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Challenges & Opportunities - The Great Restart (Vol. 3)

Pressing News ,

Sales challenges and opportunities

FOCUS ON YOUR CUSTOMERS’ NEEDS AND STAY RELEVANT

So, here we are managing (or is it enduring?) another week of our new lifestyle.

As many of you have experienced, it's difficult to connect with new prospects and gain engagement as a new supplier or solution partner. So during this time of unusual circumstances, let's look at what we can do as sales professionals to remain successful when things return to “normal.”

You now have time to write case studies and white papers and research leads. You can develop new ways to help your clients with their customer initiatives to help them keep their client base.

You have time to write emails to clients to offer your help with their needs and objectives. And you definitely have time to get onto a new webinar and see what's new!!

We need to be super creative to build ideas to be an extension of our customers' customers!

  • Your Plan: Review your current sales plan. Make sure it aligns with the updated company sales strategy. Adjust where required, and then get after it. And remember, spend most of your time LEARNING. The market has likely changed (on both a collective and individual client basis), so your consultative sales interviews should include a massive component of market research.
  • Client account review: Start with your existing customers. Seek to understand. Learn about each of their concerns. Is there anything you might do to help? Many will openly embrace support in deciding how to navigate in these uncertain times. Be their go-to trusted advisor.
  • Don't wait for the phone to ring: Many people will become paralyzed during these times. Personally contact as many prospects and clients as possible. Don't feel like you need to solve anything or propose solutions. It is OK to not have all the answers, but if you can help your clients develop better questions or make better decisions, you will add a lot of value. They will remember you for it (and you will learn a lot about the market and see new potential opportunities).
  • Care, Listen, Understand: What concerns your clients and prospects? Don't listen with intent to sell. Listen with the intent to Learn. Keep your filters off. This is no time to be pushy or convincing. Be patient. If you are, I promise your consultations and empathy will produce plenty of new opportunities.
  • Segment Markets: Has the New Normal created any major areas of concern for your prospects and customers? Now is the best time to contact all of your existing customers to show them how much you care, to learn what THEY are doing to weather the storm, and to evaluate whether or not there is anything you might do to help.
  • Persistence: Never give up. Understand that opportunities always abound during uncertain times, but that most people simply do not recognize them. – Leslie

Business Challenges and Opportunities

THE OPPORTUNITY IN THE AFTERMATH

This extraordinary disruption of our economy can also be an opportunity for your future. An increasing number of your competitors will find themselves under great pressure and thus will present opportunities for acquisition. Adding another firm’s business to your own is a win at any time, but in our virus-stressed world, there will be an increased number of opportunities available prices. Sellers will not be able to demand cash or guaranteed payment but be more open to a deal based on a percentage of retained sales (an earn-out). The mirror image of this reality is that if your best efforts are unable to maintain financial stability, the right deal with a parallel firm can be the solution.

Either way, just hunkering down and doing nothing will not be a solution—bold action will carry the day. The first step is to project what might be accomplished with the right deal which involves what value could be conferred on both buyer and seller. How do you do that? Give Bob a call and find out.