The lockdown economy: Think relationship instead of sales – Mark Cuban, US billionaire

As the ongoing lockdown continues to hammer global economy, consumer confidence is also taking a hit. Sales in non-essential segments are expected to dip. For organizations in management consulting and contracting segments, ‘Shark’ investor and billionaire, Mark Cuban, suggests how to survive the stark market reality.

According to the entrepreneur and investor, since many clients maybe unwilling to spend, this isn’t a season to go all out for heavy sales pitch. The best approach is to deepen relationship with existing clients. He says that will translate into sales when the economic rebound.

He advises businesses to start calling clients without any sales expectation. He puts it simply, “the power of human connection is more important now than ever”.

“Call them up, email them, text: ‘How are you doing?'”, he explains.

This show of understanding and empathy during this time of crisis will be remembered long after the crisis. As the law of reciprocity has it, this will eventually pay off as the gesture increases your likelihood of your business being picked over competitors when market fully regains balance.

Mark Cuban’s net-worth currently stands at $4.3 billion. He owns the Dallas Maverick, an NBA team; he also co-owns 2929 Entertainment in addition to several other business portfolios.