As uncertainty invades the economy, maintaining profitability rates and increasing revenue has never been more important.
This decade shows signs of becoming one of the most challenging times to grow a business as pressure increases on sales teams to serve as the lifeblood of organizations. Often the unsung heroes of the tech industry, B2B sales teams and the revenue they generate are even more important in times of economic turmoil.
However, projects and vendors are under even stricter scrutiny, and proof-of-concept quotas will most likely be capped. So how can sales teams make a compelling case for why their product or service is worth today's shrinking enterprise IT budgets?
To adapt, we're seeing sales professionals become more aware of budgets and their relationship with customers than quick sales. Sales reps know their solution better than ever and are more productive. That's a lot of change and it's happening fast, but that doesn't mean sales teams should shy away from the basics.
Sell with a purpose
By focusing on ROI, sales reps can help customers take advantage of this opportunity to reduce their technology base to the tools that are essential to the business.
Most companies are trying to stretch their budgets further. At the same time, they face a relatively tight job market and high employee turnover. Sales reps must respond to this reality by putting value front and center. That means highlighting how your products and services will help businesses reduce costs and increase productivity.
For example, reps can point out how their technology increases the capacity of existing equipment in a hybrid environment without adding new expenses. Or, they can highlight the fact that more technology is not always better technology, and even point to their own use case as a more personal example. In fact, most sales leaders say that too many virtual sales tools have had a negative impact on their own teams.
By focusing on ROI, sales reps can help customers seize this opportunity to narrow their technology base down to the tools that are essential to the business.
There is also a new trend where clients call off deals at the last minute or request additional team members to participate. To avoid this hurdle, sales professionals are bringing all stakeholders together early in the cycle. This is where the basics come back to create a map of all the people in an organization who need to sign an agreement and make sure that the value of your product is evident to all the people in that grid. Planning ahead reduces the risk of frustrating delays near the finish line.
Be a partner, not a vendor
Focusing on the customer has always been important, but now it's critical that sales professionals play the long game. While it goes against instinct to close an advisory deal, reps should be cognizant of the fact that clients are under pressure and should avoid guiding them into spending that doesn't fit organically into their plans. Instead of concentrating on short-term transactions, effective representatives make customers feel like you're in the trenches with them and have their best interests at heart.
One of the best ways to build relationships is to personalize interactions. B2B customers, especially the younger generation, are turned off by the standard approach. They don't want to learn about features or even generic value propositions. Instead, they want to learn about the benefits through the lens and language of your organization and receive information tailored to them. Bringing the mass customization we're used to with B2C into the B2B sales process and focusing on long-term customer success is key to building relationships that last beyond one business cycle.
Be a trusted advisor
Many clients feel lost. They are confused by economic volatility and overwhelmed by a deluge of information. Sales professionals add value by educating customers not only about their products but about the industry as a whole.
Whether through one-on-one conversations, webinars, newsletters, or other tactics, representatives help clients understand key technology trends and events happening in the marketplace. For every potential deal, representatives should spend an hour or two a week educating about the bigger picture.
Of course, serving as a valuable source of information requires reps to prioritize learning. While organizations can help with training opportunities, sales professionals must also invest in their own education. Just as they have an income quota, they can develop a learning quota of, for example, five trends or knowledge that they must master this month or quarter.
A structured approach can help keep this critical but non-urgent activity a priority. This is an opportunity to become a trusted advisor to organizations and help shape their outlook for years to come.
Eliminate the heavy lifting and prioritize the sale
All of this takes time, but hard work often consumes it. Sales professionals will have more time to spend with customers or focus on high-value activities like enablement if they can spend less time on manual tasks. Most salespeople spend countless hours doing work that doesn't directly help them build customer relationships, like entering data, logging calls, and submitting proposals.
In fact, Salesforce's recent State of Sales report found that reps spend just 28% of their week selling, up from 34% in 2018. Even when on the phone with customers, reps have to struggle to take notes instead of listening.
Automation technology and artificial intelligence reduce the energy sales reps spend on time-consuming manual tasks. Eliminating hard work reduces cognitive overload and allows sales professionals to focus on learning, educating, connecting with customers, and ultimately closing deals.
long term vision
Focusing on the customer and having a long-term vision is always a good sales strategy. But in times of economic uncertainty, this approach becomes essential. Serving as an advisor that delivers personalized and relevant information to the right stakeholders without pushing for a quick close is key to building trust. Invest in relationships with customers will generate profits that will outlast any recession economical.
