When the mortgage industry started taking a nose dive in 2008 many companies started slashing costs. One of the first areas hit was marketing (the function responsible for generating leads and building brand awareness) and sales (the function responsible for generating repeat business and new sales). What many companies now understand is that in a tough market, sales and marketing are even more important to corporate sustainability. Without new sales coming in the door a tough situation has become even worse.
To compound an already difficult situation companies are coming to the realization that their salespeople often lack fundamental selling skills and they are being forced to seriously question the quality of their salespeople. In a soft market many salespeople had more leads than they knew what to do with, chased the easy deals, and for the most part were really only order takers. In a tough market, lenders and vendors are discovering that those people simple don’t cut it.
Lenders and vendors need to take an innovative approach to reevaluate their sales process and the ability of each salesperson to determine if they truly have what it takes to be successful selling in today’s market. For sales people to be successful in a tough market they need to understand strategic selling, know why prospects buy and how their product can help fill that specific organizations needs.
When selling in difficult market conditions, companies continue to buy, but the salesperson needs to have the ability to get higher on the company’s priority list to actually sell when money is tight. To do this effectively, skilled salespeople have the ability to ask intelligent and probing questions to ascertain the customer’s true wants, needs, desires and fears instead of just providing a canned solution. Top sales executives listen to prospects and skillfully tailor their presentation as the solution that specifically meets the company’s wants, needs, desires, and fear.
Changes in market conditions require changes in the value propositions that the sales team is delivering. Order takers want to use the same pitch that has worked for them in the past without understanding the changes in the marketplace. These changes can present new opportunities when the salesperson can properly position your product offering as the solution the company needs.
Salespeople need to excel in the details that many average sales people have never developed: lead generation, understanding buying behavior, asking for referrals, up sell and cross sell opportunities, and understanding how to take advantage of dormant leads. They also need to develop innovative approaches to get companies excited about your product offering while differentiating your solutions. The skillful salesperson drives value and is consistent and persistent in their follow-up to close deals.
Often times, the average sales person gives up after a few calls into the prospect with no response. The top sales executives continue to work the account by persistently providing value and solutions that specifically address the company’s true needs.
Is your organization closing new deals on a consistent basis? Are you getting tired of hearing that it is a tough economy and no one is buying? Are you frustrated when you read a press release about one of your competitors signing up a new client? Do you have a team of order takers or true sale professionals?
If you’re not getting the results that you think you should be it may be times to reevaluate your sales team. It might be time to apply some innovative approaches to selling so that your organization can seize the opportunities that exist in the current market.
Share with us your experiences with your sales team. Do you believe that there are a number of order takers struggling to close a deal in this market? What innovative approaches has your company taken to ensure the success of your sales team?
