The economic downturn is truly upon us and we need to prepare for the challenges to come. As we near the end of 2022, sales leaders need to start working on their pipeline now to give their teams the best chance of success in the new year.
Below are six tips to help sales leaders set their pipeline up for success in 2023
1. Be focused on the “right” prospects
Don’t waste your time on people who aren’t interested in buying right now. Instead, focus on high-potential market segments and buyers who are actively searching for your product. However, make sure to stay in touch with other prospects so your product remains top of mind.
2. Turn raw data into actionable insights that pack a punch
The success of your business depends on your ability to generate leads and convert them into customers. By examining your data and understanding how to use it, you can make small changes to your prospecting strategy that will have a big impact on the quality and performance of your pipeline.
3. Anticipate recession specific objections
It is crucial that you take the time to understand your buyer’s persona and what they need, during these challenging times. This includes their mindset and any potential objections they may have. By doing this, you can adjust your communications to include a more personalised approach. Asking the right questions will help you understand your prospects’ current concerns and buying readiness. From there, it will be easier for you to demonstrate how your product can solve their pain points now, rather than at some point in the future.
4. Boost your productivity with a savvy tech stack
According to a recent Forrester Sales Survey, fewer than half (46%) of surveyed sales managers agree that their overall operating model is predictable, scalable, and repeatable. In other words, their sales environment isn’t geared for maximum and consistent productivity. Whether you’re among those 46% or not, optimising your sales operations during is a must. Having the right tech tools will help you work more efficiently and fill your pipeline with qualified leads. This might include software that captures better prospecting leads, assists with real-time conversation guidance, automates repetitive tasks, and provides shared access to customer data between departments.
5. Instead of doing “more with less”, turn “what you have into more”
Customer retention is crucial during tough economic times, as it costs 5 to 25 times more to acquire a new customer than to keep an existing one. Focusing on upselling and cross-selling can be a great way to boost revenue and keep your business afloat.
6. Work side by side with Marketing
It’s important to have consistent messaging across all your marketing channels – inbound and outbound. Make sure your marketing team is aware of your revised goals, so they can create targeted lead-gen campaigns that support them.
Businesses always have winners and losers during global recessions. As a sales leader, you will face many challenges. However, if you stay cool-headed, strategic, and agile, you can empower your team to not only hit their quotas, but exceed them.