Financial Services Journal

I recently completed some interesting research. The work I did was simple, basic and straightforward. I reviewed data related to over 60 different clients we had conducted consulting, training or related assignments for over a 2 year period.

My purpose was to isolate some clear trends that were prominent and consistent. It was clear that there were two that popped out time after time. Here they are:

Consolidation

Competition

Consolidation of customers, industries and even their own organizations…competition from more and more areas for their customer's attention and the ensuing problems that this creates.

What does this mean to salespeople, no matter what they sell or to whom they sell it? Let's look at ten clear issues that need to be dealt with immediately:

1. It is increasingly more important for salespeople to work on their business, territory or customer base. They cannot afford to be tactical and get blindsided by fast moving events by simply working "in" it.

2. Salespeople need to have sufficient depth in all of their accounts to offset the pressure that comes from the arrival of new buyers, the political fallout of consolidation and the reality of competition.

3. More and more, salespeople need to have a better understanding of the marketplace, the competitive factors in it and precisely how they, their product or service and solutions fit into it.

4. It simply requires more work. More time, more effort, more commitment. It is essential for salespeople to understand the power that greater presence can communicate.

5. Salespeople need to understand the reality of the political landscape without being political. There are constant ebbs, flaws, changes and reconfigurations within all of your customer's worlds. Salespeople need to anticipate and deal with these changes before they ever even occur.

6. Salespeople need to be able to communicate their unique advantage, selling proposition or advantages quickly, easily and crisply to all constituents in such a way that it is understood clearly.

7. It is essential to build varied levels of advocacy within accounts. In times of consolidation, there is no telling precisely who will survive…or surface into a position of strength.

8. Knowledge of all of your competitors must be accurate, precise and in-depth. Suddenly, a competitor who is not a threat at all can become a major player – perhaps they, themselves, having become part of a larger organization and now assault your customer base with greater strength, tools and products. Don't be caught flatfooted!

9. Be aware of the way pricing can be affected through the power of consolidation and competition. Economies of scale, purchasing power and leverage can all be affected as it relates to you and how your competitors deal with fundamental issues.

10. Look for ways to constantly reinvent and redefine the way you present your product or services. Be sensitive to the ways your marketplace is changing. Remember, the old phrase "old wine in a new bottle" is appropriate and accurate even today!

There is no doubt that you do not sell in a void. There is also no doubt that consolidation and change will continue. So, what, exactly, does that mean to you?

First, it means that there will be no room for salespeople who are lazy, complacent, self-satisfied or fearful of change. It means that the days of simply servicing accounts without constantly looking for new ways to deliver value, create better solutions and anticipate the next wave of customer demands is over.

Secondly, it means that salespeople who can embrace the new world – and legitimately be excited about it – will not only survive, but thrive in it. For you to be one of these salespeople, let's look at three principles that you'll need to adapt:

1. Accept that the status quo days of business are over.
2. Become anticipatory, not reactionary when dealing with change.
3. Develop strategies to master consolidation and change instead of being held captive by it.

There is no doubt that selling is much more demanding and sophisticated than ever before. Don't settle for simple solutions to complex challenges. Become even more professional every day and you will capture the essence of consolidation and change and put them on your side.