Selling in tougher times: “It’s time to embrace the opportunities”

• UK inflation at 40-year high of 9.4%
• Sales Talent cautions firms to stay positive and not panic
• Leadership Group snapshot finds 83% of firms expect growth in 2022
• A focus on gaining market share during tough economic times can reap big rewards during recovery

The UK’s gross domestic product (GDP) fell by 0.1% in March 2022 and by 0.2% in April, before bouncing back by 0.5% in May, while inflation hit a 40-year high of 9.4% in the 12 months to June. Economists have projected a rough ride ahead, with inflation tipped to soon reach double figures. Meanwhile, the Financial Times’ City Network forum has warned that the outlook is bleak, with Amanda Blanc, chief executive of Aviva, warning that even if we miss a technical recession, the outlook for growth is weak. And the Office for Budget Responsibility has warned that government debt could increase by almost 320% in 50 years’ time if current fiscal policy continues.

Despite this rather grim picture, UK sales transformation specialist Sales Talent is counselling businesses to stay positive and not panic.

“Selling in tougher times doesn’t mean panicking and doing something radical. This isn’t the time to recruit in haste, without a long-term plan, or to go the other way and sack your entire sales team! Rushed actions like these can quickly lead to a negative spiral. Instead, it’s time to remember that the fundamentals of selling remain the same and focus on market share rather than sales figures.”

Paul Owen, MD, Sales Talent

A quick snapshot from June 2022 of the Sales Talent Leadership Group backs up the message to stay positive. The informal network of senior leaders reports that the cost-of-living crisis hasn’t yet fed into most companies’ sales figures and 83% of those polled expect their businesses to grow in 2022.

The commercial property sector, in particular, is doing well right now, from those leasing premises to those fitting them out. According to the office move experts at SHB Real Estate, the B2B side of the commercial property industry is still going strong.

“We’re not seeing the impact of the downturn yet. People can feel it coming, certainly. However, from a business perspective, unemployment is at an all-time low and people are continuing to move huge volumes of money around. Many companies have been keeping a much closer eye on their cashflow since the pandemic began anyway, so are better prepared than they might otherwise have been to deal with this next phase of the economic cycle. And it is a cycle – so the economy will go up again after it’s gone down. Now is the time to think strategically and focus on increasing market share and preparing for an even stronger future.”

Simon Blair, Founder and Group CEO, SHB Real Estate

Sales Talent’s Paul Owen confirms that the recruitment industry is also doing well, with companies busy hiring – another indicator that firms are focused on the future and growth, rather than panicking about the economy.

“Firms are still busy getting over the missed opportunities of the pandemic. Many just aren’t prepared to buy into talking up economic misery. There are still plenty of ways to get businesses moving and scaling with the right strategic approach. Companies that focus on ongoing dialogue with their clients are unlikely to find themselves caught out. It’s time to pick up the phone!”

Paul Owen, MD, Sales Talent

One way to avoid feeding into a negative spiral is for businesses to invest in their existing sales teams, rather than trying to make any major changes. Upskilling staff and focusing on capturing market share rather than hitting particular targets can put firms in a strong position to see out the recession and come out the other side.

Certainly, the economic figures in the UK (and elsewhere in the world) are sobering right now. But that doesn’t mean companies have to feed into the negativity, according to the findings of the Sales Talent Leadership Group snapshot. The survey found that 67% of firms are seeing no signs of reduced spending due to the cost-of-living crisis. Not only that, but 50% of sales teams are finding it easier to sell now than at the end of 2021 (compared to 33% who are finding it harder to sell and 17% who report no change).

“The pandemic has instilled a certain resilience in many business leaders. There’s a sense that, having made it through the lockdowns and the uncertainty of the past couple of years, it’s time to move forward in a determined and steady manner. Many companies achieve massive growth coming out of recessions – so if we are going into a recession, let’s focus on preparing to come out the other side even stronger.”

Paul Owen, MD, Sales Talent

For more information, please call Sales Talent on 020 3859 2000, email admin@salestalentuk.com or visit https://salestalentuk.com/