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Business Trends

Sales Trends

In my First Blog Post, I would like to talk about the sales trends that require to flourish in an increasingly competitive market place besides achieving the sales objectives and the sales management processes, the new sales personnel will have to possess a series of trend that allows the sales management to thrive in a new world. I would like to start explaining with the following points:

Sales Force as Hybrid Entrepreneurs

Sales People as Hybrid Entrepreneurs: Sales people should show the ability to assess the market conditions when there is a decline and to correlate with sales. This phase requires a transformation as there are not enough strong sales people who are entrepreneurial sales people. ‘Sales people who are hybrid entrepreneurs’ will be the new trend of people to look for considering the individual behavioral assessment of workforce and entrepreneurs.

Workforce can achieve threshold levels in essential qualities like challenging the prospect, managing uncertainty, but do not have entrepreneurial innovativeness and motivation. Whereas, selling tools to help overcome the objections, the entrepreneur can handle with this phase of sales management, salespeople can achieve entrepreneurial outcomes.

Forbes council member talks about an individual behavioral trends assessment that estimates 18% of the U.S. population is entrepreneurial which can be rounded off to 20%. There are over 300 million people in the U.S., thus about 60 million are entrepreneurial. Then assuming half are in the workforce which is about 30 million. Then the small businesses in the U.S. amounts to 28 million. As the workforce becomes more diverse, the sales force must reflect that diversity within its own organization.

Technology in Sales Strategy

Knowing Technology Trends: This being in a generic form, the technology revolutions like digital transformation and communication methodologies have increased better customer relationship across the globe and easy to access. Sales person should possess strong knowledge on recent cloud based CRM technologies which helps the organization to benefit from various outcomes such as meeting client needs, analytics, integration with multiple platforms and customizations.

Carefully choosing from various CRM Software packages helps in providing a clear view of the well managed sales funnel. This strategy ensures that the organizations maximizes the profit and deal closures. Choosing the Cloud Based CRM is challenging.

Considering a software package suitable for a specific team would best solve the problem by questioning whether it is easy to customize as per the needs, are there cross platform integrations, is it mobile friendly and does it offer accurate sales reporting. The effective usage of newest technologies in sales strategy sets a trend for the competitive environment.

Team Based Selling

Sales Management Perspective: The characterizing property of a swarm intelligence system is its ability to act in a coordinated way and perform some collective behavior without any individual controlling the group. This enables to design a system that is scalable, parallel and fault tolerant. This behavior can be related to selling as a group or team which is commonly followed by most companies in recent years.

It is used for selling a technically complex product or a service to a potential customer. This approach helps sales and sales operations to be intact. It is important as sales management that everyone involved in developing a plan buys into that perspective.

Multi-Channel Operations

Identifying Challenges: Most businesses opt for Multi-Channel distribution strategy simply for the growth of sales which leads to profitability. There are potential challenges to the management in complex operations where mostly channels compete with one another.

In this situation, sales people should effectively identify the opportunities and threats involved and implement necessary changes by building relationships with partners, valuable channels and measure results successfully.

Ethical and Social Issues

Individual Sales People Qualities: Sales management have their own ethical and social responsibilities. The sales people should have a sense of social responsibility to deal with complex nature of the society which involves knowing the individual and their cultural differences, finding qualities of who put them in trouble especially those that appear different physically, mentally or in personality. These traits can also be found in a responsible person where an individual and cultural differences are respected and admired the qualities in others who appear different.

Empathy and Enthusiasm

Attitude of Sales Person: Portraying an empathetic attitude is demonstrating an understanding of someone else’s situation, or feelings which helps understand and maintain a cordial relationship with everyone involved and their situation easily. Both concepts of empathy and enthusiasm are important in managing the sales function.

Professionalism

Professionalism: Finally, the important aspect of sales force is Professionalism within the Salesforce. Personal and Professional development are integral part of professionalism which drives performance management for the sales people. Salesforce is increasingly viewed as consummate professionals where reliability, professionalism, integrity, product and market knowledge is very necessary in today’s competitive world.

In order to achieve these competencies selling framework is achieved by evaluating the sales people. As part of the sales frame work the evaluation is based on coaching model where the sales personnel can answer about goals and reality to get the feel of ownership.

An interview by Lee Hardesty from AstraZeneca explains industry evaluation that when sales people collaborate effectively they bring in new viewpoints about the businesses completely which never existed before. This helps to track goals and performances. Apart from being a typical sales person, operations and administration are also critically important to be evaluated.

These are essential sales makeovers that is required currently in a rapidly changing working environment and market conditions.

Additional Reads on SAP Business Trends

https://news.sap.com/2020/06/sapphire-now-business-technology-platform-trifecta/

https://blogs.sap.com/2016/01/29/5-disruptive-trends-in-finance-and-technology/

https://blogs.sap.com/2013/12/14/50-powerful-statistics-about-tech-mega-trends-affecting-every-business-by-vala-afshar-chief-marketing-officer-at-extreme-networks/

Other Social Trends

https://www.slideshare.net/socialogilvy/whats-next-unlocking-a-powerful-corporate-culture-in-turbulent-times-and-beyond

 

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