In today’s episode of The Sales Evangelist, Donald Kelly discusses why 2023 will be a difficult year for sellers. He also discusses how, despite the upcoming challenge, how you as a seller can continue to succeed in your field.
What exactly is going to be different about 2023?
- Ever since the pandemic, inflation rates and the general cost of living have STEADILY increased. This makes people far, FAR more hesitant to actually spend money. Why should someone buy your product or service when money is already tight?
- Alongside higher inflation rates, the feds have also hiked up interest rates to curb inflation. Since there are higher interest rates, people are less likely actually to borrow money. This means that businesses will be slower to grow.
Here are some quick facts, from Donald’s personal experience and the State of Sales report:
- 69% of sellers are saying that selling is actually becoming HARDER for them.
- 92% of sellers claimed that they’ve had to start using a NEW method of selling their product or service.
With all of this in mind, what can you do as a seller to keep a steady stream of purchases coming in?
- One key thing to focus on, with the current market, is to focus on LOW RISK but HIGH REWARD activities. One example of this is cross-selling. Are you maximizing your profits off of current buyers? What can you do, or offer, existing buyers to generate even more income?
- Another activity you can do is focus on cross-functioning. Work within your organization and your different departments to help create cohesiveness. Instead of working in multiple, different organizations, you can focus on working as an ENTIRE unit.
- A third example of what sellers are doing to keep steady profits and deals coming down the pipeline is targeting new markets. Instead of continuing to operate in the exact same way, see if there aren’t different methods or people you can promote to. Are there buyers more comfortable with parting with their money? Is there some tweaking you could do to get a RECURRING payment? Again, focus on low-risk ventures that will bring in the highest rewards.
You can connect with Donald more and learn about perfecting your craft as a seller on his Instagram at donaldckelly or on his LinkedIn profile, also at donaldckelly.
- This episode is brought to you in part by Skipio.
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Credits
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