During tough economic times, it is easy to fall into the trap of simply doubling your effort. If your closing percentage fell by 50%, then you must double the number of prospects in order to generate the same sales. This is an activity-based solution that isn't always sound advice. What's more, it has the potential to make matters worse.
You simply cannot sell to those who do not have an order to give you. Period.
You can double the prospects, you can triple the prospects, you can grow the list exponentially. To no avail. If the prospect list is made up of those who have no orders to give you, then you are simply chasing your tail (I know, your sales manager will at least be happy that the activity is high).
Even though the economy is tough and results harder to obtain, you are better served by spending your time with known, qualified targets. You will achieve better results by spending your time with companies that have orders to give you, even if they are harder to obtain and even if they require that you be more competitive.
You simply cannot sell to those who do not have an order to give you.
Make a list of known targets who have orders they could give you now but that are surely going to your competitor. Then, go and double your efforts.