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Manufacturing is the driver of innovation and emerging technologies. Richardson has partnered with some of the leading global manufacturing companies to provide comprehensive solutions based on a deep knowledge of this industry. While there are nuances specific to various manufacturing segments, this report will provide insights into the global trends including:
Growth by Acquisition: While organic growth is slow in this industry, expansion through acquisition is on the rise. Global organizations are making gains by acquiring companies, thereby widening their footprints. Sales Through Distribution Channels: Buyers, influenced by channels, often dictate the marketing strategy of a company. The industry norm of using a distribution model is growing amid efforts to minimize overhead and stay competitive. Innovation Driving Globalization: Companies are constantly seeking new markets. Therefore, leaders need to invest their money with a focus on the best potential growth. This growth begins with a focus on innovation. Sales opportunities based on innovation are becoming a driving force for global growth. Sales Challenges in the Manufacturing Industry
These strategic shifts are becoming the focus for many manufacturing companies facing challenges like differentiation, and market share preservation. Here’s a look at some of those challenges, with insights on how to overcome them.
Consistency in Sales Approach
The reach for growth via acquisition is creating new complexities. Imagine one global organization, acquiring five different companies. Each company introduces five distinctive processes and five unique (and sometimes conflicting) sales methodologies. As a result, pricing » Continue Reading.
Consultative selling is a method for narrowing the remove between the seller and buyer. By closing this gap, the relationship transcends a “give and take” dynamic to become more of a shared effort to resolve a complex business problem. Reaching this point means embracing these guiding principles.
Exude Conviction, Confidence & Curiosity
Developing skills and behaviors that demonstrate your commitment to the relationship and attentiveness to the details coming from the customer. Bring a strong point of view balanced with a genuine interest in them and what they are trying to achieve.
Connect to the Emotional Side of Buying
In one word, sellers must empathize. Doing so means not simply acknowledging the customer’s challenges but seeking to feel what they feel and understand what they think. Friend/Foe Bias is another form of cognitive bias that tells us we are naturally wired to assess each other’s intentions and to quickly decide if someone is a friend or foe (threat). Seller behaviors must not be manipulative or appear self-serving to avoid triggering a threat response and eroding trust.
Get the customer talking. You cannot move the sale forward without both sides contributing to the conversation. Some buyers are reluctant to offer information which is why effective sellers first give so they can eventually get. Customers will resist opening up if they: are bored, feel interrogated, are asked uneducated questions, » Continue Reading.
It’s time to put the customer back into the conversation. The greatest resource a seller has in winning new business is an honest dialogue. Engage the process as a team. Call upon these core tenets of consultative selling in every buyer interaction.
Sellers need to come prepared. Effective selling begins before the conversation starts. Seek out resources to learn more about the key drivers behind the customer’s business as well as the decision makers and their process. Interactions with the customer are valuable, so be sure to tackle the easy questions on your own before meeting the customer.
Foster openness through dialogue that allows the buyer to feel less guarded about their insights on what they need in a solution. This exchange primes the seller to effectively position value later. All things being equal, the ability of a seller to tightly demonstrate relevance to a specific customer issue or opportunity (rather than simply an industry-wide one) will always be more compelling.
Successful sellers rely on periodic feedback from the customer. This “checking in” ensures that the customer is involved in the conversation. Feedback will reveal if the seller has offered any ideas that are incongruous to the customer’s perspective. Knowing these objections is critical before making recommendations that involve the product at hand.
By creating a dialogue, asking questions, and eliciting feedback, sellers will be well prepared to ask for the » Continue Reading.
Competing in the world of selling today means understanding the changing world of your buyers and adjusting your sales approach accordingly. The biggest change for sellers is that the game has gotten harder, and sellers need to execute at a higher level than ever before to compete. Committing to this level of change is the difference between college sports and pro. The players are bigger. The game is faster. The conditions are more challenging.
Recent Changes in the Buying Process Unprecedented access to information: Today’s buyers are more informed and more prepared. They perform extensive research and many are deciding on solutions before engaging a salesperson or having a conversation. As a result, buyers show up with an arsenal of knowledge as well as preconceived idea of what they believe they need. They are also able to complete more phases of the buying cycle on their own. Research from Forrester forecasts that “1 million B2B salespeople will lose their jobs to self-service eCommerce by the year 2020.” This isn’t the end of the sales profession but rather a wake-up call to all sellers that the customer is looking for more. Availability of options: Related to the overabundance of information, buyers today are bombarded with opinions and options. There can be a multitude of ways to solve a particular issue and navigating the best path can be a challenge. Further complicating the challenge is » Continue Reading.
When people think about selling financial services it evokes images of balance sheets and ledgers. Too often, we forget that people are behind the numbers. Each transaction begins and ends with a person. Therefore, building a presence in the Financial Services industry means building relationships. Forming these relationships is becoming increasingly challenging. In today’s tech-driven world, digital solutions separate the professional from the customer. Emails are easy and fast, but they are simply surface level communications. Therefore, sellers must go further to connect with a customer. Doing so requires overcoming the inertia of complacency.
Sellers need a more active approach to engage customers. Here, we explore how trust, decisiveness, support, differentiation, and unity all empower the seller.
Every relationship requires trust to grow. However, building trust is a process in a world that demands fast results. Often, short-term pressures leave this critical step languishing. Over time, the connection between the seller and the customer weakens.
Dialogue is the basis of trust. These conversations must culminate in insights that deliver value to the customer. Therefore, professionals must adopt a consultative approach rather than one that is strictly transactional. Explain the backstory for your recommendations. Describe why you’re suggesting a course of action. This engagement aligns the interests of the seller and the customer. The customer will be more receptive to one’s professional acumen if they believe in their fiduciary commitment. In turn, the goals become » Continue Reading.
Today’s insurance sales industry faces growing complexity and competition at every corner. Insurance has become a commodity market by low growth in mature markets. As a result, insurance companies are shifting the way that they go to market and interact with their clients.
With new strategies come new challenges in the preservation of market share. Here’s a look at some of those challenges, with some insights on how to overcome them.
Keeping a Client Focused Approach
For the majority of producers, all sales are conversions. That is, a sale for one company is a loss for another. The insurance sale has become a commodity which underscores the need for a client focus to build relationships and loyalty.
The challenge to make this shift is often a direct result of a ‘system think’ philosophy precipitated by internal processes getting in the way of a customer focus.
As regulations become more complex, customers want an easy way to understand their options and make a choice. As part of this shift, producers are taking a more generalist role to provide expertise around a wider array of products. The challenge is using that new approach to provide better customer-producer relationships that lead to sales.
Ensure that the client experience is exceptional. Engage the client by taking time to ask broader questions to understand their goals, improve the experience, and uncover additional needs. Build trust by integrating client ideas and needs into a meaningful and » Continue Reading.
There is no second act in selling. Buyers have too many options and not enough time. When your salespeople show up, they must be exceptional – cutting through the noise and distilling what matters most.
Join Richardson for a complimentary webinar, Adjusting Your Consultative Selling Approach to Engage The Modern Buyer, on August 8 at 3:00 PM EST. In this webinar, attendees will learn how to create a fresh approach to their Consultative Selling Training Programs that empowers their sales organizations:
To understand not only buyer psychology, but the neuroscience and behavioral science behind how people form impressions, make judgments, and arrive at decisions How to foster trust and encourage openness from their buyers How to float ideas in a way that deepens the conversation rather than limiting it
The technology industry sales field is one of unending change. Sellers must remain cognizant of these changes and how they affect their buyers’ needs in order to be equipped to properly position their offering. Focusing on these four selling behaviors will help sellers working in this challenging industry better serve their buyers and drive revenue for their businesses.
Provide Value in a Rapidly Changing Industry
Many sellers today struggle to understand the nuances of their market. Rapid developments in tech mean that this challenge is becoming a moving target. Sellers face emerging trends, shifting priorities, and even new terminology when approaching the customer. These factors create challenges in articulating the relevancy of a solution over the long-term.
To provide value, sellers need to form a collaborative relationship. This collaboration leads to insights, which offer clues on how to position a product. Sellers can start by understanding the trends impacting the customer’s business, and the most critical challenges. From here, sellers can generate new ideas by providing compelling and thought-provoking ideas to their customers. As a result, the customer will see value in the dialogue and understand how you will deliver solutions to them and their stakeholders.
Remember to stay involved. Keep in regular contact with customers during and after delivery, solve problems, and continue to identify needs and form new ideas as their business continues to transform.
Preserve Long-term Relationships
Preserving long-term relationships is becoming more challenging amid the » Continue Reading.