From the Field: Selling When Nobody is Spending

The ever-cycling economy has left many with finances that are very tight. We may argue about how we arrived here, but at the end of the day we are here, and now we must deal with the situation.

One comment
Phil Hritzak
The ever-cycling economy has left many with finances that are very tight. We may argue about how we arrived here, but at the end of the day we are here, and now we must deal with the situation.

Of the many issues that our economy faces, perhaps the biggest is the fact that money is not being spent. It is only natural for many of us to tighten our belts when economic uncertainty arises. In this situation, businesses that re-evaluate how they market and sell their goods and services are the ones most likely to weather the storm, and some are even able to thrive during it.

When consumers are downsizing their budgets their expenditures generally fall into two categories. The first would be absolutely necessary spending like food, energy and immediate health care (mandatory spending). The second would be spending on something that they feel improves their quality of life (investment spending).

As a business, you must fit your product into one of these categories. Assuming that your business does not provide a good or service that falls in the mandatory spending category, you must then demonstrate how that good or service improves your customer’s quality of life or how it extends the life of an existing asset.

When selling, it is always important to identify your prospect’s need, to get them excited about your product and to show how it is of value to them. Given current economic conditions, the value aspect becomes even more essential. If you are not selling food or gasoline, then you need to assuredly demonstrate real value with your product or service.

Without demonstrating value it will be difficult, if not impossible, to sell when nobody is spending. Perhaps you have come up with a way to demonstrate value that has increased sales. In the comment section below, feel free to share your secret with others in the industry.

Phil Hritzak, Application Specialist of Controlled Release Technologies, Inc., a research, development and manufacturing firm based in Shelby, North Carolina.  CRT is an IFMA CSP, an EnergyStar Partner and manufacturer of independently-certified Green products for HVAC maintenance. Since 1986, CRT has been creating leading edge HVAC maintenance products that have become industry standards, used in thousands of commercial buildings world-wide. CRT employees are members of BOMA, ASHRAE, ASHE and the American Chemical Society. www.cleanac.com

1 comments on “From the Field: Selling When Nobody is Spending”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s