Economy 2.0 is more than just formulating a “solution” from a specific product and/or service then presenting it to the prospective client. This may have worked in the old economy, but does not work in today’s marketplace.
Economy 1.0 was driven by “solution sales” techniques which dictated that with a series of scripted questions we could get the prospective client to tells us what problem they need to solve which then, like the Step-Sister’s foot in Cinderella’s Shoe, we constructed a “solution” from our product and/or service which we recommended to the prospective client (whether it fit or not). This is what asymmetrical information produces.
In Economy 2.0, we have information parity. Buyer behaviors have changed. Instead of “tell me about your product and/or service” and “help me construct a solution”. We now hear “I need a price” and “when can you make a presentation to my team so we can decide” and (the best one), “we’ll get back to you…”
Far too often, we see Economy 1.0 techniques used today. These directed, sales-step-process driven techniques no longer work. In teams where they are used we see sales cycles lengthen, margins shrink and goals missed. So what can be done? What role does the sales team play in Economy 2.0?
In our coaching, we stress the requirement to understand the human element associated with their selling situation. In addition to exercising sound judgment and insight we recommend that our sales teams bring clarity to the selling situation. Studies show that for most of us, we go through our days with, as Sam Sommers a Tufts University psychologist puts it, “psychological blinders on” which makes us unaware of the entirety of the context of situations around us. Removing those “blinders” brings clarity which helps us solve problems.
If the old economy was about getting information; in the new economy, Economy 2.0, gathering information, making sense of it, sharing it and using it to bring clarity to the situation is what moves people. With a clear picture of the entire context of the situation, a high performance sales team will be able to help their client or prospective client see their business in a different way, most likely one which could not be “seen” because of organizational “blinders”. Removing the blinders is the role of the sales team in today’s marketplace.
By bringing clarity, enabling prospective clients to see their problems in different ways, sales teams open up a collaborative relationship between buyer and seller. It is no longer limited to “here are my products and services as you understand them” or “my products and services can solve your problem (just like the competition)”. This collaborative environment is not bound by price or “me-too” competition but is the fertile ground for sustainable growth and long-term relationships between buyer and seller.
Image: Key Details Nate Embrey 2122
