SELLING THROUGH THE ECONOMIC UNCERTAINTY
HOW THE CURRENT MARKET CAN BUILD YOUR BUSINESS
There is no secret that confidence in the current market is lacking which is affecting the financial position of companies across many industries. This historic trend in the economy has placed many businesses and companies in a situation that requires change. Various companies will develop strategies based on cutting costs, downsizing their capital investment, and even retrenching staff. These strategies are designed to consolidate costs, lay low and wait for the storm to pass. Entrepreneurial decision makers invest in growth strategies designed to increase productivity, optimise opportunities and increase sales by expanding their market share.
We have all heard of companies that boom in times of economic hardship. How do they do it?
Answer: The SMART way!
One of the most important processes of a business is sales. No sales, no business! No matter how much we save on costs or spend on marketing and advertising, we will not achieve our optimal rewards objective if we do not convert and generate sales.
By considering what has changed, even in the last 5 years we will understand what we must do to grow. The changes in technology, society, local economy, world economy, marketing, and perceptions are staggering. What was extremely relevant 5 years ago is not so relevant now. Unfortunately, many businesses are still working with strategies that are now outdated, ineffective and do not provide the same return on investment as they did in the past.
Sales strategies and techniques are key to this necessity of change. The sales strategies and techniques we used a few years ago are not as effective today. Customers are wiser, more educated and more suspicious of the stereotypical sales person that is perceived as filled with self-interest.
Sales strategies and techniques need to address the current broader factors and evolve to suit today’s environment. Our ability to sell is limited by our experience, our mindset and our knowledge. There are other factors that can affect the selling process, but a true solutions provider (traditionally known as salesperson) can always find the answer. Today’s process should not be so much on focusing to sell but helping our customer to buy!
While others wait out the uncertainty, the opportunist will capitalise on capturing a larger part of the market share, strengthening their position as the economy finds its feet. Outsourcing reputable sales trainers and coaches that provide current strategies can provide an opportunity of expansion in this market. External sales training can provide different angles, markets and direction that can be seen if you know how, where and what to look for.
Investing in external training aimed at strengthening and managing your people will provide ongoing rewards. Every member of an organisation has the ability to make of lose you money or business. Therefore everyone in an organisation has the ability to sell.
The market is in a cleansing period that is pushing out operators that are reluctant to change and increase market share for those who are willing to adapt and invest in the future. We have a choice of waiting for the uncertainty to pass us by or pushing forward by generating more sales and growing your business, the SMART way.
The Evolution of Sales: 5 Change Strategies that Boost Sales in Today's Market
We have heard of companies that boom in times of economic hardship by developing new strategies and solutions to generate more sales. Many things have changed over even the last 5 years, such as technology, the economy and people’s perceptions. Companies are still working with strategies that are now outdated, ineffective and do not provide the same return on investment as they did in the past.
5 sales strategies that you would benefit to change:
1) Solve rather than sell: It is no longer about selling your product or service but about solving the problem or requirement. There are usually many other similar choices that are differentiated by packaging or price. By solving the issue relevant to your client it becomes something worth paying for.
2) Building Relationships: Wining and dining is not enough these days as decision makers have become more time poor and impatient. Relationships are now built through the perception of trust, expertise and by understanding the prospects objectives and business needs. Asking relevant and strategic questions that build confidence shows you are there for the interest of your prospect and not your own.
3) Leverage off Connections: In the past it was about keeping things close to our chest, but today it is about how we can create relationships that give us an edge. By teaming up with other companies who complement each other’s offerings and provide incentives for generating a sale, companies can benefit each other by working together.
4) Everyone’s a Salesperson: Every person that has contact with clients has the opportunity to sell. Most clients are lost and won by the relationships and impressions made by non-sales focused staff. This can be the receptionist or even accounts. Leads can be generated, selling seeds can be planted and sales can be closed by training all staff to art of sales.
5) Fearless Mindset of Change: Fear is an irrational emotion that inhibits our ability to grow and rationalise. For many the fear of change is something that affects our personal comfort and requires extra effort. To choose change is to embrace progress as we evolve into something that gives us an advantage over the past.
It is important to monitor and evolve your sales strategy based on several influences that will affect your ability to sell. Sales strategy needs to evolve as the drivers of change determines your direction.