The New Rules of Sales: How to Win Clients in a Tough Economy

Like it or not, right now, all your client cares about is your price.

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She's wondering, "Is it something I'm willing to pay for or not?"

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Perhaps I'm exaggerating a little bit, but you get the idea.

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Of course, you can choose to ignore this, but do so at your own peril.

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I know! I know!

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I’m guilty of teaching salespeople that the price is usually just a complaint or at best an objection.

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However, we now live in distinct eras.

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We’re in a critical period where inflation has hit all-time highs multiple times since the beginning of COVID-19.

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And not just inflation alone.

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The US Dollar to Ghana Cedi exchange rate has tripled since 2020.

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We now have to pay three times or even four times the price for basic commodities, including food.

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Fuel prices are ridiculously high.

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When I first arrived in Ghana in mid-2019, I purchased a litre of fuel for approximately 4 Ghana Cedis.

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Now the price for regular fuel is hovering around 15 Ghana cedis.

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More than half the country cannot save anything after receiving a paycheck.

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The global economy has completely collapsed.

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And we see the trickle-down effect in our dealings with prospects.

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The game is no longer about who can deliver the most quality value in a timely manner.

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Today, it’s all about the price.

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I never thought I’d be saying this, but hey, that’s where we are.

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Surviving the Economic Downturn

In economic crunches like this, you have to do things differently.

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Not offering competitive pricing will cost you business, even if you have a good reputation.

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I’m actually speaking from experience here.

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Over the past three weeks, we’ve lost a significant number of very promising prospects to other, similar businesses.

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I’m so reluctant to use the word “competitors” because, with all these prospects who went the cheaper route, the businesses they patronized were clearly not in our league when talking about value delivery.

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It’ll be easy to sit and blame customers for not being smart and choosing a lesser option.

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But it will be foolishness on our part if we do that.

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People are experiencing financial hardships, and preserving every Pesewa is of enormous importance to them.

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Who am I to tell someone that their feelings are wrong?

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I wouldn’t even dare.

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We’ve all seen how President-elect Donald Trump swept all swing states in the 2024 US elections.

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Why?

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He continued to discuss the issues that were most important to the people, including:

• Crime.
• The economy.
• Foreign policy.
• Transgenderism.
• Immigration (border crisis).

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Therefore, if we aspire to achieve comparable success in our businesses, we must learn from the Trump campaign.

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Our clients and prospects alike want good value at the most reasonable price, and by reasonable, they mean the least possible price.

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Adapting Your Business Strategy

I entered the business world primarily to solve people's problems and earn handsomely for doing so.

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However, for that model to succeed, they must accept my solution; if they don't, for whatever reason, my hopes of earning handsomely are dashed.

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It’s literally nonexistent.

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So, what does this mean going forward?

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It means lowered prices and lower profits.

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Am I pleased about it?

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Absolutely not!

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But staying in business is more important at this moment, and keeping the market share is invaluable.

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So, if you’re able to keep market share, you have the opportunity to cross-sell and upsell.

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On the other hand, how can you increase profits over time if you lose your clients and prospects to the competition?

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How do you pay your staff and keep the lights on?

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Now, I'm not suggesting that you lower your prices to the point where you lose all revenue.

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But what I’m saying is that sometimes it’s about making the client feel like you’re trying to help them save some money.

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I just closed a deal today by saving the client $10 on a $120 sale.

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Let me ask you: Would your business close down if you shaved off 8.5% per product or service?

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If you answered yes, then maybe it’s time to revisit your business model.

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What this indicates to me is that you weren't initially setting your prices high enough to generate significant profits.

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And if your entire pricing model is completely based off what the competition is doing, then you should give me a call.

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If you've been doing that, it indicates that you don't have a unique selling proposition (USP).

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It also indicates that you are unfamiliar with your Ideal Client Profile (ICP).

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This extends beyond demographics and swiftly delves into the psychographics of your ICP, a topic for a future blog post.

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Conclusion

The point in this blog is simple: really do everything in your power to help your clients save money.

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This is the sole method to remove any resistance to buying.

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And once buying resistance has been eliminated, you have direct access (pun intended) to your clients’ bank accounts.

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You can literally sell ice to an eskimo once you have successfully eliminated buying resistance.

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“But Chris, how exactly do I eliminate buying resistance?”

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Well, I’m glad you asked.

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You can do this in a number of ways, including:

• Frame your pricing as an investment, not just an expense.
• Begin with a slightly higher price to leave room for negotiation.
• Show your clients competitor pricing in comparison to your USP.
• Reduce buyer anxiety by providing assurances of quality and performance.
• Introduce time-sensitive discounts or promotions to encourage immediate action.
• If appropriate, have a colleague play the role of the tough negotiator to make your concessions seem more generous.
• Be genuinely okay if, despite everything you've presented, they still choose to seek other alternatives. Sometimes, you just can't sell to certain people.

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I told my team yesterday, “Do not practice on the clients. It’s too much of a risk. We can’t afford to lose business through trial and error. I need us to role play way more than we’re already doing. We need to role-play every situation nonstop. We should continue until we reach a point where we have no more discoveries to make. I’m in zero mood for curveballs, and I’m tired of losing clients to the competition even if the competition is the client’s mindset.”

You see, we are able to implement these changes because we train daily and actively seek ways to optimize our sales process every single day.

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Success for us is not an option; it’s the only option.

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This is Christopher Njokanma, signing off.

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Every week, I stay committed to providing value for you. Remember, my daring reader, to Like, Comment, and Share this article, for it might be the boost someone needs decrease client buying resistance. Stay tuned for more awe-inspiring insights and discoveries in the captivating world of unconventional success.

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Christopher is the President @ Cloud 98 - We power your brand's growth by harmonizing content and conversion.