When I started POIM I made the decision that I was going to provide sales outsource for technology companies that wanted to increase sales to the Oil & Gas Industry. Shortly after starting POIM the economy collapsed, and the price of oil dropped from $140.00 to $50.00 a barrel. If you have sold to the O&G industry for any length of time you know it is a capital intensive business and not having access to credit will impact budgets. To be successful in this Bear market you need to have a strategy to maximize your opportunity.
Use your Data – Successful sales organizations structure information in a format that makes it easy to identify attributes that will allow you to take advantage of opportunities in a bear market, an example would be the way POIM structures Oil & Gas Production and Exploration companies into employee size. Greater than 1000 employees is Enterprise, Greater than 100 and less than a 1000 is Commercial and less 100 is general business. Now I have the data structured in my CRM I can add a categories that help me identify companies have the best opportunity to grow in a tough market.
Finding the Bull Market – No matter how bearish the market looks there is always a bull. In the case of the Oil & Gas market, companies with cash in the bank, and low debt are a good sales target? In debt strapped market it is cheaper to purchase companies with production, than to do exploration. Mergers and acquisitions create opportunities for technology companies to assist in the process merging employees, products and assets.
Extend the functionality of your CRM allowing you to focus your sales and market activities on companies that have the resources and are committed to grow in this tough market conditions.