If you haven’t heard it yet you are certainly going to hear more and more of your prospects and clients say something like, “because the economy is slowing I need to cut back on my marketing and advertising budget.” How are you going to respond? Do you have a strategic response or will you just stand there like the proverbial deer in the headlights?

This statement or objection is rooted in fear and anxiety which is palatable and real. Because fear of loss is a greater motivator than desire for gain what is called for is a shock and awe response that causes the prospect or buyer to experience a nauseating feeling in the pit of their stomach. Your response to this objection must create more fear about the negative consequence of not advertising than their existing fear of advertising.

To do this successfully, you must develop a two inch thick skin and get over your fear that your responses may offend those who hear them. If you are overly concerned or have a psychological need to be liked you will find it difficult to say these. Get over it!!!

If you have the guts to say them, here are some very effective responses that are designed to strike fear and create massive pain in the heart of the buyer:

1.     Wow, that’s the kind of decision that will strike the fear of God into your competition! If you cut back your advertising I can guarantee you five things will happen: 1. you will lose customers, 2. you will lose revenue, 3.you will lose market share, 4. your profits will evaporate, 5. your cash flow will go down.

2.     You can’t afford to cut. That’s financial suicide

3.     And I promise you one thing: overnight, your best customers will become your competitor’s best prospects.

4.     What are you going to do, let the competition had the stage all to themselves?

5.     If you think things are bad now, just wait to use see how bad things get after you cut back your advertising.

6.     The road to business failure is paved with businesses that cut back their advertising during a recession.

7.     Okay, but according to the national retail Federation:” any business that cuts back its advertising will either be severely hurt, or will not survive.”

8.     That’s some late New Year’s resolution you got there – it’s one you’d better break real quick if you hope to compete this year!

9.     How do you hope to replace the 30% of your customer base you lose every year through attrition?

10.  What your business needs is more customers and more sales! If you cut back on your advertising, how will you get them?

Becoming a master at overcoming this objection will put more bounce in your step and more coin in your pocket. Have fun!

As the economy slows and businesses cut back on purchases, it will become more important than ever that companies and salespeople aggressively increase their efforts to acquire new clients. This new economic climate will provide great opportunities for those businesses that get off of their butt and hustle.

Below are 9 strategies and ideas to help you increase market share and take advantage of opportunities that others will ignore.

1.     As your competitors sulk and complain about how bad the economy is and cut back on their business acquisition activities there will be less competition in the marketplace. Those who are out in the marketplace aggressively seeking new business will find themselves having to deal with fewer and fewer competitors. This thinning of the marketplace will become an advantage for those who are out there looking for new business.

2.     Some of your competitors will go out of business and it will make it easier for you to acquire their customers and clients.

3.     Many companies will cut back on their advertising, marketing and sales efforts in order to save money. You must resist the urge to do so and instead increase your marketing and sales efforts by ramping up and increasing your level of activity and calls.

4.     Consider new marketing and advertising initiatives. This increase in marketing and advertising will help you penetrate new markets and increase market share.

5.     Increase your frequency of contact with existing customers and clients by doubling or tripling the frequency of contact. Remember, your best customer is someone else’s best prospect. And in this economic climate it is imperative that sellers do everything they can to cement and maintain relationships with existing customers. Above all, resist the temptation to take your existing customers for granted.

6.     Increasing your level of contact with existing customers will reassure them and provide them with confidence that you’re still there. Your customers want to know that you’re still there and doing well. It is reassuring for them to know that you will still be around when they need you.

7.     Consider repackaging and bundling products and services that you now offer. Prospects and customers are becoming more choosey and are looking for greater value and good deals.

8.     Consider adding new products or services to existing offerings that you have. Be bold. Be innovative and use this time to become a market leader.

9.     Improve your own personal sales and marketing skills by investing in training, coaching and mentoring programs that will give you a competitive edge. During a slow down one of the first things people do is to cut back on training and education. This is a huge mistake. Take advantage of your competitor’s poor business strategy by increasing your training and skill enhancement.

How you should use this list. Print it out and read it daily. Print it out and carry it with you in your vehicle. Review it before each appointment. Forward it to all of your clients and prospects. Share it with your prospects in your face-to-face meetings.