Selling in a Crisis

18Go Where the Money Is

Buyers and money are scarce in a recession. That's the truth. So what are you supposed to do when you still need to achieve a quota, hit your number, and pay your bills?

For the answer, we turn to Willie Sutton. Sutton was a famous and prolific bank robber back in the 1920s and 1930s. Once, when Sutton was asked by a reporter why he robbed banks, he replied, “Because that's where the money is.”

His answer led to what became known as Sutton's law: When diagnosing a problem or considering an action, you should choose the most obvious answer or direction first.

When the last crisis slammed into us, one of my account executives found herself in trouble. Her most reliable industry sector and customers were professional sports teams. We trained their season ticket sales reps.

Suddenly, stadiums were empty, and so were their sales floors. Our training engagements in professional sports died a quick and painful death, along with 80% of her income.

Still, even after the die was cast, she continued calling sports teams looking for opportunities. It was a futile exercise because there was no money there. But, either out of habit or a lack of awareness, she kept beating that dead horse.

So, I called her into my office, told her the Willie Sutton story, and asked, “Where's the money?”

She replied sarcastically, “Obviously not in professional sports.”

“Yep,” I replied. “So where is it?”

“I guess in banks,” she said flippantly.

Exactly! Although she had said it out ...