If you are in business you know that nothing happens without a sale. Yet in most countries, during the pandemic, budgets in companies have been slashed to reduce operating costs, postpone capital expenditures, and focus on gaining or recovering market share. Consumers have cut back their spending to the essentials, striving to get value for money.
In the UK, these conditions are expected to continue.
Although the BBC has told us that the third quarter of 2020 saw the UK economy growing again, with July to September seeing the fastest growth on record – 15.5%, we should bear in mind that this captures the effect of the economy shutting down and reopening again.
The Guardian tells us that the Government’s independent forecaster says Covid crisis will cost equivalent of £14,000 for every household, as government borrowing hits a post war high. Please see the article on this topic – “UK economic growth next year will be fastest since 1948, says OBR” from The Guardian.
On the positive side, the prospect of the vaccine arriving has brought a spirit of optimism. Some of us are starting to go out more, visit shops and a few of us have even taken holidays.
But there is still a big gap between where the economy was last year and where it stands today. The reality is that hundreds of thousands of people have lost our jobs and millions are still on furlough.
Most who run businesses have far less trade than they did before Covid. And in companies the business development team have never been more important. Whilst Bain focus on equipping channel partners others are focusing on direct sales generated internally.
I recommend reading that article relating to the topic – “Unlimited Partners: Equipping Your Sales Channel to Thrive during Covid-19” from Bain and Company.
Assuming your sales team have moved away from selling a product to solution selling where they focus on solving the customer’s problem rather than selling features, you might be wondering, what you and they can do next?
Of course, the sales team should be trained in winning business from new and existing accounts, but the approach used to train them requires new thinking for these new conditions.
The ‘new normal’ we are living under, with all of its restrictions, demands that the status quo is challenged. They have to work differently if they are not to accept “sorry we’ve no budget” and instead motivate the customer’s resource holders to find the necessary funds.
- Fully appreciate their role in building your company’s growth.
- Have an easy to use account plan.
- Know how to identify opportunities to promote your products and services.
- Be proficient in presenting themselves confidently and credibly to multiple stakeholders.
- Understand how to challenge to create interest in the client to learn more.
- Recognise when subject matter experts are required and bring them in.
- Communicate effectively when dealing with considerations and objections.
- Build an action plan to drive personal change and performance.
To learn more please contact dancing lion.