In this short episode of In-Sights, Lance Tyson discusses the current sales landscape. He delves into the evolving sales landscape, offering his perspective on current trends and challenges. He discusses how sales professionals need to adapt to changes in buyer behavior, driven by advancements in technology and shifting market dynamics. Lance emphasizes the growing importance of building genuine relationships, leveraging data for personalized selling, and adopting a more consultative approach. He also touches on the increasing complexity of sales cycles and the need for agility and continuous learning to stay competitive in today's fast-paced environment.
Lance is the bestselling author of Selling Is An Away Game and The Human Sales Factor.
You can purchase these books at: https://www.tysongroup.com/books
Be sure to sign up for Lance's LinkedIn newsletter here: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7123326552678805504
Love the show? Subscribe, rate, review, and share! https://www.tysongroup.com/podcast
---
Listen to the podcast here
In-Sights: The Current Sales Landscape
Blue Ocean Strategy
Let's pick it up here. I was recently working with a company in the construction supply business, and coming out of COVID, they were extremely successful. They were beating the competition and literally competing at such a high level they were in record years. As Tyson grouped in deeper into this, he was really adamant that his folks were struggling. I used an example with him, and a few years back, there was a book called Blue Ocean Strategy. This book essentially talks about the way organizations launched into new companies and in different markets.
Some companies launched their business into a blue ocean, essentially where it's very deep water, a lot of oxygen, and less fish, which equates to less competition. I described it to him, and it sounded like he was in a very red ocean where much shallow water. The red would indicate a lot of competition, bloody fighting it out a little bit with a lot more fish and a lot more fishermen. He agreed, he said, “Look, we're in a really competitive landscape.” The landscape is getting more competitive, even more than it was before COVID.
I said to him, “We're seeing three things from decision-makers like you.” Anytime we enter any business, whether it be in media, sports, manufacturing, or any service, the landscapes change so much, and there is a new business reality. That business reality is around buyers' priorities, competition for budget, and spending right now, which is really fierce and competitive.
Secondly, that puts a ton of pressure on sales leadership, whether that's selecting the right talent for certain situations or just drawing up the right game plan and making the adjustments needed to win. Thirdly, then, it's that pressure to select the right team or develop the right team. The sales profiles change dramatically. The ability of a salesperson to actually read the buyer is more critical than it's ever been before. Some of that can be taught, which is interesting, but some of it is innate, whether it's critical problem-solving skills. Most salespeople are going to literally need multiple strategies to win.
The ability of a salesperson to read the buyer is more critical than it has ever been before.
Current Sales Landscape
Now, with that said, as we look at the landscape, we go back to that example. He said, “How are we going to really deal with companies just beating us on price every time he goes? We're never ever going to be the lowest price. We started to talk and one of the things we discovered is he talked about what he does because he was promoted into the organization as probably one of the best salespeople. Sometimes, as leaders, we get promoted into sales leadership because we're the best salespeople.
I asked, “Are they following your philosophy? What is your philosophy as it relates to dealing with objections, especially the price objection and a negotiation strategy?” He started to give me some examples of what his philosophies are. We'll just call him John at this point. I said, “John, it sounds like a lot of the things that you're coaching your people on as you're talking about like a fierce attitude and things like that.” He goes, “That's right.” I said, “Some of that's innate.” I said, “What is the process that you follow for negotiation? What do you hold people accountable for?”
He goes, “I'm not sure what you mean.” I said, “If I asked you or any of your key players to go step-by-step in the negotiation process, would they be able to tell me what the process is at your organization?” He said, “I think some people would have a common or a similar process.” I said, “Is it safe to say you don't have a predictable or scalable process?” He says, “That's right. It's probably where we struggle.”
I said, “Let me ask you this second question as it relates to negotiation and objections. When they're up against fierce competition or fierce pricing, do they have a tendency to bargain or lower the price? Because yeah, they actually do. Objections actually could become before negotiation because if you don't deal with an objection prior to negotiation, you bargain if you're blind. If bargaining is the most important negotiation process since you don't want to drop into that.” He said, “I don't ever think we needed a negotiation process before because the landscape has changed that much.”
I think that example in construction is probably these construction supply companies probably a metaphor for most industries. Most industries are dealing with some level of change in the market. You go to some parts of the country and things are going really well, and there's some to argue that we're in a recession. You have inflation driving, prices up, and raw materials up. The landscape has changed. It's forced sales leadership to really make sure they have the right people in place. If they don't, they're spending, and people that can do some of the things that are being asked for have to scale that talent up.
The sales landscape has changed. Forced sales leadership makes sure they have the right people in place.
Secondly, though, it's statistically impossible that somebody would be good at every single thing you would need in any sales role. With this pressure in sales leadership, it has really been a pretty great process. We're spending a ton of time. A lot of our coaches and trainers are spending a ton of time helping sales leadership and high-end salespeople draw great plays and have multiple plays, which then again, like we said before, changed that profile for songs. It has to have multiple strategies and tactics to win. You almost have to have them pre-identified.
Episode Wrap-up
Think about it for a sec. How is your landscape changing in sales, whether you're leading a sales team or you're listening to us and you are a salesperson? Can you identify those 3 to 5 things that are really causing either a slippery slope or an uphill battle? Secondly, if you're in sales leadership or you're managing a very large account or a pretty big book of business, are you feeling pressured to design the right play? How does your profile need to change as things move on? What are you doing well? Can you audit what you're doing well and take an inventory of that? Where do you have to make your adjustments? Hope this helped.
Comments