money.
Every year or two a similar craze comes on the scene. About the time the wave is cresting people, start jumping in and the ride down is quick and costly.
Excerpted from the best-selling book "Rules of the Hunt". Get your copy at Amazon.
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