Content Marketing and Insight Selling – Companies Need to Become a Source of Ideas and Insights for their Customers to Add Value
Buyer behavior has changed, fueled not only by the economy but also the ever-available and increasing sophistication of online marketing and social media. Our clients recognize this and agree that they need to do something about it or risk not being heard by their customers.
If you stopped your win-loss review process after the interview, you would have spent quality time with a client or potential client gathering feedback on your business. That shows the client that you value your performance and strive to improve, as well as building goodwill toward future opportunities.
Many companies manage by numbers, which are important, but far from comprehensive. What’s the story behind the data? If your sales team is winning more pitches than they lose, you might consider leaving “well enough alone.” Something’s going your way, so don’t tinker with success, right?
Wrong. Even if you have a winning success rate, you still need to know what’s working well so that you can capitalize on it. And if you’re losing, find out what needs to change in order to turn those stats around.
Growing sales and distribution capabilities into new markets is a major strategic undertaking for companies. Richardson has been working in Asia for nearly 15 years and have strong operations in the region. However, demand for our services from multinational clients working in China and large domestic Chinese companies outpaced our ability to deliver our sales training solutions from afar.
In most organizations, reviewing every won or lost opportunity is impossible. While there is so much information about each sales opportunity in your funnel readily available, there is a point of diminishing returns. As the process owner or executive sponsor, you need to determine what’s most important and how much is “too much.”
The only certainty in life is change, and this is especially true in sales. Sales organizations are in a constant state of flux. By many estimates, the average tenure of a sales leader is somewhere between 19 and 24 months (which is comparable to CEO tenure). This churn at the top brings with it new ideas and hopes and the need to do things differently to hit your numbers. Every year brings new quotas and comp plans, new goals and expectations, reassignment of accounts, new products and solutions, new technologies, new competitors, and any number of changes and complications. You sometimes wonder how an organization continues to function.
In our work with leading sales organizations, we have certainly seen a change in the buying landscape. Today’s buyers are more sophisticated, have more data available, and often have already defined a solution before ever involving a salesperson. This has created a real challenge for sales organizations and reps. Techniques and methodologies that worked twenty years ago do not necessarily work now. As buyers change, sellers too must change — but how?
Fewer than 10% of organizations properly translate sales strategy into action, and many make no attempt at all to do this. Some people refer to this as the ability to close the “knowing-doing gap.” I know what I’m supposed to do, but I don’t know how or lack the discipline to change.