We are probably all aware that we are experiencing some tough times economically, with more to come. If you are looking for the short version, here are the 5 things to know to navigate a recession as an SDR
- Cultivate a growth mindset
- Control what you can control
- Lead with value & empathy – look for opportunities
- Tailor your pitch
- Double down on activity volume
The Reality
It is harder to sell in an economic downturn. SDRs and BDRs we are not selling anything but time. However getting people to commit to meetings and to even respond to cold outreach can be a lot more difficult. There is no doubt about that. Budgets are being slashed. Your prospects are under more stress and pressure in their jobs. Nice to haves get cut and everyone is focusing on must haves only.
Many SDRs, BDRs and sales reps will feel the extra pressure in these challenging times. However, challenges come and go throughout our careers. Perhaps this is your first time to experience this and you are looking for some guidance on how to approach it. Here are 5 things to help you navigate a recession as an SDR.
Cultivate A Growth Mindset
Mindset is everything for sales and business development reps, even on a good day. This becomes even more important in challenging times. We could even say that a growth mindset is a nice to have in good times but it is a must have in challenging times.
But what is a growth mindset? It is a mindset that allows you to look at challenges as opportunities and setbacks as progress. It means that instead of getting down about more difficult targets and less engaged prospects, we can view this as an opportunity to develop new skills or to improve on existing skills. This is easy to say and difficult to do. However it can be done. If we start out the month or quarter with the mindset, that it will be impossible to hit target, we are doomed before we begin. If we adopt a growth mindset, we have a fighting chance.
Control What You Can Control
A recession is not something that we can control. It is not even something our managers or our company can control. It is happening to everyone and we are all just trying to survive as best we can. Spending time and energy worrying about the recession will not produce anything good. We cannot control it, so we might as well accept it. And instead, focus on the things that we can control. This will vary from rep to rep, depending on our industry, company and individual role. We control our attitude and mindset. We can control our level of effort. We can control how we show up to prospects. We can influence how people around us feel.The most important thing is to remember to only focus on the things we can influence or control and forget the rest.
Lead With Empathy..
The economic downturn will be something that everyone we interact with is dealing with. That includes our AEs, our managers and our prospects. If we can remember to lead all of our interactions with empathy, we will be much more likely to be successful. If we come across as a pushy sales rep with no consideration for the fact that budgets have been cut and the prospects’ job might be on the line, we will not make any friends or create any opps. If on the other hand, we acknowledge the citation from the other person’s perspective, we allow them to feel understood. And they are much more likely to engage and potentially buy.
..And Value
Leading with value is also extremely important. If you haven’t already you may want to check out 5 Reasons You Need To Lead with Value As A BDR. More than ever before, people will need to know what is in it for them. AEs can only afford to spend time on top quality opps because they are under huge pressure to hit target. Prospects can only talk to vendors who can really help them to save money because their boss is breathing down their neck about budget cuts and lack of performance.
If we enter every interaction with empathy and by leading with the value that we can add to the other party, we are increasing our chances of a positive outcome. And yes we will still face rejection. However the margin for error is less during a recession. Every call counts a bit more, every interaction is a bit more important. If we can marginally increase the positive outcomes, it may be the difference between hitting and missing target. Be proactive at seeking opportunities to add value to those around you, internally and externally.
Tailor Your Pitch
Remember earlier we said that prospects are only interested in must haves now. That means we need to position our offering in a way that they feel like they must have it. It needs to feel as though it is business critical. Position your offering as something that can and will help them to survive the recession. It will add value not incur a cost. It only takes a few minutes of reframing your thinking to ensure that your pitch is positioning your offering as a must have instead of a nice to have. If you are not sure how to do this, remember the three things that drive prospects to buy: Anything that helps them to increase revenue, decrease cost and/or mitigate risk.
Double Down On Activity Volume
At the end of the day, business development is at least in part a volume game. We need to make a certain amount of calls and send a certain amount of emails to book a meeting. One reason an economic downturn is difficult is because we have to do a lot more to achieve the same as before. So as we head into some economic headwinds, we can increase our chances of success and indeed survival if we double down on activities. That means working harder and smarter. It means sending more emails and making calls. And it also means focusing on quality prospects.
In reality, doing all of these things will help us to be more successful SDRs and BDRs in general. But we can get away without doing this a bit more during the good times. Like most things, during tough times we need to be at the top of our game. Do you have any previous experience with a recession in sales? What additional tips would you add? We’d love to hear from you.
Until Next Time!