The past twenty years have witnessed a revolution in sales. From basic grocery shopping to high-value business services, the internet has transformed the process of purchasing. Today’s technologically fluent customer is armed with a wealth of information before even engaging with a sales representative, which has given way to a profound shift in the balance of power between buyer and seller.
The internet has rendered marketplaces transparent, making today’s buyer more powerful. Local and global platforms have lost opacity and many of the influences on buyers, who actively seek information, are out of the seller’s control. The buyer-seller communication process has consequently become a true dialogue.
Trust is an increasingly important aspect of this new information-rich marketplace. Customer-generated content, such as reviews, recommendations and ratings, is frequently used by purchasers to inform their decisions. Consequently it is more important than ever that companies build up trust in their brand and demonstrate their expertise to potential buyers by providing white papers, guides, blogs and videos.
The role of sales staff has been fundamentally affected by these changes. Their more egalitarian relationship with the buyer has forced them to cede control to the buyer and to cultivate both knowledge and long-term relationships. They have to be more analytical, they have to recognise the integral role of social media in sales and they have to be able to go beyond the problem and challenge the client.
As a result, the contemporary sales team has had to acquire new skills to be able to effectively interact with their prospective clients. This concept, developed over the course of the past decade, has been christened Sales 2.0.
Sales 2.0 outlines the steps that need to be taken by companies in the digital age in order to successfully engage with buyers. Sales teams should use social media to create leads and to establish relationships with the buyer. Today’s globally connected world also enables businesses to have greater insight into buyers’ needs, tastes and online behaviour. This pool of information can be utilised by the successful sales person, applied to the sales process and responded to in order to establish buyer-seller trust.
These online tools available to the contemporary sales person capture data and bring it straight to their CRM.
The seller’s preparation consequently starts long before the formal sales process commences. Value-added information such as webinars and white papers (though once seen as marketing collateral) is essential to the establishment of trust between buyers and sellers.
The contemporary sales landscape has evolved greatly with important consequences for businesses. The traditional distinction between sales and marketing is no longer appropriate and both functions (along with all customer-facing departments) now help nurture the companies’ relationships with buyers by gathering data on them.
This change will require restructuring within organisations and additional training for current employees on the important role they play in developing buyer relations.
Every business, from the smallest firm to international corporations, can master Sales 2.0. Our members have been observing a significant shift in sales approach for several years now. Yet many companies continue to dig their heads in the sand. The internet has revolutionised businesses and they must take the time to understand these changes and adapt to sell proficiently to the new, well-informed school of buyers. If they don't, they'll be left behind.
By Steve Gilroy, is CEO of Vistage.
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