Recession is inevitable! Now, it is the right time to improvise sales strategies focusing on training and investing in the latest tools that constantly generate revenue. These strategies safeguard against recession risks and prepare your organizations to grab unique opportunities that emerge during the decline in market conditions.
As per a study according to The Financial Times, more than 2/3rds of US-based economists estimate that recession is on the way for sure.
The world may soon be facing a global recession! It is projected that by July 2023, 17.63% of US will fall into an economic recession.
This blog highlights 4 ways to equip your organization for the upcoming recession.
Ways to make your organization recession ready
- Maximize efficiency by automating tasks
Sales leaders prefer automation instead of manual tasks in their organizations to stay more focused on selling activities. Sales leader, Belal Batrawy says, “We’re investing in anything that allows us to automate marketing and sales funnel steps to drive better outcomes”. It assists you in scaling sales team efforts, i.e., workflows, automatically recording the updates of modern CRMs, etc., to maximize efficiency and not hiring more reps.
- Focus on core jobs and eliminate noise
It’s time to focus more on the fundamentals, i.e., defining ideal client profiles, target personas, verticals, new strategies for each of them, etc. The best solution for a new problem is always considering the actions that made your organization stand out and be successful in the first place and making sure to implement those again.
- Cross-train and upskill your teams
An organization can adapt to shifting market dynamics only when you invest in cross-training and upskilling its teams. Also, create training modules with interactive activities, instructions, quizzes, etc., so that the teams are equipped with insights, and are ready to deliver outcomes.
- Rise to meet clear performance expectations
One of the best things to implement in your organizations during recession is to set clear and transparent expectations for your reps by ensuring that core sales responsibilities are well defined. Also, it would help if you continued supporting and coaching your teams on all the organization-based changes happening to maximize their work performance and efficiency.
Recessions are unavoidable! But if planned, your business can stay strong and survive such situations. So, focus & implement all the above in your organizations; you can set up strong foundations even during economic downturns.
It is wise to have the right process, people, and technology to handle all the above activities effortlessly by implementing right CRM software such as Salesforce. Get in touch with Salesforce experts at Dextara at sales@dextara.com for more information.