This rings true even in recessions. That’s where the old adage ‘cash is king’ in a recessionary market comes from. Many companies saw the recession coming and moved into cash. They were waiting for deals. They’ve been waiting for the market to turn. They’re also waiting to buy from you. Sell to them. They’ve got money – some of it could be yours.
So, how do you get some of that money? A story first…
Years ago, one of my sales teams was working with a large client called Public Storage. We were doing about $180,000 a year in business with them. When we asked them how much total spending they did with us and competitors of ours, they said they’d have to check. The following week they came back and said overall, company wide, they spent about two million dollars. Wow–and we were only getting nine percent of that! Imagine how the conversation changed at that point to, “How can we get more of your business? What do you need to see from us to spend fifty percent of that figure with us?” We knew they had the money because they told us they were spending it! Now we just needed to work closely with them to have them spend it with us instead of our competitors.
Figure out which of your clients or prospects are doing well. Do your research and really focus on them, and you’ll land them without any problem. Ask your clients how much of their current business you are currently getting. Spending time with your top clients to increase revenues is easier than finding new ones. They’ve got money – some of it could be yours.
Any stories to share ?