Time and change in the selling landscape

“Francis, will the pandemic be an interruption, or will it be a disruption to the business?” This was the question clients asked me in March of 2020. My response then has stayed the same today. The pandemic is not an interruption nor a disruption to business and the world in general; it is a reset. It will plunge into a hardly recognizable world, and therefore the phrase “Going back to the way it used to be” will no longer be usable.

The pandemic is an event that has an all-encompassing effect on many areas of our lives and more so as we do business today. Our work, expectations, lives, and the pandemic have significantly impacted customers.

Travel was never the same in the aftermath of 9-11 when security tightened, more restrictions were in place, and that was just one part of our lives affected. The good news is that we are blessed with a robust economy that ended 2022 on a high note amid roiling external headwinds that forced consumers to endure high inflation. But the reality of things to come should propel us to prepare for the times ahead.

Consider the dramatic changes in the following areas:

1. Changes in the market

Interest rates and inflation remain high. It has been projected that the economy will have slow growth while buyers pull back and tighten their budgets, resulting in a slower sales cycle. Virtual sales calls are often more convenient, cost-efficient and productive for both parties. Plus, with more individuals enjoying hybrid or remote work schedules and empowered by technology that allows them to do so, it is intuitive for sales and purchasing to follow suit. Many of my clients are still doing remote work, and the return to office mandate is also met with resistance though more and more companies are imposing a “hybrid” arrangement.

2. Changes in consumer behavior

Like everyone else, customers have made a mass shift to digital after learning about its benefits during the shutdowns of COVID-19. The digital seniors are now doing grocery and food orders online. When the pandemic hit, all sales meetings went virtual. Today, when face-to-face meetings are safe to conduct, it is evident that the world will never return to how it was. While most of my training and speaking engagements are done face-to-face, meetings and training needs analyses are mostly done online.

This change will require re-evaluating our selling processes: Businesses must have a compelling, engaging and customer-focused digital presence, and sales and marketing teams must be equipped to create and foster meaningful relationships virtually.

From customer service chatbots to emails to calls and social media posts, today’s professional salesperson must be prepared to promptly meet buyers wherever they are with the information they need to close a deal. Leaders should also ensure flexible processes: Some buyers will want occasional in-person meetings, while others will prefer self-serve with minimal human intervention. Being able to master hybrid sales can serve as a true differentiator. I have prepared for this, and I am comfortable with both.

3. Changes in the procurement process and people

Turnover has been high. New people replaced the older ones in procurement. And with new people comes new processes and requirements.

Because of the expedited turnover, many key relationships between sellers and buyers must be fixed. And companies must forge new relationships either in person or in a digital environment where brand loyalty is more challenging than ever to obtain.

While the economy may be entering a slower grind before our next growth cycle, it would be good to understand that everyone is on a level-playing field, dealing with the same business conditions. Leaders who strategically utilize this time of slower growth and decreased volatility to adjust to the new customer will be at the front of the wave when the economy picks up. The resulting opportunity is ripe for the picking.

While a slowdown is undoubtedly a challenge, it also offers an opportunity for businesses to gain market share from competitors who may have had to increase prices or reduce services.

Strategize not just for recovery but for growth. Understand the changes happening in today’s business landscape. Changes continue to challenge us, but they also provide us opportunities for growth and success. In this area, we should take the initiative to make things happen.

It has been said: “Time changes everything except something within us which is always surprised by change. We do not just sit on the sidelines and observe the changes happening. We need to initiate changes so we take advantage of opportunities.” And as one who has been in business, I am of the persuasion that we always say “time changes things,” but the reality is that we have to change things ourselves.

(Francis Kong’s podcast “Inspiring Excellence” is now available on Spotify, Apple, Google, or other podcast streaming platforms.)