Sales Management Strategies to Grow Revenue During a Recession

As stay home orders were instituted across the country businesses were forced to rapidly adapt to changing market conditions. Employees began working remotely and sales functions went virtual to meet business and consumer audiences where they were.

While some industries surged with revenue growth overnight, other industries abruptly saw these business operation changes create barriers to meeting revenue projections. Businesses that previously relied on face-to-face and in-person interactions to sell were left scratching their heads as they tried to figure out how they could leverage their strengths to conduct sales in a new way.

Topics: Sales B2B Sales Strategic Revenue Growth Revenue Generation Management Referrals Revenue Development Action Plan Change Management

Can Revenue Growth Occur Without In-Person Events?

Recent events have significantly affected the economic climate over the past month. That’s undeniable.

Social distancing measures and stay home orders have been implemented for everyone’s wellbeing, which means that in-person functions like tradeshows, conferences, and networking events have been canceled. For B2B companies that rely on these face-to-face events to drive revenue, this creates an indisputable barrier.

So, what does that mean? Has a portion of your future business been permanently lost? Are there still deals out there to be made right now? How do you adopt a revenue growth management mindset during these unpredictable times? Are your organizational objectives for the year still attainable?

The world has changed, but the goal has not.

Topics: Revenue Growth Events Networking Strategic Revenue Growth Revenue Generation Referrals Change Management

How to Get More Referrals

When someone gives a referral, it is an honor and a gift. Every company wants and needs more referrals to grow profitable revenue. Referrals convert better, close faster, and have a higher customer lifetime value than any other type of lead.

Referrals are preferred over salespeople.

More and more buyers are avoiding salespeople during the buying process. Sales reps, according to Forrester, tend to prioritize a sales agenda over solving a customer’s problem.

If organizations don’t change their outdated thinking and create effective sales models for today’s digital era, Forrester warns that 1 million B2B salespeople will lose their jobs to self-service e-commerce by 2020.

Salespeople Must Adapt

Salespeople must adapt to new culture and the new world of media to research, prospect, and network by sharing educational content and answering questions. As a result, they’re able to build relationships until prospects are ready to buy. "Solve the customer's problem" must become a mantra.

Adding a B2B Referral Strategy

A revenue growth plan dependent 100% on referrals will probably remain a dream, but achieving greater referral success doesn’t have to be out of the realm of possibility. If have satisfied customers who find value in your product and services and if you have a high Net Promoter Score – you may be closer to a referral engine than you think.

Topics: B2B Sales Infographic B2B Referrals Statistics