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Focus on Professional Development |
Selling in Challenging Times
Guest Author
Kurt Newman
President and Founder
Sales Consultants Pty Ltd.
Sydney, Australia
Kurt is an expert on sales processes and maximizing sales results in individuals, teams, and organizations. For over 17 years, he has been teaching and leading others to maximize their sales performance. Kurt is also a CRG Licensed Associate.
www.salesconsultants.com.au
We have been fortunate to experience positive growth for almost 20 years, which has spoilt those of us in sales. The success cycle has been so long that fewer than 50% of today's business-to-business salespeople have ever sold during an economic downturn.
Those who were in sales in the previous economic dips of 1991, 1987, and 1982 will remember what it was like.
So what happened in previous economic downturns?
- Risk
Clients—particularly prospective clients—became more risk-aversive and preferred to deal with suppliers they knew and trusted, and who had a good track record.
- Decisions
Some financial forecasters say this current cycle will remain for at least 2 years; others say the phase may last longer. That is enough to challenge the most optimistic individual. The situation has already impacted many salespeople, particularly the younger people.
For example, the general manager of one national company usually signed off on all sales training and development needs for 6 years. In the tight economy, that procedure changed to a requirement for input and agreement from five state managers—it was consensus-based buying. That sales process takes considerably longer. Unless a solid relationship had been developed with all buyer influencers (the five state managers), the sale could be in jeopardy.
Profit margins were reduced because the selling cycle was longer due to the need for additional selling activities to secure the same amount of business.
During slow times, the decision-making process can take up to 40% longer.
- Sales Efforts
The new protocol meant a dramatic increase in the volume of sales calls, proposals, demonstrations, and presentations.
Sales pipelines became full of mediocre opportunities that resulted in minimal, if any, impact on sales. Sales forecasts were often "rubbery." Clients became more cautious and, unless the salesperson could clearly demonstrate greater value, the status quo remained.
- Pressure
Clients were pushed to buy with high-pressure selling. Who likes to feel they are being pressured to buy? That shows a lack of respect and a limited selling ability, and it can permanently damage the relationship between the salesperson and the client and the client and the represented company.
If a sale is made, there is always a strong risk that the order will be cancelled as soon as the salesperson leaves. The competitor who doesn't employ these desperate tactics is the one that will get the business—now and in the future.
- Discounting
That might have appeared an easy fix to a short-term problem. Discounting, however, created other problems. Greater volume had to be sold to generate the same amount of profit and, if that wasn't achieved, the company was in a weaker financial position.
When the economy did turn and grow, that company was not in a position to take advantage of opportunities. In fact, some of those companies were taken over by a stronger competitor. Discounting also negatively impacts the whole industry and is too great a price to pay.
- Cold Calls
Simply increasing sales activity levels without a sound sales strategy did not necessarily produce more sales. In that economic environment, prospective clients were reluctant to change suppliers and preferred to stay with those they knew, liked, and trusted.
The selling environment has changed. To survive and grow, we must adapt.
How do we take advantage of our current economic conditions?
- Think survival and growth
Salespeople who are only in survival mode tend to overreact to problems and their decisions are often fear-based. To begin thinking growth, set clearly defined written goals for the next 30 days. Then identify the action steps you need on a daily and weekly basis to make it happen.
- Re-evaluate the people with whom you associate
You cannot afford nor would you want to be affected by people constantly speaking of gloom. It becomes a self-fulfilling prophecy . . . the law of psychological reciprocity . . . what you think about most of the time will happen. Associate with and develop networks of people who have a positive, uplifting attitude.
- Build a brick wall around key clients
Concentrate on the best selling opportunities. Even if you know who your key clients are, why not validate their position by ranking them in terms of revenue contributed, from the highest to the lowest.
Rank
- the top 1–20 clients as Category A;
- clients 21–75 as Category B; and
- clients 76–100 as Category C.
You now know where to allocate most of your time. Thoroughly qualify each sales opportunity so your sales pipeline is full of genuine business potential. That method will also make financial forecasting more accurate.
- Focus on selling value, reliability, security, stability, safety, and peace of mind
Value doesn't have to be a tangible, like product quality. Intangible value can build strong loyal relationships. For example, forward articles of interest of a personal or business nature that are important to the client. That shows you are thinking of him or her and that you care. Provide a guarantee or a warranty. By demonstrating reliability through your behavior, you will create an emotional sense of ease.
- Differentiate yourself by becoming more competent
There are 6 competency levels in Relationship and Consultative Selling, yet the mean average across the many industries is 3. Through further learning and sales coaching, a salesperson can achieve Level 6 and create a point of difference. The difference, if it is to be of value, needs to be experienced and appreciated by the client. Level 6 salespeople consistently outperform others with more sales at better profit margins.
- Re-evaluate your prospecting
Develop an ideal client profile based on the attributes of your best clients. That can be used as a guide to prospecting. Use all the paper-based and electronic tools available to you. Re-contact dormant and lost accounts. Develop hot referrals by asking clients for the names of at least two people they know who would be interested in your product/service. Ask them to contact the referral by phone or email or in person. The referral will then be expecting your call. Giving a referral is personal; it gives the client an opportunity to give back to you. Your generosity is their reciprocity.
- Hold firm on price
That can be particularly challenging when competitors are discounting, but don't give in. During the last recession, customers paid 12% more for equivalent products than they did in stronger economic times. Refer to and apply activities 1 to 6.
Notes:
- One of the keys to any successful relationship-selling process is understanding your selling style as well as your client's buying style. That is why for the past 15 years, we have utilized CRG's Sales Style Indicator with the Sales Style In-Depth Interpretations in our sales training programs and sales coaching processes.
- Unless you recognize the different buying styles and their needs, your sales results will be reduced. In our opinion, CRG's Sales Style Indicator is simply the best sales style assessment tool available.
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