Sales Lessons Learned from a Recession - Part 2

Yesterday sales trainer Kelley Robertson showed us some of the many things we can learn from the recession - and he's back again today with more!

Signing Authority
Many decision-makers no longer have the ability to sign off on the same level of expenses or purchases as before. This has significant ramifications.

The ego issue. Picture yourself in the executive office, perhaps you're a VP of Sales or Marketing. Until last year you could approve any purchase under $20,000. Now, you need to get approval from a purchasing committee for any expense over $5,000. Although you understand the philosophy behind this policy, it is challenging because in your eight-year history with the company you have never made a poor buying decision.

The buying committee. You may now have to deal with buying committees, and if you're not careful, you won't even get the chance to meet them. That means the decision to use your product; service or solution could be vetoed.

No approval. Some purchases simply won't be approved because of the extent or nature of the expense. Even though your solution may benefit the company, the organization may choose not to move forward simply because they know they won't get approval for the expense. It's not fair but it is a fact of business.

Once again, this means that you need to ask more questions to uncover the approval process. Be sensitive to the decision-maker's position if you discover that they no longer have the authority to sign off on your product or service. Look for ways to help them facilitate their decision. Work with your company to extend payment terms in certain circumstances.

Value is King
Value has always been important in the eyes of the decision-maker. However, it has become even more important. But, it is critical to note that value is what the decision-makers deem valuable. It's not about you touting the features, advantages and benefits of your product. Just because you think something is important does not mean your prospect or customer will. Value is in the eyes of the beholder only. That means you need to ask high-value questions to determine EXACTLY what is important to each prospect and each customer. Once you have accomplished this you need to adapt your sales presentation (aka sales pitch) to ensure that it addresses your prospect value requirement(s).

Make No Excuses
The sales professionals who prospered this past year were assertive in generating business. They did not use the recession as an excuse. They did not wait for business opportunities to come their way; they took responsibility and did whatever they could to reach their targets. This has always been a distinguishing factor between high-performing sales professionals and it will become even more important in the future.

What did you learn from selling in a recession and are you prepared to make changes in order to make 2010 a great year?

Kelley Robertson, author of The Secrets of Power Selling helps sales professionals close more sales with less effort. Kelley conducts workshops and speaks regularly at sales meetings and conferences. Receive a FREE copy of 100 Ways to Increase Your Sales by subscribing to his free newsletter at www.Fearless-Selling.ca.