Remember Me
forgot your password?

New Rules For A New Economy: What Successful Sales People Need To Do To Thrive In A Changing Marketplace

It's been called everything from an economic downturn to one of the most important challenges of this generation, and no matter how you choose to define the state of the economy today, everyone recognizes a simple fact: these are game-changing times. Old rules and old assumptions must yield to new ones. And indeed, that transformation is already taking place in businesses and professions of all kinds across North America and around the world.

A hallmark of successful sales professionals everywhere is that they possess a keen sense of recognizing when changing conditions are upon them, and that they adapt quickly to those new conditions. Adapting (and by that, I include the act of making good decisions that give you the results you're looking for) starts by asking the right questions.

With that in mind, let's start by considering three key questions. Each provides us with solutions we can use in the times that are ahead of us.

When will it end?
The first question is one that plenty have been asking for the past several months...when will this uncertainty end? Like being an unwilling passenger on a long, twisty rollercoaster ride, many are hoping that an exit sign is going to present itself soon. But just as the root causes to what ails the economy are complex, so too are the solutions. Put another way, this has not been an easy ride so far and it's a mistake to assume that it's going to get any easier. Granted, things will settle eventually, but we need to recognize that as we move forward, the economy and the marketplace are going to look very different than before. Rather than assuming or wishing that things get back to normal, expect a new normal and a new economy.

Smart sales people-those with their ear to the ground who recognize the hoof beats of real change announcing its arrival-are going to retool and rethink the way they sell so they can meet the challenges of that new economy. We also need to be mindful of another important fact about the times we're living in: no one knows for certain what the future has in store. Just as very few would have predicted that the price of gas would drop to almost a ten-year low just months after being at record-high levels, the future has a tendency of being full of surprises. That's why it is important to take a smart, defensive posture-to mitigate risk so that you're positioned to take on new challenges, especially the unforeseen ones, quickly and effectively.

What has changed?
This brings me to the second question we all need to ask ourselves. What has changed in this marketplace? For sales people, there are really important, dramatic shifts taking place in buyer behavior that may well reshape the way you do your work. In the past, it was the economic decision maker who was sought out in an organization-that key executive who made the decision to buy. In many businesses, that authority is being replaced by a committee. Officials now have to obtain sign-offs from several people to close a deal. For sales people, this presents a new challenge. You need to broaden your networks to ensure that you're selling in broadcast rather than narrowcast mode, extending your reach as widely as possible across each customer's organization.

Another important change I'm seeing-and that my clients are confirming in their own experiences-is that buyers are taking a longer time to make decisions. Some of my clients are seeing sales cycles increase from an average of 30 days to 90 days. Some are seeing delays of up to 20%. The reason this is happening is that customers want to make sure that they're making the right decisions. And in challenging times, who can blame them? They want proof to back the claims you're making about your product or service. They want someone to demonstrate how good the return-on-investment will be to choose what you're selling versus that of a competitor. This means your sales message has to be adjusted accordingly.

There's one more key change that I'd like to share with you. Companies are entrenching their existing business relationships. For sales people, it's becoming increasingly difficult to find new customers, but existing relationships have become invaluable. Buyers want to stick with vendors they trust. As I mentioned earlier, it comes down to a matter of risk. Just as you need to position yourself correctly in this new economy, buyers are also doing this. Recognizing this fact, your task as sales professional is to demonstrate to your customers that buying from you is a good choice-one that reduces or even eliminates risk.

What must I do to remain successful?
How can sales people remain on top of their game and be successful in this new economy? In times like these, that's the veritable $64,000 question, isn't it? In fact, there are a range of field-tested activities you can embrace as part of your sales approach. And over the coming weeks, I'm going to share with you, point-by-point, a range of solutions that you can implement within your work and that of your sales team.

Changing economic times are an opportunity to reexamine the way we work at sales people-to hang on to the approaches that serve us well and to seek out new ways of doing business that have helped others be successful. Over the coming weeks, I look forward to engaging all of you by way of this discussion, sharing with you vital solutions based on the business habits I've observed among the top 10% of sales professionals in organizations of all sizes. The outcome will leave you better prepared for the challenges ahead, so that you can thrive in this new economy that's taking shape right before our eyes.

Colleen Francis

Colleen Francis, Sales Expert, is Founder and President of Engage Selling Solutions ( www.EngageSelling.com). Armed with skills developed from years of experience, Colleen helps clients realize immediateresults, achieve lasting success and permanently raise their bottom line.

Start improving your results today with Engage's online Newsletter Engaging Ideas AND 10 weeks of free sales tips:www.EngagingIdeasOnline.com

Rate this Article: 5 / 5 stars - 1 vote(s)
Print Email Re-Publish

Add new Comment



Captcha

  • Latest Sales Articles
  • More from Colleen Francis

ePathChina Publishes a Wide Range of Stylish Netbooks for Your Selecting

By: Steven Jobs | 27/11/2009
The Netbook is a kind of ultra-portable PC mainly focusing on surfing the net , with size below 10 inches, which is very suitable for business, tourism and even for the mobile Internet on public transport.

ePathChina Publishes a Wide Range of Stylish Netbooks for Your Selecting

By: Steven Jobs | 27/11/2009
The Netbook is a kind of ultra-portable PC mainly focusing on surfing the net , with size below 10 inches, which is very suitable for business, tourism and even for the mobile Internet on public transport.

Auto Insurance Quote Phoenix – How To Get The Best But At the Same Time Cheap Auto Insurance Quote in Phoenix

By: Leah Lessard | 27/11/2009
Cheap car insurance in Phoenix – if you purchase Arizona’s minimum liability car insurance requirements – is not as costly as it is in some other states. In Phoenix, you must have $15,000 per person for bodily injury liability (this means two people must be insured for $30,000), and property damage coverage must be at least $10,000.

How To Properly Wear Gucci Shoes

By: airjordan | 27/11/2009
Despite all these benefits, these sexy shoes also happen to concentrate an immensely strong pressure on particular areas of your foot leading to possible pain and chronic foot problems if they are not immediately resolved. But if you look at good strippers and how they manage to wear their stripper shoes without seeming to have problems, you will surely wonder what their secrets are. Here are some useful tips to help you carry your stiletto as gracefully and beautifully as those sexy ladies .

Hello, World!

By: Sue Barrett | 27/11/2009
This is my first entry into my blog! Welcome to ‘Sell Like a Woman’. The creation of this site came about as a result of an idea I had about putting a book together. I am writing a book called “Sell like a woman” which I want to publish in 2007. My aim in writing this book is to highlight the key qualities, approaches and attitudes displayed and used by successful sales women.

So where are all the Elite Sales Performers?

By: Sue Barrett | 27/11/2009
I received yet another call today from a sales manager asking me where he could find a really good sales pefomer for his business. He complained that most of the sales people in his industry had been around the block too many times and no new skills, ideas or talent where being brought into his industry. Same old people, same old things, same old results.

Sales Recruitment and the use of online psychometric assessments

By: Sue Barrett | 27/11/2009
Everyone seems to be is using online testing these days. That’s fine, however many people (candidates and companies alike) have fallen foul of testing especially when it comes to sales selection. * Online testing is becoming the way of the future * However, many online assessments are being marketed as credible with little regard for their limitations * Security is still the biggest issue!

Are we limited by our view of success?

By: Sue Barrett | 27/11/2009
A while back I read an article in the BRW called “ Missing In Action – where are all the female entrepreneurs?�? It was about the supposedly low number of female entrepreneurs in Australian business. Now to be considered a successful female entrepreneur, by this article’s standards, you needed to be running a big, competitive, fast growing company. It made me stop and think … How many men, let alone women, were running big, competitive, fast growing companies? Given that over 95% of all business

Don’t overdo it!

By: Colleen Francis | 17/11/2009 | Sales
Author describes how to Avoid the trap of overselling. It’s every salesperson’s nightmare: the sale that unravels just before the deal has been closed. It happens more often than it should, and overselling is quite often the cause. As sales professionals, it’s important to recognize that this is a trap that we all can inadvertently set for ourselves. With a little forethought, however, we can learn to avoid making this costly mistake.

Build a client-retention system

By: Colleen Francis | 15/10/2009 | Sales
Author describes how to Build a client-retention system. To become a top-ranked sales professional, it’s vital to have a system running all the time designed specifically to help you hang on to your existing clients so that they call you again and again for new business. I’ll explain why this is important, and then we’ll consider the steps you can take in your own business to implement a personalized client-retention system designed to help you sell more to more people in less time.

Networking in the new economy

By: Colleen Francis | 15/10/2009 | Sales
Author describes how to build Networking in the new economy. Today, we live in an increasingly connected world, so it’s easier than ever to go online and create the connections we want using social networking tools, such as Facebook, LinkedIn, and Twitter (to name just a few). Social networking really shines in how it can help you reach a large number of people and keep them informed about what you’re up to these days. It’s amazingly efficient at sharing information and ideas.

“While you see a chance, take it.”

By: Colleen Francis | 01/10/2009 | Sales
Author says when you see a chance, take it. It is far too easy to get caught up in who is on the losing end of things in a tough market, even though—and let’s face it—that’s what tends to sell in the news business these days. Too often what’s overlooked is that there are great success stories out there being written today by companies who see this economy the way I do - as a golden opportunity to grow and prosper.

Build a client-attraction system

By: Colleen Francis | 01/10/2009 | Business
Author describes how to built client-attraction system. Challenging times have a way of revealing the soft spots in the selling strategy of any organization. Even if you haven’t found this to be the case in your industry, don’t wait another day to do the right thing. You can do this by building a client-attraction system. That starts by identifying two things: who out there is buy

“While you see a chance, take it.”

By: Colleen Francis | 29/09/2009 | Business
Author says when you see a chance, take it. It is far too easy to get caught up in who is on the losing end of things in a tough market, even though—and let’s face it—that’s what tends to sell in the news business these days. Too often what’s overlooked is that there are great success stories out there being written today by companies who see this economy the way I do - as a golden opportunity to grow and prosper.

Building your personal philosophy for success

By: Colleen Francis | 13/08/2009 | Business
Author describes how to build your personal philosophy for success. Success in sales or any other work depends how you look at your work. We become or mould our self to what we think for. We get shaped with the one with whom we hang out. Its time to come out of the thinking box and speak in open….

Submit Your Articles Free: Signup

Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.06, 0, w2)