I’ve noticed a number of articles lately in our various promotional products industry publications and on various industry blogs about how to bounce back from a sales slump. It occurs to me that trying to rebuild AFTER the slump begins sending your sales down a slippery slope is like closing the proverbial barn door AFTER the cows have escaped to wherever it is cows go when they escape. The BEST time to bounce back from a sales slump is BEFORE the slump even begins!
This, of course, is challenging as during the busy, lucrative times we are… busy and making money! But that is EXACTLY when to work on evening out the flow of business and fold in NEW clients with NEW orders and projects. Our sales life is naturally one of ups and downs, of peaks and valleys. Prospecting during the peak times can help to even out this natural flow of the business cycle and minimize those valleys while increasing the peaks!
Indeed, when you are busy and prosperous, you exude confidence and success vibes. Clients and prospects will sense these powerful feelings, which confirms their choice to work with you on their promotional projects. Conversely, when you are in a slump, they easily pick up on feelings of desperation, which helps them to decide NOT to work with you!
Yes, when you are busy, your time is at a premium and the first thing to go is prospecting for new business or asking for referrals. That is just as much a mistake as when during times of a down economy, our clients cut their advertising and promotion budgets. The time to promote is when the economy is down, and the time to build is when you are flying high, busy and prosperous.
Set aside dedicated time each week, even if it is an hour every Friday morning, to ask for referrals, to make up spec samples or virtuals for prospects, to do research on that cool company logo you noticed on a truck on the freeway. If you schedule this New Account Prospecting time each week and stick to it, you will build business and minimize those sales valleys.
Another activity is to craft your own formal referral program and promote it. REWARD your current happy customers for passing along names and contact info for new departments, new buyers and new companies (ask them who their spouse works for or that successful son they brag about, might they connect you with them?) Create an exciting flyer that promotes this program and depicts the prize they can earn for the referral. We’ve used Swiss Army luggage for years, enabling our customers to build entire sets of excellent luggage for multiple referrals. Have parameters in place, such as the referral will have to book a minimum of $1,000 in new business over a period of 90 days to earn the reward, etc. Even loyal clients that have given you a name here and there over the years will be motivated to come up with new contacts when they see they can win an iPad or a Flat Screen or a $100 Visa gift card or ??? Be creative, use industry premiums to save you some dough and have fun with it! Referral programs are incredibly effective in minimizing sales slumps and bouncing back.
Another activity you can engage in – always be talking about what you do with everyone – every single person – you meet socially or in business environments. Have cards handy, have a few catalogs or flyers in your car and in your briefcase, be prepared. I have an AE who, no matter where she flies to, ALWAYS engages the person in the seat next to her in spirited friendly conversation about life, business and what she does. Each year, she gains a couple of solid new accounts just by chatting up the person in the next seat and gifting the air hosts and hostesses with pens and flashlights and such. Even if you are shy and low key, when you are in flight or at an event, you are portraying the role of Jack E. Coyote, Promo Genius or Jill Brightsmart, Brand Ambassador – and for portraying this role, you deserve an Oscar. He or she is outgoing, engaging, funny and successful and an EXPERT at explaining how using promotional products can change people’s behaviors.
Finally, utilize social media to share creative case histories, to announce new solutions or services you offer that make partnering with you an AWESOME decision, to show new products that you saw at a tabletop or regional show, to promote your end-user show… and to announce your referral program. When I have HALO preferred suppliers visit every Tuesday and Thursday for sales meetings, I ALWAYS take one or two photos of the best new ideas they present and I post them on Facebook – every single week in my private business group.
Be a Proactive Pre-emptive Sales Slump Side-Stepper by engaging in these and other beneficial activities when times are good so when (not if) you lose that key account, you’ll be flush with new contacts and new clients to step in and replace that lost sales volume.
Rick Greene, MAS, is the Western Regional Vice President for Halo Branded Solutions, a Past President of SAAC, on the PPB Editorial Advisory Board and the author of two comic fantasy novels entitled “Boofalo!” and “Shroom!” available at www.amazon.com. His third book is a non-fiction biography of movie character actor Henry Brandon called “Henry Brandon King Of The Bogeymen” published by BearManor Media and available everywhere fine books are sold.