Keeping sales up in a down market.

• Position: Marketing News

In 2008, many bank loan officers earned only half the commission they earned in 2007. "When you take a 50 percent pay cut, you know what a recession feels like," says Douglas Smith of Douglas Smith & Associates, Asheville, N.C., a speaker and sales trainer.

But not all financial services sales professionals are in a slump. Some am thriving. "And you can do the same," says Smith, who spent 25 years in the financial services industry. "Your commitment to success starts with a dedication to your goals and where you want to be; remember the basics, and then go beyond."

Smith recommends that you apply these five tips to your work:

* Don't wait for things to change. Unlike struggling salespeople who sit on the sidelines hoping for an economic U-turn any day now, the best are taking action and moving forward. They recognize the economy may be in this mess for years and waiting and watching is a poor strategy for success. The movers and shakers are moving and shaking.

* Work harder. Top salespeople understand this age-old axiom: You can't make more money with less effort. That's why they are working harder and putting in more hours than ever before. Think about this: Arriving just 30 minutes earlier and staying 30 minutes later each day equates to an additional 20 hours every month.

* Talk to the right people. Successful financial services salespeople today are selective about where and with whom they spend their time. They are out looking for "real" customers: companies and people who have both money and ability to buy. Every minute you spend with an unqualified prospect is another minute you don't have had to find a qualified one.

* Make more contacts. Selling is a contact sport. When times are good, business is easier...