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Virtual Selling in VUCA Times
Virtual Selling in VUCA Times
Virtual Selling in VUCA Times
In this fast-evolving backdrop, the recent pandemic has introduced what can be called
a geometric multiple of change and disruption – leaving stakeholders befuddled with
limited ability to diagnose and respond to the peculiarities.
In essence, the spread of the novel coronavirus as a health crisis has brought about sharp
economic impacts across all industries globally. Specifically, for the IT sales landscape, it
has sharply rendered the historical best practices involving physical meetings, wine and
dine, or event hospitalities redundant almost overnight with a shift to primarily virtual
operations.
In this White Paper, we will explore the buzzing terminology VUCA, its relevance, and
impact under the lens of the current IT sales realm. Along with that, we attempt to arrive
at productive lines of thought to traverse its impact and thrive.
The origin of the terminology can be traced back to the US Military at the time of the Cold
War. It was first coined by the US Army War College while it was preparing its officers to
lead in the extreme and dangerous conditions in Iraq and Afghanistan.
Now, over the years, the term has been seized by the business world and is often seen as
a practical code for situational awareness and readiness.
As per forecast from Statista, there is a sharp negative change expected in IT and Business
Services Spending starting 2020, post the pandemic hit the world.
Goes without saying, there is little evidence to believe in any expiry date of the current
health crisis and arrive at an estimate as to when things could restore to normal.
Since the pandemic has affected all aspects of the economy globally, naturally the
customers of IT businesses have not been spared from their own fight against the situation
Along side the volatility introduced, another significant change has been the urgent
need to shift to “virtual communication” to ensure social distancing. This means that
the sales arsenal has been forced to undergo an overnight change, with little
preparedness in place for the new virtual methods.
Moreover, in this time, B2B buyers have developed a tendency to engage in much more
research and rely on online mediums against traditional channels for that homework.
Statistically speaking, as per a study published in Forbes titled ‘How To Turn B2B
Buyers Into Sales Leads, According To Data’ as many as 89 percent of B2B buyers report
relying heavily on the Internet now for their B2B product research process.
Due to the pandemic, additional constraints are now influencing the already
multi-dimensional purchase function of B2B buyers.
As budgets are tighter, there is a landscape tendency across industries to cut down on
discretionary expenditure, delay “not so urgent” purchases, and stick to only
necessities for the time being. As a natural implication, the sample size of hot prospects
has reduced and further increased the cycle time of typical IT deal closure for an
unprecedented time period.
As per Gartner Research, 77 percent of B2B buyers have suggested that arriving at a
buying decision in this current environment is turning out to be very complex or
difficult for them.
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Dipping morale amidst the Ambiguity
Finally, keeping with the external uncertainty, coupled with general threats of job
security, there has been an implicit dip in the morale of sales professionals across
industries as they struggle to close sales and fear their future at the same time.
Statistically speaking, as per an article published in The New York Times titled How Bad
Is Unemployment? ‘Literally Off the Charts’, nearly 20.5 million jobs were lost in the
United States by April, making the COVID-led situation the worst devastation since the
Great Depression.
Such national news statistics have been creating a tremendous negative impact on the
workforce, creating an unparalleled fear psychosis amidst the ambiguity about the future.
The primary requirement for that is to first find your own footing and then help the
connected internal and external stakeholders to achieve their goals. To that end, here are
some tangible directions to take inspiration from -
As per statistics compiled by HubSpot, 70 percent of sales managers are of the view that
the role of the sales leaders to navigate change is more relevant today than it was five
years ago.
As someone leading the sales ship, it is a must to have undeterred focus at all
times. There must be continued sharp alertness to constantly observe, strategize,
and re-orient as and when needed.
Since the present times are unprecedented, with absolutely no similar prescription
of a health-led crisis to take inspiration from, observing hard facts along the way and
course-correcting is the only way to keep moving ahead.
Data driven planning and iterations are a must. As per an article published on Forbes
titled “Rewriting Your Business Scenario To Get Through Critical Situations
Successfully”, enterprises stand the risk of losing up to 10 percent annual sales due
to a lack of objective data-driven approach to their strategies.
Having said that, along with relying on data, it is also imperative to engage in regular
dialogues with the team, hearing their concerns and ongoing feedback and accordingly
reframing the call to action.
In order to ensure that the sales team is motivated and they’re putting their best foot
forward, it is essential to instill a sense of security, and the confidence of having
organizational support within them. If they’re shaky inside, they can have only little
positive influence on the buyers who’re themselves plagued by their own uncertainties
from the situational reality. After all, buyers don’t just invest in product features, but in
the confidence they feel when they interact with the sales team.
In order to establish trust and a true connection with the buyer fraternity, what is
essential is a solid display of dependability and the nurturing of human connectedness.
In the virtual world, with limited scope to meet, this can be achieved by exchanging
honest dialogue and undertaking measures to establish credibility and connection.
As such, these are earned only from actions – by delivering the promises made and also
going an extra mile in terms of adding value!
Solid ways of achieving that in the virtual world could be by communicating and adding
tangible value regularly.
Instead of just going around selling IT services, refining the human touch and being
consultative by offering tangible help in the form of solutions to existing problems.
Ways to do that can be by sharing useful information across multiple touch points in a
language that resonates with the target group, and is not dotted with sales asks or
‘intrusions’ in return. As per data, as many as 93 percent of buyers report that they any
day prefer communication that’s less of a sales pitch, and instead educates and informs.
Hence, being patient, looking at the bigger picture, and encouraging sales teams to do
the same is the right way to adapt to the VUCA scenario. After all, a prospect that
doesn’t convert today may convert or assist in a future conversion due to a seed that is
planted today.
With huge changes in buying behavior, the only way forward to is ‘prioritize’ finding new,
innovative ways to adapt to what can be called the new normal. In short, focus more and
more on value and problem solving than selling – while keeping nurturing confidence
internally and externally as a top priority.
Now is truly a time to take ownership as sales leaders and seize the opportunities the new
normal offers!
TALSMART
Dallas, Texas, United States
MAIL : contact@talsmart.com
PHONE : 214 556 5988
www.talsmart.com