The uncertainty of today’s economy puts pressure on sales teams to increase revenue and profitability. However, it also makes partners reluctant to spend. Reps must fully demonstrate the value their products offer to yield conversions.
As a result, salespeople are working harder than ever. They must become fully aware of product features and the solutions they provide. They must also keep sales basics in mind to successfully work clients down the funnel.
This article will review solutions that will help salespeople continue to convert despite today’s tough economic climate.
Recognizing Pain Points and Demonstrating Value
Today’s companies are dealing with the rising cost of doing business and high employee turnover. They are focused on stretching their budgets so they can do more for less. Sales reps can cater to this sensibility by demonstrating how their products can add value.
Depending on the product, they can show that what they are offering can help businesses run more efficiently. They can point out how their product can help a business cut down on the software tools they are utilizing to reduce expenses and produce simpler work strategies. They may determine other individual business pain points to demonstrate how their product can help.
Sales teams are also facing issues where multiple stakeholders are called into the decision-making process at the last minute and kill the deal. To keep this from happening, they are setting up early meetings where all stakeholders are present. This keeps everyone on the same page speeding up the sales process and decreasing the risk of the deal not going through.
Establish Yourself as a Partner
It’s essential that sales teams establish themselves as a partner, rather than a vendor, to their clients. The difference is that vendors are there to sell their goods and services while partners want to help you find the solutions that are best for the company. Therefore, they should be guiding them to spend on products and services that will organically help them reach their goals.
One of the best ways to establish yourself as a partner is to take a personalized approach. This differs from an approach that is overly salesy and could be a turnoff, especially for younger generations. It involves providing information that’s customized to the client’s business needs.
Become an Advisor
Many companies feel lost by the current economic volatility and the overwhelming wealth of information they receive. Sales teams can guide them through the storm by educating them. This can be achieved through one-one-one conversations, newsletters, webinars and more. Reps should be prepared to spend an hour or two a week educating clients about big picture activities.
To become an advisor, a salesperson must be well educated in their field. This may require extensive training which may be provided by the employer or may be the responsibility of the agent themselves. Companies can encourage sales teams to do better by setting a quota for new skills learned each month.
Companies Must Allow Sales Reps to Focus on Sales
The current economic climate requires sales reps to spend more time focusing on sales. They must become more familiar with the products they are selling. They will also have to devote their time to coming up with tailored solutions that are best suited to their client’s needs.
According to a recent Salesforce State of Sales report, most reps spend just 28% of their week selling. The rest of their time is spent on administrative tasks. Companies that wish to increase revenue must come up with ways to limit the time reps are spending on administration so they can devote more time to selling.
While one way to do this is to delegate administrative tasks to non-sales personnel, automation can also be used to speed up processes. This may be a more cost-effective solution.
Sales teams should always aim to demonstrate value to their clients. But in times of economic uncertainty, this becomes even more essential. Recognizing pain points, offering solutions, and establishing yourself as an advisor and partner will help to increase sales and revenue.
What will your company be doing to ensure your business thrives despite economic uncertainty? Learn how Engage is enabling teams to do more with less.
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