4 Ways Power has Shifted to the Buyer
and What Sales Professionals Can Do to Adapt
Like so many other industries, the world of sales has shifted on its axis over the last few years. This change has indeed left many businesses and sales professionals stranded. As well as leaving many feeling quite isolated. But there is one major change that has occurred in recent years that has completely changed the way we conduct our sales process.The biggest change to our Sales Process to date is:
the balance of power has shifted from sellers to buyers.
Let us break this down further. Over a very short space of time, our sales process has turned on its head. And as such, we must change with it or be left behind. As we have revealed, the biggest change to our sales process to date is, that the balance of power has shifted from sellers to buyers. That means our sales process has shifted from:- Buyer Beware To Seller Beware
- Tangible Products To Everything-As-A-Service
- Complex And Cumbersome To Simple And Agile
- Product Led To Outcome Led
- Money Now/Value Later To Value Now/Money Later
- Become A Disruptor Strategy to Don’t Get Disrupted Strategy
The tried and tested sales skills that served us well for many years are rapidly becoming obsolete. That is because of factors like customer self-service, artificial intelligence, and as-a-service offerings increasingly become the norm.
But what does this mean to our sales process in 2022?
Firstly, do not see this shift in the way we perform as professional salespeople as the demise of our trade. Rather, focus on exchanging old behaviours for new ones. That means re-tooling ourselves for the next sales paradigm shift. How do we do that? Here are 4 Ways Power has shifted to the Buyer and what Sales Professionals can do to Adapt.
1. BETTER INFORMED BUYERS
Online reviews, social media, and the internet has seen buyers come to you with a wealth of information. Buyers now have access to a truckload of data about your product/service and that information simply strengthens their buying power. That means before they even connect with you, buyers already know about your company, competitors, industry, and – even you.
What to Do
Update your website! Keep it fresh and informative. It is the first place your buyers will be going to seek information about your organisation. If your site is hard to navigate, appears outdated, or os not mobile friendly, you stand to lose your buyer before they even reach you. A successful website will educate your buyer and make them want to contact you. Additionally, provide your buyer with insider-only information about your industry. Don’t waste their time regurgitating information they can simply find on another site. Rather, share features of your product or service that are not available elsewhere. While your buyer may know a lot, they simply do not know everything that you have to offer. So, with this in mind, branch out your information offerings. Consider the value of ebooks, white papers, and case studies about your industry and your brand. This will provide insider information for your buyer, and also position you as a trusted advisor.2. END OF THE FIRST STAGE OF THE SALES PROCESS
Buyers are now bypassing the first stage of the sales process. According to a recent study HubSpot study, 38% of salespeople report that it’s more difficult to get a response from prospects than it was as recently as two or three years ago. But why? Well, because it seems buyers are trying to answer their own questions to save time. And also to minimize contact with salespeople. You see, everyone is busier than ever. Additionally, attention spans are growing shorter by the day. But, despite how busy we all are, we continue to increase our time on social media. The average person spends approximately 2 hours a day on social channels, 60% of it done on mobile devices.
What to Do
Hang out where your buyers are hanging out. Put simply, focus on improving the quality and frequency of what you publish online. Fundamentally, find the platform your buyers prefer and become a voice for your brand and industry. Additionally, you can share well-researched and valuable blog posts that speak to specific points in your buyers’ journey3. BUYERS WANT IT PERSONAL
Buyers want personalised experiences. That is, they want the customised approach from you. Moreover, they want you to understand exactly where they are in their journey. Fundamentally, they want you to already know where they are experiencing pain. And then they want a personally styled solution that’s tailor-made to their issues. Put simply, they want empathy, not a canned pitch. Now, are you ready for a whacky fact? The good old email still works. Buyers are more and more nowadays preferring to communicate via email than the telephone. It is done on their terms and there is a record of the correspondence to refer to later. And want some more good news? Email is a perfect platform for personalisation! Easy to tailor and great to deliver at just the right time.
What to Do
Make sure all your emails to your buyers are personalised. That means you will need to understand your buyer’s journey and create customised communication based on their buying behaviour. This will ensure your messaging is connecting directly to the buyer. That is, answering the exact questions they have in that stage of their journey. It’s a powerful tool to be able to deliver the right message at the right time – and you have the power to do that.4. BUYERS WANT TO BE ROMANCED
Your buyer will always expect the red carpet treatment long after you have closed the deal. They want to continue to feel valued. And why not? Keep the relationship hot. This will ensure their return. And furthermore, it also means they are more likely to recommend you. That is, stay connected to your buyers post-closing the deal, and they will remember you next time they talk to their friends, family, and wider network about your industry offering.
What to Do
When you close a deal with a buyer, do everything in your power keep them wanting more. Additionally, keep the relationship alive in the downtime. That means, checking in on them from time to time with next-level email correspondence. Realise the lifetime value of your buyer. Plus, a buyer who also will be quick to provide you with positive online reviews and testimonials, which is great for repeat business!
Remember, you may not hold all the power, but you hold tremendous value as a trusted advisor and strategic partner. The power may have shifted, but there are plenty of opportunities to make a sale if you’re willing to adapt and jump onboard your buyer’s journey.
Book your Sales Team on their Value Sales Training Workshop. Gather the team and we will take care of the rest.
Call us at KONA on 1300 611 288 for a conversation, or email info@kona.com.au anytime.
