As I look into the recent financial situation around the world and in the USA, it is time for some serious contingency planning – regarding your 2011 Sales Plan.
Look – like it or not – we are going to have another round of budget tightening, price cutting requests, and other types of fear based actions and activities.
The Professional B2B Sales Person will recognize what is happening and will take some time to develop a contingency plan of action. Yes, they will be prepared for what both their company does as possible counter measures to another recession as well as what their customers or targeted accounts will be doing in the coming months.
While at the time of this writing the markets have not opened, it is speculated the financial markets are going down on Monday in a big way. This will cause a temporary panic among your customers and targeted accounts. Thus, budgets may get cut and projects delayed.
It is time for you to take a close look at your customer base. Which ones are more commodity based in their thinking and actions? These will be the first to cut and restrict. Who on your list are more progressive and remained aggressive during the first recession? Maybe these are the accounts you focus more time and energy on during the next few months.
In any event, you need to think about your customers and targeted accounts. Rank them relative to their psychographics – which is the cumulative beliefs of an organization. The demographics will not provide any real answers as to how a particular group will respond to another potential recessionary move.
Let’s hope our Leaders can get their acts together and think about the good of everyone. The economy is taking a major hit due to politicians with personal agendas rather than a do what is right for their country.
It will get better, yet, it is better to be prepared in the short run. Remember the old saying, “When Preparation meets Opportunity you will have success.” Get ready for a bumpy ride, yet, things will get better.