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Types Of Products People Buy In This Economy

Some products and services sell better than others in an uncertain economy. That said, if you are truly skilled in salesmanship you could earn a good living selling anything in any economy. Those without superior sales skills flock to low hanging fruit when the economy cools down.

In this post, I’ll discuss the following,

1) Change In Buying Behavior Due To The Slow Economy

2) Difficult Products And Services To Sell In A Slow Economy

3) Products And Services That Sell Best In A Slow Economy

Change In Buying Behavior

The word is out to people and corporations. Preserve capital and don’t buy anything unless you absolutely need it and are sure it will work as promised. This appears to be a prudent approach to take during uncertain economic times. Uncertainty leads to fear and fear causes trade to slow down. The change in buying behavior is generated by uncertainty and the heightened desire, if not need, to reduce risk.

There is still plenty of money around but most of it will only be spent on risk free purchasing decisions. Products and services that are structured as “risk free” sell best during an uncertain economy. You’ll sell more in this economy if you reduce the risk for your prospect. If you can’t reduce the risk, consider changing your business model. If you can’t change your business model, do all you can to reduce risk and replace the uncertainty with an abundance of certainty.

Products That Don’t Sell Well In This Economy

Let’s put this “high risk / low risk” proposition to work by looking at the Search Engine Optimization (SEO) industry. This industry helps owners of Web Sites to rank well on popular search engines. If someone is searching for the type of product you sell, the difference between appearing on page one and page three is enormous. It could be the difference between the success and failure of your company.

The problem with the SEO industry is that, they find it difficult to guarantee results. They can’t commit to the behavior of a third party, search engines. You could spend a ton of money and not move up in the rankings. Obviously, this is a high-risk situation that is difficult to sell during uncertain economic times. Can it be sold? As I said, with the right sales skills, anything can be sold. There is still a great and growing need for SEO services. I urge SEO salespeople to reduce the risk and instill confidence in every prospect they approach. This must become an element in their sales process.

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Products That Sell Best In This Economy

If you can guarantee that your product will produce the desired result, you’ll do well in this economy. However, most products and services can’t carry such guarantees. I only have to look at my company to illustrate this point. I sell sales training DVDs but I can’t guarantee they’ll increase a salesperson’s income by 100%. It’s one thing to just look at a DVD and quite another thing to actually put those new sales skills to good use. So, if I expect to sell my product during uncertain economic times, I need to reduce the risk that is felt by the visitors to my site.

The first thing I did was to include an actual sample video clip of the sales training DVD on my site. I want potential clients to see and hear exactly what they are ordering. Removing the guesswork greatly reduces the risk.

I then added a guarantee. After an agreed upon period of time, my clients can return the DVDs and get a full refund of the purchase price, no questions asked. During an uncertain economy, you need to offer prospects the benefits of a risk free decision. As of today, February 19th, 2009, not one sales training DVD has ever been returned. The key to selling anything in this economy is to overly demonstrate your confidence in the quality of your offering by reducing risk for your prospect.

The products that sell best during economic uncertainly are the products that carry the lowest risk. Once you reduce the risk, you’ll sell more products in this economy.

Nick Moreno
Sales Consultant

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Tags: sales skills, sell