and know when to change a strategy that becomes out of date.
It’s difficult to ignore the chimes of negativity echoing through the business press channels. The same warning tolls from almost every outlet…
The market is slowing.
Interest rates are set to rise consistently through next year from the current 5% to over 6%. Inflation remains high and whilst the government has committed to halving it later this year, financial guru’s expect it to be sticky and remain high for a prolonged period of time.
The cost-of-living crisis is still in full swing. The fact for many customers is that their purse strings have been well and truly tightened. For others, it’s more like they have been severed completely.
The looming threat of having to double mortgage payments when the time comes to renew is a genuine concern for people up and down the country, we can expect that even those who have continued to spend will reduce their monthly spend. Disposable income is more of an aspirational future goal for a lot of households rather than a reality of the present.
Businesses across the board find themselves at the mercy of a sluggish market economy and are understandably concerned. The businesses who are growing that we have spoken to are doing so through entering new product sectors and new regions, their traditional business is really soft.
The buzz words are all about being more efficient, creating cost savings and resilience. We can see this by the historic growth in AI as businesses start realising that it can help create wealth and not by removing jobs, but by allowing teams to deliver more assisted by AI.
History may not always repeat itself, but we have definitely been in uncertain times before. At the recent #globalDIYSummit in Berlin Thierry Garnier CEO Kingfisher and General Secretary of EDRA/GHIN said “Get comfortable with uncertainty, it is here to stay and be ready for future changes”.
Whilst it can be argued that retailers have more choice than ever where they can sell. Consumers have more choice than ever when it comes to their buying options as well. Creating a strategy that incorporates every new aspect of the changing landscape is the challenge staring sales teams up and down the country in the eye and demanding an answer to the same question.
How will you shape the decisions of your sales process?
Now, maybe more than ever, a fresh perspective and renewed inspiration need to be the answer.
Make it your responsibility to keep your teams learning outside the realms of just your experience. More and more teams are embracing the idea of becoming more effective due to not just building customer relationships but also challenging them.
Develop a comprehensive market outlook based on the movements within in your business sector and use them to guide you through the difficult times.
Don’t be passive. Challenge old fashioned techniques that rely on a sales landscape that simply doesn’t exist anymore.
Create new plans that legislate for what is happening today and offer real value and one which will plan a future with your customer rather than just serve a quick need.
Implement a strategy alongside your customer, based on current trends and deliver the benefit of your expertise.
Will it offer 100% success?
Nothing ever does, but it gives you the opportunity to stand out against the crowd. Position yourself as a salesperson who not only appreciates the shifting momentum shaping the current market outlook, but one who has a plan to navigate it as well.
If you liked this article you might be interested to read "It's time to go full circle" Circular Economy here we come
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