Ok, we are in a downturn.

I had an interesting conversation with a friend and friendly competitor yesterday discussing the downturns in our business since COVID19 restrictions.  Many are facing those same challenges.  Our challenges are different than many as we can continue to work, but, it has become a challenge to find clients that are willing to make major investments for our services.  My friend has decided to offer some auxiliary services which at first blush sounds great.  After analysis, I find 2 problems with that.  The distraction from the core business and the low margins in his new offerings.  His time away from the core business will be costly and replaced by trivial work that won't  fulfill his financial needs or contribute to long term success.

After taking some time to consider what we discussed, I began to focus on what I know to be true.  This exercise was a great reminder and I am sharing it here. 

1.  Don't devalue your professional services.  When prices fall dramatically customers begin to think that any price is too high and they perceive little value in your service. 

2.  Focus on solutions.  It is impossible to do that when speaking to a gatekeeper, procurement specialist or other individual not being directly affected by the existing problem that you may provide a solution for.  Ask questions.  Understand who the user of your service really is and determine if they are a decision maker.  Understand the pain that is being created by not solving the problem for the user and the decision maker.  (If they are different parties.)  NO PAIN = NO SALE!

3.  It is never over!  I have had prospects tell me no for years only later to become profitable clients.  Have  plan for regular follow up which will help to build familiarity, create a relationship, demonstrate persistence and strengthen your reputation with the prospect.  No is only for today.

4.  Increase activities in  areas that will help facilitate sales.  Email messages, low margin services, and unproductive activities like surfing the web aren't going to increase sales.  Your most powerful tool is your willingness to pick up the phone and call your prospective clients.