It’s a topsy-turvy world out there. Regardless of your industry, chances are high that you’re experiencing global disrupters— seven trends that are creating chaos for modern sellers across the new sales economy.
As you might recall from past posts, I’ve defined the new sales economy as the intersection of business dynamics, technology and culture change all coming together to influence the way our clients behave before, during and after the buying process. We’ve already reflected on four of the trends we’re seeing in the new sales economy: the “Amazon Effect,” the “ROI Speedway,” buyer control and decision by committee. (Click the links to learn more about them.)
Today, I’ll discuss the last three trends creating chaos in the new economy and share some tips for how you and your team can overcome them to achieve success as a modern seller.
The new #sales economy presents challenges for the #ModernSeller. Watch out for these trends, including “invisible competition.” @amyfranko #b2bsalesClick to tweet
- App Mindset
I grew up in sales for big technology. IBM and Lenovo– blue chip stalwarts. Typically, major enterprises have earned a reputation for being risk adverse and slow to transform. But times, they are a changing. Big organizations are seeing competition from smaller, more nimble companies that can move faster and drive results on a shorter timeline. To compete, the big companies are now willing to experiment by teaming with smaller partners to co-create innovative new products and services. What does this have to do with an “app mindset”? Think about the apps you have on your phone. They might be free, or you might buy them for a few dollars. Either way, there’s a low cost of entry. And if you don’t like the app, you can delete it with just a swipe of your finger. It’s similar for these new partnerships. If the big companies don’t see a return quickly enough from their partner, they’ll just terminate (or delete) the relationship and move on.
- Invisible Competition
If you’re in sales or marketing, you most certainly have a handle on your direct competitors. Sometimes, however, competition comes out of left field. As part of my research for my upcoming book, The Modern Seller, I interviewed a business development leader in the technology solutions space. She shared with me a surprising story. One of her clients, in the automotive industry, is being upended by none other than Uber. Why? Talent drain. Uber, a company previously not on the client’s radar as a competitor, is plucking top talent right out from under her client. Examples such as this are happening all around us. Next time you assess your competitors, be sure to think outside the box. Is there a company in a related field that is primed to create a disruption in terms of your product, service or people?
- The Commoditization Tipping Point
Gone are the days when a complex service was immune to commoditization. Even the legal field’s almighty billable dollar is being threatened. By whom? Companies and firms who are establishing creative ways to do business such as retainers, flat fees and even automation. If law firms are affected, that means all other professional services industries are at risk too. The commoditization tipping point changes the way our clients think and buy, and it leads to cases of invisible competition, as mentioned above.
That wraps up our series on the seven trends creating chaos in the new sales economy. What disrupters are you experiencing that you would add to the list? How are you tranforming your sales training to address them?
And for more information on how you can transform into a modern seller, watch this short video.