We all know how challenging it can be to win new business. Gaining a new customer’s commitment is justifiable cause for celebration. But you need to remember one thing: the sale isn’t over when you book the order.
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SELL THE DIFFERENCE: Establishing your Unique Solution Value
But in the business domain, and particularly as a sales person, your choices have another important impact - because if you get these choices wrong, and whether you like it or not, you’ll end up getting delegated to the person you sound like.
I am sure you'll enjoy his perspective - over to you, Donal...
As we emerge from the downturn, it’s clear that we’re going to have to find new and better ways of reaching and satisfying our customers. The May 2010 edition of the McKinsey Quarterly reports that “the way businesses buy from and sell to each other is changing”.
No great surprise there. The article explores three trends that McKinsey’s analysts heard from senior sales executives. Now the nature of McKinsey’s sample is such that the results reflect the experience of some of the world’s largest and best established companies – but my own observations suggest that a growing number of successful up-and-coming organisations are already embracing their recommendations.
The “end of the road warrior”?
Gartner have just revealed the results of their annual survey of CIO priorities. It makes fascinating reading when compared to last year’s report. IT spending for the coming year will increase by an average of 1.3% - but that is compared to a dramatic decline of 8.1% in 2009. 2010 IT budgets are back to the levels of 2005 – half a decade’s growth in budget has been wiped out.
From managing resources to managing results...
According to Mark McDonald, Gartner Group VP and head of research for Gartner Executive programs, the role of IT is changing from merely managing resources to taking responsibility for managing results, while the technology focus is shifting from heavy owner-operated solutions to “lighter weight” hosted services.
Business process improvement remains the #1 business priority, followed by reducing costs and improving workforce effectiveness (promoted from last year’s #4 to #3). But the real change in priorities comes on the technology side. Last year, enterprise CRM was the #2 technology priority. In 2010, it does not even make the top 10.
What was your 2010 New Year Business resolution? The one I've been hearing most often from Chief Executives and Sales and Marketing leaders is to "get closer to their customers" - which seems like a laudable objective.
Recent research from the Stanford University Graduate School of Business suggests that companies that eliminate bonuses for achieving sales quotas generate more revenues. According to Professors Nair and Misra, the benefits can be significant – in one case stimulating a 9% uplift in revenues.
As 2010 approaches, that sort of sales uplift could make the difference between achieving your revenue goals for the year - or falling short. It’s a powerful argument for reviewing your sales compensation plans now, so that you’re ready for the new business year with a set of principles that can optimise your sales performance.