How to Stimulate Sales in a Slow Economy

Step-by-Step Guide

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   Step 1: Intimately understand your target market.

   Do they believe times are tough? What do they need right now? What do they most want? How are they responding to the news, to current marketing trends, to sales, promotions and other so-called, incentives? What do they fear most right now? You can glean this information in a number of ways:
   - interviews / focus groups- surveys (it’s easy to use an online survey tool or you can always go old-school and mail out paper surveys, but expect a low response rate if you don’t offer an incentive for returning the survey).
   - conversations
   - ask your sales staff what they hear most often from potential buyers
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   Step 2: look at what’s not working.

   What sales strategies are you currently using that are failing miserably? Now that you understand your target’s mindset, you may see reasons why perfectly good ideas are falling flat right now. , This is a basic strategy that works wonders in the realm of online sales(but can be used in any kind of sales situation, from face-to-face to direct mail).
   
   How can you create incentives for your buyers? Here are just a few ideas:- discount for buying now- added bonuses / they get more product/service/etc. when they buy now- they could miss out if they wait- pay over time- get something extra (or free) by referring a friend-etc. , Put simply, winners expect success, and act accordingly.
   
   But if you believe we’re currently in a soft economy, how can you find evidence to the contrary? Here are a few examples:- the next time you venture out driving, notice how many new cars are on the road- notice any time you have to stand in line to buy anything- Google the phrase “record sales this week” or “success stories”- go any place where luxury items are sold and talk to the sales professionals – the fact is, fashion is on the rise, travel industry sales are up, and people are spending money every day on so-called “luxuries”- notice how many cars are on the road, despite the rising cost of gas. , Motivate your sales staff, lay out the ground rules, and offer a major prize to the top winner.
   
   If you can’t afford to offer a trip, electronic items, or other costly incentives, don’t fret; just get creative.
   
   Here are some ideas:- VIP parking
   - First right of refusal for the next three major client leads
   - Extra paid vacation days- Etc. , You can do this by: expanding an offline business to include online sales; expanding an online business into your local physical market; increasing your marketing or advertising; asking for referrals; creating new complementary products or services; selling and reselling to your existing client base.
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   Step 3: Proved incentives for your buyers; give them a reason to buy right now.

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   Step 4: Cultivate a mindset of success.

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   Step 5: Create a sales contest.

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   Step 6: Grow your reach.

Detailed Guide

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