The COVID-19 pandemic hit the world economy so hard that many businesses are still recovering from the impact. Sales professionals too had to take their share of testing times with travel restrictions, social distancing, restrictions on the sale of some commodities, and customers resorting to budget cuts and putting projects on hold. Businesses struggled to recover fixed costs in the absence of revenue generation due to the sharp drop in sales.
As we start to see some ray of hope in 2022, the global economic slowdown with three of the world’s largest markets – US, China & Europe is staring at us with job cuts, layoffs and other cost cutting measures. Companies started restructuring their processes by cutting costs and re-evaluating their purchasing aspirations. This is not just a worry for B2B businesses but a worry for B2C business too as the end user being aware is taking a more cautious approach in their spends.
For you, we are listing down some known challenges and ways you can address them or minimise the impact.
Sales people, both from B2B and B2C had to unlearn some of the past habits or practices and learn the new way of selling due to remote work culture, boom in E-commerce or digital commerce leading to less walk-ins at retail outlets (including banks) and no door knocks for direct sales teams.
Remote or hybrid work culture with B2B buyers –
Remote or Hybrid work culture is expected to continue with B2B buyers challenging b2b sellers to master the art of selling virtually. Virtual sales process not only takes away the relationship building possible with in person meetings but leaves the sales teams with a small window of time to showcase product or services to clients; everything from the introduction to the demo to the contracts. The word Productivity is on the customer side too thus leaving us with limited meeting time and to be more efficient to close the deal.
Quality of lead qualification –
While marketing teams across ramped up their strategies to generate leads virtually, the lead qualification step needs due diligence. This has an impact on productivity of sales teams as they can choose which client they can target virtually and which client they pursue for in person meetings.
Half knowledge is more dangerous than no knowledge –
I would say assumptions and perceptions are dangerous too. You cannot underestimate the potential of half cooked knowledge that damages buyer’s decisions and deal closures. Today’s buyers are exposed to a TSunami of information on the web – social media, influencers, reviews, competition, peer effect, etc. They already have an opinion on the ideal solution that solves their problem even before you start your demo or presentation. Challenge here – i)preconceived notions ii) brand perceptions iii) less interest in listening to the average seller
Taking training to improve your selling skills to tackle the new age buyer is a must. Besides, patience and good listening skills give you info about sources of buyer’s knowledge that you can use in your favour while navigating the buyer in the decision making process. Their interest in your meeting should be converted to the values and best practices that your company holds as a brand in the market, and how superior are your services with the minimal risks that can be overlooked in your product or services.
Clients need no reason to push back –
Cautious approach in world markets and layoffs in tech are altering buying decisions and spends in related industries. Cost cutting measures are louder than ever and your sales call should not sound like the one that is going to add to their cost. I believe that we need to change the approach here and do research before reaching the client so that your product and services can be projected as the one that optimises cost.
In your sales pitch, you mentioned how your product and services can help them achieve the expected results and address their pain points. You should motivate your prospect to act by pointing out that keeping your deal sign on hold is not just delaying a solution to their problem but also delaying the potential of cutting down the overall cost to the company.
For example, if the client is using current accounting software, which is good at monitoring the finances but not so good at recording the business expenses, and there are GST leakages damaging the company’s revenue, it is important to have a robust expense management solution to arrest the leakages and optimise the cost.
Advent of technology and automation –
Name it the Chat GPT, AI, ML, automation, chatbots, etc. As per the recent Mckinsey report, more than 30% of sales tasks can be automated. There are alarming bells with respect to layoffs in sales jobs too. So, one must plan their sales journey and work harder to stay in line with using technology to the benefit of sales.
Need for Personal Branding –
Times have come for us to tell; Hi I am a Human. More and more seller businesses are inclined towards automation for lead generation. The prospective client is already wished by a bot from the seller side, and hence the sales team needs to differentiate their conversations with buyers. Every salesperson should build a personal brand via social platforms – LinkedIn, FB, Twitter, etc.
Competition, cut throat Pricing & More –
Businesses are bound to lose margins unless the maths are worked well. Market uncertainty is pushing down buyers from annual subscriptions to monthly subscriptions and sometimes no renewal of AMC, etc. Need not say the effect of competition and buyer awareness further damaging the margins of seller business.
Conclusion –
Plan your sales journey, be prepared, improve your selling skills to tackle a more informed buyer, build a personal brand and adopt technology to sell better and stay more relevant as a sales person in 2023 and in the future.
