Shift of knowledge power to the smart customer

By Sean McPheat
MTD Sales Training.

Here’s an ‘intercepted’ message from Sean McPheat – known as the ‘UK’s #1 authority on modern day selling’ – to the typical sales professional beleaguered by demands of today’s informed buyer. McPheat tells entrepreneurs and their people how they can start to redress the balance of power in the customer relationship! Clear evidence that the customer knowledge factor has changed everything.

More objections, more price bashing, the economy excuse, stalling tactics, gatekeepers from hell and elusive decision makers! Just what is happening in the world of selling?

The world of selling is changing rapidly and is a very different animal to years gone by.

The economy is in the worst state it has been since the eighties and during the past couple of years we’ve all found our prospects have made us work harder and harder for our sales (thanks!).

There’s a new kid in town too. Or should I say, there’s a new objection doing the rounds . . . .

“Due to the present economic climate…”
I bet you’re sick of hearing that one!

You see, cold calling is getting to the point where a lot of companies are asking themselves whether it’s really worth the hassle; the buyer of today wants more and more and, at the same time, wants to pay less and less!

Does this sound familiar? Have you also found that your prospects seem to be more aware of what’s going on too?

I mean they seem to have a lot more knowledge about your products and services than they used to. They also seem to know a lot about your industry too and they also know a lot about your competitor’s products and services.

And have you noticed what has happened to sales cycles lately?
Buyers either know what they want almost immediately and purchase from you or not or they seem to play you off against the competition, playing silly buggers with the pricing or just simply refuse to return your emails and calls.

Yes, something’s definitely going on!

Even gatekeepers are tougher to get through – it’s as though some of them have been through combat training to fend off your calls.

It’s not that the current techniques no longer work,
it’s just that the audience they were designed for no
longer exists!

And if that’s not enough, after the incredible time and effort invested into obtaining the sale or the account, keeping the customer and maintaining the relationship – while once a reliable and even assumed prize – has now become a roll of the dice. Customers are ready to run to the competition at the drop of a hat, leaving you wondering if customer loyalty means anything any more.

You see, you’ve read the books that tell you “Thirty-four ways to close the deal”; you’ve read the articles that tell you the exact words and phrases to use to “overcome those objections”; and you’ve even listened to your sales manager’s pass-me-down “tips of the trade,” yet still you find it hard to make your quota!

So why is this?

Well, the approach you’re currently using to try to fix the problem is similar to that of looking for a band aid to cure cancer.

• You’ve most likely been looking for an exact sentence or two to respond to the economy excuse;
• You’ve probably been trying different rapport building techniques;
• You’ve probably been tinkering with your sales presentations too, haven’t you?

Your job has been getting a littler harder every year and the typical response from your manager has been to concentrate on three issues:

• Work harder;
• Develop more effective tactics, tricks and closing techniques;
• Lower prices to be more competitive.

However, you may have also noticed improvement in these areas has still not solved the problem. You have probably found that by putting in more hours, making more calls and studying more books for that latest trick or objection-handling response still has not improved your sales to the desired level.

So what is the problem?

Actually, it is quite simple: All of the problems you are currently facing are actually symptoms of a bigger problem – you are trying to communicate with a prospect/buyer who no longer exists!

• They’ve read the same books as you;
• They’ve been on the same courses as you;
• They can log on to the Internet and compare prices with your competitor’s products within minutes;
• They can ask for recommendations using all types of social media like Facebook and LinkedIn.

Yes, today, your prospects and clients are more knowledgable and sales savvy than ever before so the question you need to ask yourself is this: Are you and your staff properly trained to meet with the demands of the modern day buyer?

The sales profession is missing the boat
We work tirelessly to upgrade our techniques and the tools of our trade; however, most fail to understand the patient has changed! The modern buyer is an entirely different animal from those in the past.
Therefore, the overwhelming majority of sales techniques and strategies and all of the old-tried and true gems and rock solid closes are simply no longer valid.

It’s not that they do not work; it’s just that the audience they were designed for no longer exists. Much of the knowledge and experience of the old sales pros has become irrelevant.

I’m not being disrespectful of those long-time professionals who have been in the business for years and are still seeing great success.
The point is that much of what we learned in the past simply has no relevance when dealing with the educated, modern consumer of today.

With the explosion and availability of information due to the Internet, modern day buyers can lay their hands on nearly every piece of information, education and opinion online about your products and services.

Psst . . . they can then do exactly the same with your competitor’s products and services too!

In short, whether we like it or not, it’s a buyer’s market.