The world’s top economists foresee doom and gloom in 2023. For instance, the International Monetary Fund says growth will drop to 2.7%. World Trade Organization analysts predict a rapid decline in growth to 1%. However, the bleak outlook shouldn’t necessarily spell disaster for your business.
In a depressed economy, customers pinch their pennies and keep their budgets tight. As disposable income falls and the cost of goods spirals upwards, customers are typically looking for the best value for money.
So, consider focusing on elaborating on the value and outcomes that your offers create for the buyer. Take the time to dig into your customer base to find out their exact pain points.
Echoing what the best sales training programs say, once you know what your buyers need, you can tailor your offer and present it as the best solution for your customers’ needs.
Resorting to discounts to lure buyers might lead you into a hole that’s difficult to come out of especially considering the anticipated state of the economy.
Creating coordinated teams
Even the best sales team may find unfamiliar terrain difficult to navigate alone. With the customer journey increasingly now in the digital sphere, training your entire organization to work together will likely bring better results.
Your marketing team can keep their finger on the customer’s pulse. Their tasks can include:
The customer support and tech departments can focus on keeping an eye on the website and ensuring the channels of communication are running smoothly. The sales team can take on the pipeline and drive the deal home.
With each limb of your organization chipping in, you can create a more robust formation that can score more sales.
Video clips are often worth a thousand words because they are choke-full of easy-to-digest information. In the past couple of years, global lockdowns have whetted the population’s appetite for videos and so, have seen an increase in the consumption of video-based content. To keep up with the fashion, in 2023, consider upping your video game.
Studies by Ligs University found that videos have an 82% chance of firing up customer purchase intent. Also, revive highlights that videos attract more views and are shared by more people on social media.
You can use video tracking to give you insight into which videos viewers actually watch and which ones they skip over. Once you figure out your target market’s tastes, you can churn out the right kind of videos that can draw more buyers.
Forecasting and data analytics
Going into 2023 with well-informed and clearly laid out plans can give your business an edge over competitors. So, consider using data analytics to determine your strategies. AI-powered tools can help you create sales forecasts on buying trends and purchases with enhanced precision.
With data analytics, you can get a more detailed picture of the sales activities that have higher potential and lower risks. You can also keep an eye out for risk factors and parts of your sales process which need tuning up. Consider getting training on how to use information from data analytics to make the best decisions that can increase sales.
Nurturing existing customers
According to Outbound Engine, it costs an average of fivetimes more to get a new customer than to keep the ones you already have. So, with the tight economic conditions expected in 2023, growing your accounts may pay off more than pouring more resources into looking for new customers.
Trained reps take every opportunity to upsell and cross-sell to existing customers. According to HubSpot, about 42% of companies report that between 11% to 30% of their income comes from cross-selling opportunities.
It helps to nurture and grow solid relationships with your customers to set the stage for growing your business.
According to Mailsoftly, close to 359 billion emails are expected to be sent every day in 2023. At a rate of about 4.5billion users, that’s on average roughly over 80 emails hitting a person’s inbox every day.
It’s clear to see that the odds are stacked heavily against your emails. Only the best will stand out, while most others will be ignored. To stand a chance, a one-size-fits-all approach just won’t cut it. Instead, personalization can be your best opportunity to defy the odds.
So, how can you personalize your emails? Consider targeting the right audiences and delivering solutions that solve their pain points. Also, use subject lines that go straight to the point and keep your content, short, sweet, and valuable. You can also train your reps to use CRM systems to help you track your customers’ needs and help you deliver pure gold.
Overall, consider latching on to the prominent trends to give your business brighter prospects, despite the gloomy outlook in 2023.