Sales in the Time of Corona
Pauza Diána – Palotai Bálint
During the global epidemic, keeping sales up must be one of the top priorities of companies. If our sales activities are suspended, we will risk losing our current customer relationships and leave our sales pipeline empty. After that we will not be able to gain new revenues anymore and our company will have to close down. If in a “positive” scenario, our company would be able to reset the operation in the future, building up client relationships again would be a bigger challenge than – with using creative and flexible solutions – adapting to the newenvironment. In some industries, recovering from a month of lost sales can take for over a year. Sales must switch into survival mode as soon as possible!
The figures below illustrate how coronavirus has changed the consuming habits during the outbreak.
In our article, we have collected some practices based on the experiences of first few weeks during the outbreak, how sales can adapt quickly and effectively to the new market environment.
Please, click on the sign „+” for the details
- 1. Adapting product portfolio to the new consumer needs
- 2. Switching to dynamic pricing
- 3. Boosting e-commerce
- 4. Redirecting personal customer management to remote channels
- 5. "Manual digitization" of sales processes
- 6. Reallocating sales resources
- 7. Analyzing customer risk
- 8. Following sales performance and pipeline on daily basis
- 9. Continuous monitoring and replanning
After overcoming the short-term challenges, once we see the end of the epidemic and its estimated business impact on our company, we can begin to develop our sustainable business and operational model. In the meantime, the most important thing is to maintain our customer relationships! Indeed! Consider this as an opportunity that can fundamentally change current market positions: dominant players may disappear, while others may break out of nowhere.
Remember, as Darwin wrote in the 1800s, the key to our success will be adapting quickly and flexibly to our ever-changing environment: „It is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change.”