Sales mistakes in a slow economy

When the economy gets tough and sales start to suffer, marketing is often the first casualty. But this time, more than any other, should be all about maximising opportunities.

This is an excerpt from Business Spectator’s new short course on sales strategies. Click here toread the rest of the article, plus the remaining nine articles in the course.

The top 10 most common sales and marketing mistakes in a slow economy

In a slow economy, more than at any other time, business is all about maximising opportunities. But, surprisingly, so many businesses are getting the fundamentals wrong and are suffering as a result.

Below are the 10 most common sales and marketing traps that businesses seem to fall into during a downturn, plus tips on how to avoid them. Make too many of these mistakes and your business will be in danger.

1. Stopping marketing

When the economy gets tougher and sales start to suffer, marketing is often the first casualty. Businesses just go to ground and hope for the best, rather than taking a more active stance to maintain their business profile. It is totally illogical of course. Marketing should be one of the last things to get cut, not the first. If you have scaled back your marketing efforts, it’s time to revive them as soon as possible if you want to capture business.

2. Not knowing your customers

This is another key area where businesses need to work harder. Understanding your customers is critical, especially in an age where the needs of customers are becoming more and more sophisticated. Now would be a good time to survey your customers to find out more about their needs.

Click
here to read the rest of the article, plus the remaining nine articles in the course.

{{content.question}}

Mastercard

{{ twilioFailed ? 'SMS Code Failed to Send…' : 'An SMS verification code has been sent ...' }}

Hi {{ user.FirstName }}

Looks like you have already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to complete your SMS verification

We cannot send you a code via SMS to {{user.DayPhone}}

If you didn't receive SMS code please

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device


Verify your mobile number to proceed...

Please check your mobile number below and press the Send Verification Code button. This will be used to complete your verification in the next step.

Please sign up for full access

Mastercard

Updating information

Please wait ...

Trial

Mastercard
{{ productPrice }} / day
( GST included )
Price $0
GST $0
Discount -{{productDiscount}}
TOTAL {{productPrice}}
  • Mastercard
  • Visa

Please click on the ACTIVATE button to finalise your membership

Mastercard

The email address you entered is registered with InvestSMART.

Please login or select "Don't know password"

Please untick this box when using a public or shared device


Register as a new member

(using a different email)

Related Articles