Uncertain Times Call for Bold Action: Strategies for Growing Your Sales Team in a Volatile Economy

The current economic climate is uncertain and volatile, with businesses facing unprecedented challenges. However, history has shown that uncertainty is not a new phenomenon in the world of business.

There have been many times where the economy has been volatile, and businesses have had to adapt to survive. By looking at these periods, we can learn valuable lessons about how to grow our sales teams in times like today.

Some examples include:

• The Great Depression in the 1930s
• The oil crisis in the 1970s
• The dot-com bubble burst in the early 2000s
• The 2008 financial crisis

From these examples, we can see that rough economies can take many forms and can affect businesses in different ways. However, there are also common themes that emerge, such as the need for adaptability, innovation, and bold action.

In the face of the current climate, it's important for businesses to take a proactive approach to growing their sales teams. Yes, I said it, but you need to grow them correctly, not just by adding bodies.

By learning from the lessons of the past, we can develop strategies that are effective in today's environment. Some questions to consider when evaluating your sales team's growth strategies in uncertain times include:

• How have businesses in the past successfully navigated economic uncertainty?
• What strategies did they use to grow their sales teams during these times?
• How can we apply these lessons to our own businesses today?

By asking these questions, we can gain a deeper understanding of how to grow our sales teams in uncertain times. The rest of this article will explore specific strategies that businesses can use to achieve this goal.

Audit Your Current Sales Team

In today's economic climate, internal competition for funding is fiercer than ever. To secure the resources you need to grow your sales team, you must prove that you're capable of achieving real, measurable results.

That's why it's essential to conduct a comprehensive audit of your sales team's performance. By understanding where you are today, where you need to be to succeed, and what it will cost to get there, you can make a compelling case for the resources you need to achieve your goals.

But it's not just about getting funding. Conducting an audit of your sales team is critical for identifying areas of weakness and developing a roadmap for improvement. By understanding the specific competencies that are essential for success in your industry, you can develop targeted training programs and support initiatives that will help your team reach their full potential.

( RevHeat does this in our Audit phase of The Sales Alpha Roadmap)

This means looking beyond simple metrics like percentage of quota attainment and instead measuring individual reps on the 21 Core #Selling Competencies. By doing so, you can get a more accurate picture of each rep's strengths and weaknesses as a seller, rather than as an order-taker.

Some questions to consider when evaluating your sales team include:

• What are the 21 core selling competencies, and how do they apply to your team?
• How does each rep measure up against these competencies?
• Which competencies will be most important in 12 months?
• What are the gaps in skills or resources that need to be addressed?
• Are the goals and expectations of the team aligned with the current economic climate?

Auditing your sales team in this way can be a challenging process, as it requires a significant amount of data analysis and objective assessment. However, it's essential for identifying areas where the team can improve and developing strategies to address these gaps.

Some lessons from history on auditing sales teams in uncertain times include:

• During the dot-com crash of the early 2000s, successful companies audited their sales teams on their ability to prioritize leads and close deals quickly, rather than relying solely on long-term relationship building.
• In the wake of the 9/11 attacks, successful companies audited their sales teams on their ability to offer empathy and support to customers in a time of crisis, while also being strategic and proactive in identifying new opportunities.
• During the COVID-19 pandemic, successful companies have audited their sales teams on their ability to adapt to remote selling, leverage digital tools and platforms, and offer creative solutions to help customers navigate a rapidly changing landscape.

By identifying the specific competencies that were most important for success in the current environment and investing in targeted training and support initiatives, these companies were able to not only survive but thrive, even in the most challenging of times.

Develop Strategies for Growth

To secure the resources you need to grow your sales team, you must present a compelling plan that's tailored to the current economic climate. It's not enough to simply audit your team and hope for the best - you need a comprehensive strategy that covers all aspects of the sales organization.

This means taking a holistic approach to sales team development, looking at everything from GTM alignment to systems, processes, hiring, onboarding, training, and development.

Without a well-rounded plan that accounts for all of these factors, your chances of success are slim.

And it's not just about having a plan - it's about being flexible and adaptable in the face of economic uncertainty. The best sales teams are those that are willing to take risks, experiment with new ideas, and pivot quickly when necessary.

So when you're developing your plan for growth, don't be afraid to think outside the box. Consider new revenue streams, explore untapped markets, and invest in the latest sales technology. By doing so, you'll position your sales team for success, even in the most volatile of economies. And with a solid plan in place, you'll have the C-suite backing you every step of the way.

To truly stand out in uncertain times, it's important to think outside the box and consider non-traditional strategies for growth. Here are a few counter-intuitive ideas to consider:

1. Invest in training and development: While it may seem counter-intuitive to invest in training and development during a downturn, it can actually pay off in the long run. By improving your team's skills and knowledge, you can enable them to sell more efficiently and effectively, even with a smaller team.
2. Develop targeted marketing campaigns: Rather than trying to cast a wide net, consider developing targeted marketing campaigns to reach specific customer segments. By focusing on the needs and pain points of these groups, you can create more compelling messaging and increase your chances of success.
3. Diversify your offerings: If your current products or services are struggling in the current economic climate, consider diversifying your offerings to appeal to different markets. This can help you tap into new revenue streams and build resilience for the future.
4. Streamline your sales processes: Finally, consider streamlining your sales processes to increase efficiency and reduce costs. By identifying and eliminating bottlenecks in your sales funnel, you can improve your team's productivity and ultimately drive more revenue.

Looking at historical examples, we can see that successful companies in uncertain times often employed these strategies and more. For example, during the oil crisis of the 1970s, companies in the automotive industry developed new fuel-efficient vehicles and shifted their marketing focus to emphasize fuel economy. Similarly, during the dot-com bubble burst of the early 2000s, successful companies pivoted their business models to adapt to changing market conditions.

By developing a comprehensive strategy that includes client retention, flexibility, and other growth-oriented tactics, you can position your sales team for success in uncertain times.

Implement and Monitor Your Strategies

Taking action on your growth strategies is essential for success in today's fast-paced business environment. It's not enough to simply analyze and plan - you need to put your plans into action.

Unfortunately, many executives fall into the trap of over-analyzing and under-executing. They may spend hours analyzing data and discussing potential strategies, but when it comes time to take action, they hesitate or procrastinate.

As an example, at RevHeat , we've developed a results mechanism called The Revenue Acceleration Roadmap to help companies put their growth strategies into action. This roadmap provides a step-by-step guide for implementing and monitoring your strategies, and includes key elements such as goal-setting, training and development, process improvement, and accountability.

To effectively implement and monitor growth strategies, it's important to establish clear goals, provide resources and support, and regularly track progress and make adjustments as needed. Here are some key elements to consider:Setting

Specific and Measurable Goals

• Goals should be aligned with your overall growth strategy
• Goals should be specific, measurable, and achievable
• Use data and analysis to inform goal-setting and track progress

Providing Ongoing Sales Training and Development

• Ensure your team has the skills and knowledge they need to succeed
• Provide resources for training and development, such as workshops or online courses
• Regularly assess training needs and adjust programs as needed

Establishing Clear Processes for Tracking Progress and Making Adjustments

• Use data and analytics to track progress towards goals
• Establish regular check-ins or reviews to assess progress and make adjustments
• Ensure that everyone on the team is aligned and informed about progress and adjustments

Creating a Culture of Accountability and Continuous Improvement

• Hold team members accountable for their performance
• Provide support and resources for improvement and growth
• Encourage an environment of experimentation and innovation

Here are a few examples of how companies we all know implemented these types of changes:

1. Netflix: During the 2008 financial crisis, Netflix shifted its focus to streaming video and invested heavily in developing its digital infrastructure. This helped the company not only survive, but thrive in the midst of a challenging economic climate.
2. McDonald's: During the Great Recession, McDonald's introduced its "Dollar Menu" to offer affordable options to budget-conscious customers. The company also invested in store renovations and marketing campaigns to maintain customer loyalty.
3. Apple: During the dot-com crash in the early 2000s, Apple shifted its focus from computers to personal electronics and introduced the iPod. This move helped the company expand its customer base and diversify its revenue streams.
4. FedEx: During the recession of the early 1990s, FedEx implemented a cost-cutting program that reduced expenses by $1 billion. The company also invested in technology to improve operational efficiency and introduced new services to diversify its revenue streams.
5. Ford: During the 2008 financial crisis, Ford mortgaged its assets to secure a $23.5 billion line of credit, which helped the company avoid bankruptcy. Ford also focused on developing fuel-efficient vehicles and investing in its international operations to diversify its revenue streams.

Overall, these companies were able to survive and even thrive during challenging economic times by adopting specific tactics such as shifting focus, diversifying revenue streams, investing in technology, and implementing cost-cutting programs.

Conclusion

In uncertain times, taking bold action is essential to growing your sales team and achieving success. By evaluating your team objectively, developing tailored strategies for growth, and implementing and monitoring those strategies effectively, you can overcome the challenges of economic volatility and position your sales team for long-term success.

It's important to remember that there is no one-size-fits-all solution for sales growth in uncertain times. Each company and sales team will face unique challenges and opportunities, and it's up to you to develop a strategy that is tailored to your specific situation.

However, if you need help we are here at RevHeat to help you audit, accelerate and advance your sales.

Ken Lundin is the Founder and President of RevHeat an international sales improvement company for B2B brands and the creator of the Revenue Acceleration Roadmap.

Are you looking to grow your company's market share? Let the experts at RevHeat help. As an international sales improvement company, we have helped companies grow more than 400% in under 5 years through our proven Revenue Acceleration Roadmap, and with our 100% money-back guarantee, you have nothing to lose.