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Adapting to change is necessary for surviving in a business environment. The advent of technology has shifted the very dynamics of a typical sales process. Sales executives are forced to step up their sales strategies due to changing consumer behaviour.
Here are few methods you can adapt to conquer the current sales environment.
Right Sales Representative
Hiring the right sales representative is a game changer. A well informed and able salesperson can dramatically change the buying process. But successful companies hire sales representatives who are not only willing to be process oriented but also open to the notion of continuous improvement. Also make sure that the sales representative acts as a facilitator between the company and the buyers.
Companies are forming policies that help in retaining the best talent. Retaining the best sales representatives by providing aid for their self-development and growth will benefit the firm in the long run. A survey conducted by Harvard in the year 2006 showed that firms that retained the best sales representatives had greater than average tenure of sales staff, higher percentage of reps meeting the quota, higher average deal size and shorter than average sale cycle.
Following Sales process
Every company has a standardized and defined sales procedure. But very few sales executive follow the prescribed procedure. Successful firms monitor and provide feedback on salesperson’s use of the standard process. These organizations amend the process when they identify even minor changes in market conditions. These companies also have higher performance rating and are a formidable competition.
Though some companies formalize the selling process, very few try to understand the buying process. Keep a track on buyer’s process by understanding the opportunity, the budget allocation and by identifying key buying influences. A proper sales representative should be able to forecast the buyer’s actions and adapt this strategy accordingly.
Nowadays consumers are well informed about the product even before the meeting with the salesperson. A customer’s first impression of the product is gathered from the internet and other online reviews. Hence, a firm should focus on the marketing aspect of the product. Sales department needs to focus more on how the product reaches the consumer to increase the possibility of a sale.
The gadgets and gizmos available today are focused on making sales transaction both efficient and effective. Firms use data analysis to monitor the sales process and collect data which benefit in understanding the market change. Having data-mining tools built into the CRM application and categorizing and storing the collected data in an accessible manner will benefit all businesses.
Salesmen who are transparent to the buyers from the beginning are often more successful at closing a deal. Such representatives have constantly explained what they wanted and tried to reach the top decision maker. These clear and on-going efforts to get to the decision maker can produce a positive pressure on the outcome of the deals. Being open to the buyers and explaining your reasons to them can have a progressive effect on the sales process.
It’s important to remember that the process of selling is both an art and science. It can be highly automated and process oriented but has scope for improvement and development.