As uncertainty crawls around the normalcy we had before the pandemic, businesses have been trying to pick their revenue up from a big dip. The diminishing opportunities for sales growth are among the many facets of the Coronavirus pandemic’s impact on the economy.
The urgency to shift from on-site work to a remote setup upended our regular routines. While services such as teleconferencing and virtual private networks (VPN) subscriptions experience a big increase in demand, all other businesses in between are undergoing an existential crisis at this time.
With the economy at a standstill, company sales are going downhill. Organizations are putting the pressure on the sales team for a game-changer to help them recover. The volatility of demand and supply chains directly affects your operations but with a motivated sales team, opportunities to expand your clientele and generate revenue are feasible.
The pandemic has hit most businesses in operation across different industries, which means that there will be a massive freeze across companies.
That’s why the first thing to understand is bombarding prospects and clients with calls and emails isn’t an effective strategy as of the moment. Most CEOs and CFOs confuse more calls equate to an increase in sales activity, which often backfires. While your sales team is putting in the necessary efforts to soften the blow of the crisis, managing your expectations would mean less pressure in replacing lost clients and reduced bottomline.
The COVID-19 challenged companies to revisit their strategies to increase sales revenue. Instead of pushing your solutions to a broad network, it’s best to consider going after your optimal client target to close more deals.
Examine your pipeline and eliminate bad prospects you have under the list. Filter all your target market according to your resources, budget, and services you can offer. Once you’re done identifying the high-potential clients, actively pursue them. Position your brand as a necessity especially during uncertain periods. This way, you are considered an indispensable asset in a business’ continuity.
Leveraging Digital Tools
Even before social distancing guidelines were imposed, technology has proven to be an essential tool in pushing the boundaries of the industry. Now more than ever, utilizing digital platforms can boost your sales team’s performance in generating revenue for the company.
The ubiquity of digital communication combined with tech-savvy business people works well together in creating harmonious networks and well-informed parties. Digitalizing your processes is a vital measure you must take to provide an organized operation and accurate insights for your clients.
Nurturing Early Stages
Focusing on the late stages of the pipeline is the closest you can get to a signed deal. However, while we are still under an economic recession, focusing on the early stages of the pipeline creates more value and revenue for you.
One of the ways to increase sales during the Coronavirus pandemic is by identifying the opportunities to be cultivated in the early phases of the sales process. By doing so, you can get a better understanding of what your client needs, which will help you position your products or services as an effective solution. As you move along the sales funnel, the cycle becomes easier as you guide your prospect towards conversion (that is, closing the sale).
Being concerned about your revenue and sales is a common denominator among CEOs and CFOs alike. Financial setbacks are only part of the adverse economic impact we experience from the coronavirus pandemic. That’s why governments all over the world are extending help to businesses that have been badly hit by the crisis.
Tough times call for better decision making. With D&V Philippines, we can help your CFO drive better results through our premium suite of finance and accounting services. Download our free guide CFO Solutions to know how we can expand your capabilities amid the health pandemic.