Among other things, 2020 will be remembered as the year of COVID-19. The world was forced to adapt their pre-COVID approaches to address how people work and how businesses can operate. This is especially true for sales departments.
The world was inevitably moving towards incorporate technology into their practices, but no one expect the abrupt halt to in-person interactions. This new reality accelerated and forced the adoption of digital solutions at a rate faster than many companies can effectively incorporate.
As an example, a recent Mckinsey report shared that video conferencing (VC)/web/phone sales model is now being used for 90% of sales. Despite some concerns over this sales model, over half of sales representatives are impressed with the state of video conferencing. It has allowed users to shift their in-person interaction directly into video. However, this is insufficient to compensate for the loss in leads and deals experienced during COVID.
As you navigate these new waters, there are some pitfalls you should avoid and steps to take to help you win more sales post-COVID.
What are the Pitfalls to Avoid?
It can be nerve-wracking for sales leaders to come out of a period of little to no sales and resume operations only to ﬁnd there are new rules of selling.
1. Do Not Become Anxious or Come Out as Desperate
Keep your wits and avoid becoming desperate. Often, during such crises where sales volumes dwindle for extended periods, sales leaders become anxious. Though it’s understandable as lack of sales can cripple the company, anxiety only worsens the problem and leads to desperation.
With fewer leads to convert, each will be more important than ever. Remember that you are selling and not after charity. As such, always showcase present the value of your products and services. Any signs of desperation will reduce your chances of closing deals.
2. Selling to Wrong Prospects and Spamming Leads
We have all had the reaction to increase activity when sales are down. This can be a double-edged sword. IT’s great to increase activity, but not by sacrificing proven approaches Sales efforts should not necessarily be focused on reaching a broad audience but the right one. When leads are far and few, any prospect may be exciting. However, this is when you have to be more careful with where you dedicate your efforts. Selling to the wrong prospects will waste time and deplete your resources.
Also, when you get suitable leads, make sure you approach them respectfully and professionally. Spamming them to accelerate the process will only serve to repulse them.
Whereas it may seem that the pandemic has placed an unnecessary need for companies to digitize, it’s quite the contrary. What it has done is only demonstrate the importance and accelerate a process that was already gaining momentum.
Therefore, it’s not about adjusting your sales strategy during the pandemic but preparing to sell even after COVID. Here are some tips to follow:
1. Restructure Your Solutions to Assist with COVID-19 Concerns
The coronavirus has affected all across the board. Even the companies that seem to be doing well have had to make several adjustments. Before you reach out to leads, consider the unique challenges they have during the pandemic and re-engineer your solutions to help them address them. This is especially important for B2B companies.
Once you do so, incorporate the change in your sales pitch. Addressing your client’s challenges at this time will not only increase your chances of closing more deals but will earn their loyalty.
2. Increase the Length of Your Contracts
It is standard practice for SaaS businesses to offer monthly contracts. Customers love this model as it gives them ﬂexibility. On the other hand, it presents a signiﬁcant risk for you. With the subscription model, proﬁts are earned based on how long a customer subscribed. If the churn rate increases, customers may subscribe and unsubscribe before you are able to make a proﬁt from them.
At a time where subscriptions may be lower, selling longer contracts may be an excellent way to safeguard future earnings. However, how you do it is also crucial. Do not box clients into accepting long contracts. Instead, devise ways to incentivize them to take up longer ones so that it is a win-win situation.
3. Collect New Leads
In many industries, the sales journey is often long and can take months. The fruits of today’s efforts will be realized later on. One of the main things you should relentlessly at this time is collecting leads. Even if they may not be in a position to buy at this time or you cannot serve them all, dedicate more time for prospecting and lead generation.
In case there are subsequent waves of the coronavirus that may cause similar economic challenges, some of your clients may be affected. Having a pre-prepared list of prospects can help you adjust quickly.
There’s always a sense of satisfaction when landing new clients. However, it may not necessarily your best route to increasing revenues, especially during this time. One of the best ways of increasing revenues is by increasing each of your clients’ lifetime value. In simple terms, this is selling as much as possible to your existing customer base.
Since they are already your customers and trust your brand, selling them more is easier and cheaper than ﬁnding new clients. It is ﬁve times more expensive to acquire a new customer than to retain an existing one. And, you have a 60-70% probability of selling to an existing customer, whereas it’s 5-20% for new customers.
Therefore, even as you focus on getting new leads, try and upsell existing customers. From the solutions you already offer them, determine what more they may need and you can provide.
Increasing Sales Is All About Getting in front of the Right Audience
Regardless of whether you have the best products and the most captivating sales pitch, all your sales efforts will be in vain if you target the wrong prospects. Therefore, the ﬁrst step in an effective sales campaign is getting the right leads. Want to save time and sell more? REGIE is an advanced lead generation software that uses the art of language and science of delivery to get you suitable prospects. Schedule a demo today to ﬁnd how you can get better prospects with REGIE.