It’s been called everything from an economic downturn to one of the most important challenges of this generation, and no matter how you choose to define the state of the economy today, everyone recognizes a simple fact: these are game-changing times. Old rules and old assumptions must yield to new ones. And indeed, that transformation is already taking place in businesses and professions of all kinds across North America and around the world.

A hallmark of successful sales professionals everywhere is that they possess a keen sense of recognizing when changing conditions are upon them, and that they adapt quickly to those new conditions. Adapting (and by that, I include the act of making good decisions that give you the results you’re looking for) starts by asking the right questions.

With that in mind, let’s start by considering three key questions. Each provides us with solutions we can use in the times that are ahead of us.

When will it end?

The first question is one that plenty have been asking for the past several months…when will this uncertainty end? Like being an unwilling passenger on a long, twisty roller coaster ride, many are hoping that an exit sign is going to present itself soon. But just as the root causes to what ails the economy are complex, so too are the solutions. Put another way, this has not been an easy ride so far and it’s a mistake to assume that it’s going to get any easier. Granted, things will settle eventually, but we need to recognize that as we move forward, the economy and the marketplace are going to look very different than before. Rather than assuming or wishing that things get back to normal, expect a new normal and a new economy.

The Bank of Canada has just announced that Canada is officially out of “recession”. Great news. That being said….our economy is likely never going to look exactly the same as it did 2 years ago. That’s not a bad thing. Unless you refuse to adapt. Its just different so smart sales people know we will have to sell different.

Smart sales people—those with their ear to the ground who recognize the hoof beats of real change announcing its arrival—are going to retool and rethink the way they sell so they can meet the challenges of that new economy. We also need to be mindful of another important fact about the times we’re living in: no one knows for certain what the future has in store. Just as very few would have predicted that the price of gas would drop to almost a ten-year low just months after being at record-high levels, the future has a tendency of being full of surprises. That’s why it is important to take a smart, defensive posture—to mitigate risk so that you’re positioned to take on new challenges, especially the unforeseen ones, quickly and effectively.

What has changed?

This brings me to the second question we all need to ask ourselves. What has changed in this marketplace? For sales people, there are really important, dramatic shifts taking place in buyer behavior that may well reshape the way you do your work. In the past, it was the economic decision maker who was sought out in an organization—that key executive who made the decision to buy. In many businesses, that authority is being replaced by a committee. Officials now have to obtain sign-offs from several people to close a deal. For sales people, this presents a new challenge. You need to broaden your networks to ensure that you’re selling in broadcast rather than narrowcast mode, extending your reach as widely as possible across each customer’s organization.

Another important change I’m seeing—and that my clients are confirming in their own experiences—is that buyers are taking a longer time to make decisions. Some of my clients are seeing sales cycles increase from an average of 30 days to 90 days. Some are seeing delays of up to 20%. The reason this is happening is that customers want to make sure that they’re making the right decisions. And in challenging times, who can blame them? They want proof to back the claims you’re making about your product or service. They want someone to demonstrate how good the return-on-investment will be to choose what you’re selling versus that of a competitor. This means your sales message has to be adjusted accordingly.

There’s one more key change that I’d like to share with you. Companies are entrenching their existing business relationships. For sales people, it’s becoming increasingly difficult to find new customers, but existing relationships have become invaluable. Buyers want to stick with vendors they trust. As I mentioned earlier, it comes down to a matter of risk. Just as you need to position yourself correctly in this new economy, buyers are also doing this. Recognizing this fact, your task as sales professional is to demonstrate to your customers that buying from you is a good choice—one that reduces or even eliminates risk.

What must I do to remain successful?

How can sales people remain on top of their game and be successful in this new economy? In times like these, that’s the veritable $64,000 question, isn’t it? In fact, there are a range of field-tested activities you can embrace as part of your sales approach. And over the coming weeks, I’m going to share with you, point-by-point, a range of solutions that you can implement within your work and that of your sales team.

Changing economic times are an opportunity to reexamine the way we work at sales people—to  hang on to the approaches that serve us well and to seek out new ways of doing business that have helped others be successful.

Dear Colleen, The summer is generally slow for us. What can I do to keep busy and profitable?
Thanks, Mary in New Hampshire.

Dear Mary,

Well, it’s July!  The month that was rebranded for Julius Caesar, who was born in that month. Previously, it was called Quintilis.  Think about that: January, February, March, April, May, June, Quintilis, August …  Doesn’t quite flow.

Any way, summer time is for relaxing, imagination, and reflecting on possibilities, so there’ll be less “hard” sales training this month and more time to reflect on success – what you want it to be, and how to make it happen. To start, let’s take a look at the top 6 list of personality traits all successful people have in common.

1. They work smart and effectively.

They intention, they plan and they take action. They take time to play. They get up early, rarely complain. While expecting performance from others, they expect extraordinary performance from themselves. Repeated, high-level success starts with recognition that hard work pays off.

2. They are curious and eager to learn.

They study, ask questions, read and learn – constantly! They apply and/or take advantage of what they learn. Repeated success is not about memorizing facts, it’s about being able to take information and create, build, or use it in new and resourceful ways. Successful people want to learn everything about everything!

3. Successful people work on themselves.

Socrates said ‘Know Thyself.’ Really successful people work on their personality, leadership skills, management skills, and every other detail of life. When a relationship or business deal goes sour, they learn from what happened and do better next time. Successful people don’t accept flaws; they fix them! When Platinum member Tim has a sales problem, he calls or emails me immediately. We work through it together so he can implement the fix and profit from it quickly.

4. They are self-reliant and take responsibility.

Successful people don’t worry about blame. They don’t waste time complaining and they take responsibility for all their results good or bad. They make decisions and move on. Extremely successful people take the initiative, take action and accept the responsibilities for their decisions and the results. Your clients want to deal with agents, not victims. The buck stops with you. Own up to your results and if you don’t like them don’t worry. If you change your actions you can change your results… if you take action immediately. The decision to change is yours.

5. They respond wisely to change.

Even in times of stress or turmoil, highly successful people keep their balance. They know the value of timing, humor, patience and being prepared. Extraordinarily successful people breathe easily, ask questions, and make quick decisions, even in a crisis. Unsuccessful people resist change. They are frightened by change and prefer the “devil they know” Highly successful people embrace change because they know that change can bring new and better results.  What are you doing everyday to create a new and improved result? What changes do you make when you don’t like your results. Remember. If you always do what you have always done, you will always get what you have always gotten.

6. They take Action!

When an investment isn’t working out, they sell. When they see an opportunity, they make the call. If an important relationship is cooling down, they take time to renew it. When technology, a new competitor or a change in the economic situation requires an adjustment, they are the first and quickest to respond. Business does not stop and wait until you make a decision. Act now and take advantage of what all opportunities hold. You will not be disappointed. This trait above all else will propel you to success. In fact many of you have heard me say often that the main difference between a successful sales person and the mediocre is that a successful person takes action, constantly. What are you going to DO this summer?

Dedicated to increasing your sales,

Colleen

 

Chris and I just returned from a week in Phoenix to work with our new business coach Lisa Sasevich and attend a bit of the National Speakers Association Annual Conference. To be fair, we spent more time in the pool networking with our friends in the speaking business than we did in sessions because it was just too hot to be anywhere else! Yes I know…”but it’s a dry heat!” Well so is an oven. And I’m telling you at 115F, dry or humid, its just hot!What struck me at the conference this year was how much moaning and crying was going on around the economy; how business is down for so many and how much energy so many were focusing on their losses. In fact, I heard one story of a business down from $12 million last year to $2 million this year. Ouch! Now I know that the economy is tough, but I can honestly tell you that at Engage, we will finish this year as our best year ever. There are two reasons for this: 1) Chris, Casey and I refuse to lie down and let the economy run us over. We are focusing on our wins, not our losses. We are being more proactive, looking at new markets, and delivering more value to our members than ever before, and 2) Our members are thriving. I am not telling you we are having a great year simply to brag. I am telling you about our success because I am so proud of what our members (you) are accomplishing this year. If you were not succeeding, we could not be succeeding. If you were not selling more and making more money, we could not be. Our success is because of your success and so congratulations everyone for everything you have accomplished this year. I am super proud of you all! Hope to see you on the next Catch the Wave call! (If you’ve not signed up, you can read more at www.engageselling.com/mastery/webseries) P.S. -  It’s not too late to take advantage of the early bird pricing for our Sales Mastery Workshop, November 19-21 in Chicago. Go to www.engageselling.com/mastery to read more…

Great news if you run a business or sell in Canada!

“OTTAWA (Reuters) – The Bank of Canada declared Canada’s recession to be virtually over on Thursday and raced ahead of a cautious central banker pack with a mostly upbeat view on the world economy.

The worst-case scenario of global financial disaster has been “taken off the table”, Governor Mark Carney said after the central bank released a surprisingly rosy quarterly outlook.

Carney predicted a turnaround in Canada’s economy this quarter, an earlier-than-expected recovery from the worst recession since the 1990s.”

Check out all the good news here

Colleen

Normally I like to talk about what to do in sales. Today’s let’s take a different track and  talk about what you need to avoid doing, so that you can be successful at winning the hearts and the loyalty of your customers.

As I discuss in my new book, Honesty Sells, the healthy relationships you forge with all customers need to be based on open, honest communication. Achieving this requires that you commit to learning more effective way of doing business with people. Don’t kid yourself: without this commitment, your efforts are going to fall short. You need to avoid the dangerous assumptions and lies that so many unsuspecting sales people tell to themselves, all the while thinking that they’re doing themselves a favor…until it’s too late.

The assumptions and lies I’m talking about here are the seven deadly sins against honesty in sales. Beware of each of these. Learn what you can do to avoid committing any of these sins…and how you can repent in a hurry.

Sin #1. Assuming that clients will think you’re being honest with them.

Even if you have a mantle full of awards at home that say “The Most Honest Sales Person, Ever,” you have to constantly prove your honesty and trustworthiness to people you meet. Sadly, it is a human characteristic that people tend to remember and talk more often about the negative experiences they’ve had than they do about the positive ones. Consider a bad experience you might have had in the past with a dishonest sales person. Maybe it was the last time you bought a new car, TV, or even a pair of shoes. That experience, if left unchecked, could shape your perception of everyone who sells cars, TVs or shoes—no matter how unfair that kind of judgment would be. As a sales professional, the onus is on you to demonstrate through words and actions that you’re the real deal on honesty.

Sin #2. Treating prospecting as something you’ll outgrow eventually.

After hitting your targets again and again, some find it tempting to start looking at prospecting as something they don’t need to do anymore. I cannot tell you how many times I’ve heard a seasoned sales person say they’re too experienced to prospect…or that cold calling is beneath them. That’s crazy! Prospecting is the lifeblood of sales. Period. It’s how you constantly generate new opportunities and grow your client base. Without having this as a fundamental component of your regular business habits, you could be putting your career at serious risk. Everyone needs to prospect…no matter how successful you are. To be effective at prospecting, you need to have more than a system for attracting qualified buyers. You also need a sales funnel that’s three times larger than what you need in sales.

Sin #3. Thinking that a great product will sell itself or that the competition is non-existent.

One of the worst lies that sales people can tell themselves is this: “people need what I’m selling and they have to buy it from me.” Truthfully, even if your product is something that people really need—for instance, cars, houses, clothing, insurance or oil—nobody really needs you. Prospects have been successful in the past without you and they will find someone else to do business with if you’re gone. These days, money is tight in a lot of markets and companies are watching their budgets with extra care profits. In this environment, your competition can be anyone or anything that causes your buyer to be distracted. Here’s how you can avoid this deadly sin. Offer your prospects and clients a great relationship—one that can help make it easier for them to do business. That’s what will keep those clients coming back again and again.

Sin #4. Believing in the adage “nothing personal…it’s just business.”

Big mistake. Successful sales professionals will tell you that in business, everything is personal. People buy from people they like. It’s true. In essence, when a client chooses one sales person over another, what they’re really saying is that—other things being equal—they like one better than the other. Great sales records are built on likeability. Likeability is personal. Establishing and maintaining great personal rapport is how you build trust between yourself and your clients.

Sin #5. Relying on a “low-hanging fruit” strategy to hit your targets.

Beware this common trap that ensnares many sales people. Encouraged by successive quarters of chart-topping sales, it can be very tempting to hit the cruise-control button, sit back and rely on an existing client list to maintain sales. In fact, the most dangerous period a company faces is the one right after a record-breaking quarter. It’s not enough to just keep picking the low-hanging fruit. As everyone has been reminded over the past year, markets go up and down. Therefore, you must keep your sales machinery in top working order at all times.

Sin #6. Treating any prospective sale as if it’s a sure thing.

Remember Benjamin Franklin’s sage advice—nothing is certain in this world other than death and taxes. In sales, no matter how great a particular prospect may look to you, things can change in a hurry. Even after a contract is signed, a sale can still fall through. I once saw over $60,000 vanish into thin air when a tornado destroyed the headquarters of my prospect…while the contact was still being finalized by the legal team. In sales, the most volatile time is between when your receive a verbal go-ahead from a prospect and when the contract is received. That’s when anything can happen. So count your deals only as 100% in your pipeline once you have a signed contract and a purchase order is received.

Sin #7. Adopting an under-promise/over-deliver strategy.

I am not a big fan of the supposedly tried-and-true customer relations strategy of managing expectations and then delivering results that exceed those expectations. It simply sends the wrong message to clients. Think about it. If you make a habit of under-promising and over-delivering, then you have to do this every time you do business with a client. Eventually that person is going to expect it from you. If you are unable to exceed those expectations—even once— then your credibility can be damaged. When dealing with a client, it’s better to be specific about what you’re going to do and deliver on that promise. Remember that people buy from people they trust. Trust is built by demonstrating consistent behavior over a period of time, and it’s that consistency that makes buyers believe in your honesty and integrity as a sales person.

Summing up…

This concludes our series on how to boost sales and thrive in the new economy. As I’ve emphasized throughout these articles, it’s important that you embrace changing economic times as an opportunity to reexamine the way you work, how you communicate with people and identify where there is room for improvement.

To recap:

1. Focus on existing relationships
2. Boost your risk-busting communications skills
3. Obtain testimonials from customers
4. Be shrewd and creative about who you target
5. Get management out in the field
6. Engage your offence
7. Beware the seven deadly sins against honesty in sales

By implementing these field-tested business habits I have outlined, you will have the tools you need to make it to the top of your sales organization—no matter what kind of economy you’re working in.

---

Colleen Francis, Sales Expert, is Founder and President of Engage Selling Solutions (www.EngageSelling.com). Armed with skills developed from years of experience, Colleen helps clients realize immediate results, achieve lasting success and permanently raise their bottom line.

Start improving your results today with Engage’s online Newsletter Engaging Ideas and a FREE 7 day intensive sales eCourse: www.EngagingIdeasOnline.com

You have permission to use the above article in your newsletter, publication or email system as long as you do not edit the content and you leave the links and resource box intact.