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7 Steps To Closing Deals During A Recession

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Inthe early 1990s, sales slumped and diamond sellers increasingly facedcompetition from a wide range of alternative luxury products. DeBeers however took a smart approach to boost their diamond sales.They gave diamonds a special significance, as a reflection of love,and translated these consumer emotions into purchasing behavior.Following this campaign De Beers' diamond sales ran ahead of markettrends. This winning campaign demonstrated how companies shouldadjust their selling approach to suit existing economic trends.

Withfragmented markets and economic uncertainty, closing business dealscan be tougher than ever, as customers are increasingly cautious withexpenses. Nevertheless, following the right selling approach can helpclose more deals even during recessions.

1.Qualify the Prospects

Insteadof cutting down the market research budget, try to know more abouthow customers are responding to the recession. Determine their wantsand motives. The financial crisis has rapidly changed the waycustomers react to product needs. They now spend more time searchingfor durable products and negotiate harder at the point of sale.They're more willing to postpone purchases or buy less. For mostcustomers, yesterday's ?must-have-features? have become today's'can-live-without?. Therefore, research your andprioritize them based on their ability and willingness to buy and payquickly.

2.Predict and Prepare

Imaginewhat your prospects may be feeling during this economic downturn.Predict how they will react to your proposal and prepare yourresponses.

3.Become a Solution-Provider

Makeyour product/service indispensable. During recessions, people don?twant to spend on anything they don't perceive as an absolutenecessity. So create the perception of absolute need. Show yourprospects how your product can be helpful for them during the toughtimes.

4.Sell the Benefits, not the Product

Duringrecessions everyone is interested in buying something that can helpthem make more money or save money. So, it?scrucial to focus on the benefits that your product/service can give.If your product/service can help companies save money; market thesavings. If it can help achieve better productivity; sell the addedproductivity.

5.Cost-Justify your Proposal

At atime like this, budgets are tight, so you must be able to justifyyour cost. Connect the dots for your prospects. If you can save themmoney, show them exactly how much money you can save. If you can helpincrease productivity, translate the productivity into dollars andcents.

6.Offer your prospects something more

Researchyour pricing options. Work with your CFO or other decision-makers andcreate alternate financing plans. Since your prospects may beexperiencing cash-flow problems, giving them delayed payment optionsmay be a good idea to close a deal. You can even offer specialdiscounts or provide extra services for the same cost. Providingadditional warranty on your products/services can also help. Whilethese may not affect your budget much, they will go a long way inpleasing your prospects.

7.Stay Optimistic

Beconfident when selling in a recession. Believe that you can close thedeal. Nothing makes selling more difficult than the gloom-and-doomattitude. Hence keep your negative emotions in check. While it?simportant to know what's going on, don't waste your preciousenthusiasm dwelling on bad news. Rather than thinking about thecollapsing economy, focus on how the situation presents interestingchallenges for you to overcome.

?Theonly thing we have to fear is fear itself?, said Franklin Rooseveltduring the Great Depression. The truth is that recessions areunavoidable. They happen as a normal part of the business cycle. Butit's important for every business to look past the recession andcontinue to set big goals. After all, every recession is followed byrecovery and prosperity.

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