As 2024 draws to a close, I’ve had the privilege of meeting with many of Edmonton’s business leaders over the past year, and a common question I hear is: What’s happening with the economy? Is it getting better? When will it improve? Are we ever going to see boom times again? There’s undeniable uncertainty in the market. While some growth is forecasted, it’s been sluggish and inconsistent. So, the real question is: What can we do to outperform the market in 2025?
Why Economic Uncertainty Can Drive Innovation in Sales
When the market is sluggish, it’s an opportunity for innovation and change. Many businesses are open to rethinking their approach to meet—and even exceed—targets in a challenging environment. For sales leaders and their teams, this means going beyond the status quo. Instead of only looking back to learn from past mistakes, we should also look ahead to strategize.
By redefining our approaches, we can achieve growth even in tough times. Here’s how to make the most of a slow economy:
Analyze High-Potential Sectors: Look for emerging industries or areas with consistent demand and tailor your offerings to meet their needs.
Invest in Key Accounts: Prioritize existing accounts with growth potential and focus on deepening those relationships.
Develop a Prospecting Mindset: Move from a defensive approach—only selling to current customers—to actively seeking new opportunities in untapped markets.
The Importance of a Customer Relationship and Prospecting Strategy
Reflecting on my conversations with local businesses, I’ve noticed a recurring theme: Many organizations lack a clearly defined customer relationship plan, prospecting strategy, and overarching sales approach. Too often, sales teams fall into a defensive mode, hitting targets with existing customers without prioritizing new business development.
In the current market, things have changed dramatically. Many businesses are no longer held back by the “we can’t deliver more” objection. There is now room for growth, and those prepared to actively seek new business will be poised to succeed. Developing a relationship-based approach can be transformative.
Key Steps to Enhance Customer Relationship and Prospecting Strategies
Create a Structured Customer Relationship Plan:
Outline touchpoints, follow-ups, and engagement initiatives for every client to ensure consistent communication and strengthened loyalty.
Sharpen Prospecting Skills and Tools:
Equip your team with modern prospecting tools and techniques to expand beyond current accounts, opening doors to new markets and growth opportunities.
Develop a “Sales Hunter” Mindset:
Encourage sales teams to take a proactive approach, treating each interaction as an opportunity to build value for prospects and clients alike. Embrace digital tools to keep a consistent pipeline, even during slow periods.
Reflect, Refocus, and Set Goals for 2025
The holiday season is an ideal time to reflect on the goals we set, why we set them, and what we can do differently in the coming year if those goals weren’t met. Ask yourself and your team: What could we do to better position ourselves for success in 2025?
Many of the organizations I meet with are setting aside time to look closely at their strategies, acknowledging what went well and what needs adjustment. Year-end reflections can be instrumental in fine-tuning sales strategies and aligning on a shared vision for growth.
Ending 2024 with Gratitude and Looking Forward to 2025
Finally, in this season of reflection, let’s remember to be grateful. Personally, I am incredibly thankful for my past and current clients who have chosen to do business with us. 2024 has been a wonderful year, and I’m looking forward to what 2025 will bring.
Dive Deeper - Pick up these Best Practices for Sales Leaders During Times of Uncertainty
Let’s make 2025 a year of growth, resilience, and success.