As a consultant to small- and medium-sized distributors, I often focus on project management. I generally begin an assignment with the question, “How are you progressing with your top projects?” Most respond that they have difficulty meeting deadlines and completing projects in a timely manner. This leads to high levels of stress and a loss of enthusiasm for the sale. “Too much to do, and not enough time to do it,” is a recurring theme.
Most of the business executives I work with do not keep a written record of active projects. While they may record one or two, another 10 to 15 projects are not laid out on paper. As a consequence, the team often bounces from one project to another at random. Tasks and schedules are not managed and this leads to inefficiencies.
The Solution
It’s time to take charge. Here are some suggestions on how to better manage your projects.
Record all projects – In Stephen Covey’s 7 Habits of Highly Effective People (the-7-habits), he suggests you start with cultivating these habits: First Things First and Begin with the End in Mind. Create a mind map (illustration) to differentiate the projects between Important and Urgent and Important but Not Urgent. Then, list all projects currently under consideration.
Prioritize projects – Prioritize your top 5 projects. Consideration should include time to completion and return on investment. Patrick Lencioni, author of The Advantage, (the-advantage), advises that corporate projects should receive special attention. However, all of your top 5 do not need to be large projects. Smaller short-term projects sometimes yield faster momentum and build morale.
Review weekly – Establish a consistent review process. Each week date your mind map, review the order of the top 5, and list next steps for the ensuing week. Include your executive team in the review as it highlights the company’s direction. Engage the team in refining the review and solicit support by delegating responsibilities. Each participant should review their departmental mind maps.
Record all completed projects – Your team will accomplish more with greater results if a year-to-date recording of completed projects is maintained.
Management = Growth
Lastly, these four steps improve communication and allow you to manage your projects more efficiently. Meeting weekly with my clients to review projects enables them to accelerate their company’s growth.
Digital products offer immense potential for boosting the effectiveness of your sales. But the biggest hurdle for distribution sales at present is obtaining buy-in for digital solutions. As sales professionals, we must be open to learning and utilizing new technologies Digital products offer immense potential for boosting the effectiveness of your sales. However, the biggest hurdle for distribution sales at present is obtaining buy-in for digital solutions. As sales professionals, we must be open to learning and utilizing new technologies in our sales processes.
Achieving Digital Buy-in
To get your team on board with new digital applications, the value of the technology needs to be proven. Also, experience has repeatedly taught me that to implement any new product, process, or organizational change, a successful beta test must be initiated. When a salesperson sees or hears about a successful new tool, he/she will buy in to it.
My suggestion for introducing new technology to your company is to assemble a task force with a company executive, sales manager, and outside sales team members. It would also be wise to include a technology consultant for additional expertise. The task force should then demonstrate the value of the new technology.
Digital Solutions Matter
Keep in mind, your company invests in digital solutions for a reason. Today’s savvy customers all use AI applications to decide on products early in the sales process. Sales reps often enter a sales cycle that is already 60-70% into a customer decision. A salespersonmust be ready to defend the company’s position diligently. The tech stack helps you do this.
The New Tech Stack
Here is what to look for in new technology offerings and how best to leverage them for increased sales.
Consider new software, such as voice-activated and data integrated call reviews from AI-backed conversation intelligence.
Look into emerging capabilities in ERP, CRM, eCommerce, Product Content Management (PCM), Business Intelligence (BI), and pricing. Review calls from your AI-backed conversation applications.
Leverage AI generated data to make more accurate sales forecasts.
Research carefully and verify information by making multiple searches. Remember, data collected by generative AI is only as good as the information that is inputted.
Fold in New Resources
In conclusion, the tech stack is deep. Welcome its benefits and be willing to fold new resources into your sales process.
As digital transformation reshapes the sales process, it is crucial to establish a good balance between technology and personalization. Also, the speed at which new technology is being introduced makes this challenging. Here are some actions that help ensure your digital tools are working in harmony with personal solutions for your customers
Accept and Adapt to Change
If you expect to be successful in sales today, you need to remain mindful of innovations as they are introduced. Additionally, the highest-performing sales teams must be learning and using emerging digital resources. Stay on top of these new solutions and leverage them to your advantage. Be willing to navigate applications as they gain momentum. Accept and adapt to change.
Access AI
It is essential for salespeople to recognize and access the growing field of AI-related resources. AI enables you to effortlessly handle data consolidation, hone customer profiles, and select content for leads with the next steps. Time-consuming tasks, like updating CRM data, generating quotes, and responding to proposal requests, are streamlined using AI programs. When you adopt AI for sales, you achieve faster results.
Provide Personal Relationships
Even in the digital era, sales continue to thrive as interpersonal interactions. Amidst online and direct channels, distributor sales hold a paramount edge in offering personalized relationships. In addition, to sustain ongoing triumph, it’s imperative to excel in constructing and nurturing these connections. Ultimately, purchasers gravitate toward those they trust and those who consistently meet their expectations.
Achieve Balance
Lastly, it’s important to acknowledge that technology presents opportunities to elevate the sales process. However, it’s crucial to maintain a focus on relationship-building. While AI possesses numerous capabilities, it falls short in replicating personalization and empathy. Striking a harmonious sales strategy necessitates embracing the enterprise sales model. Finally, this approach seamlessly combines digital analytics with genuine personalized communication.
Professional sales reps need to pay attention to what is new, particularly as it relates to Artificial Intelligence (AI) and enterprise selling. It is time to take action with AI.
Artificial Intelligence
Artificial intelligence (AI) is already having an impact on the business world. According to Forbes, OpenAI, the company responsible for creating the chatbot ChatGPT, is now valued at $29 billion and has raised $11.3 billion in funding through seven rounds. Recently, Microsoft announced a significant investment in OpenAI to further advance AI innovation globally as part of their longstanding partnership.
Furthermore, I recently asked ChatGPT, “How will sales be affected by artificial intelligence?” Instantly, I received a 377-word response noting seven categories of change. How you manage these changes is critical. As Mike Marks of Indian River Consulting Group, says, “The one thing to ensure distributor success in 2024 is the ability to manage change, and to integrate your whole team into doing things differently.” There is no question that changes in the hybrid sales model known as enterprise selling, which is powered by digital data analysis, will accelerate in 2024.
Actions Needed
In conclusion, as digital transformation gains momentum, here are key actions salespeople need to consider.
Continuing education – AI is moving at a fast pace but distributor sales have been slow to adopt it. You and your team must be constantly educating yourselves on emerging digital resources.
The balancing act – Although digital transformation is fundamentally reshaping sales, salespeople must avoid depending on it too much. You need to establish a good balance between technology and personalization in your sales process.
Using the new tech stack –Welcome the benefits of the digital transformation: not taking advantage of them only puts you further behind. Be willing to fold new resources into your sales process.
Engaging the already informed buyer – With the changing sales landscape, reps must be ready to defend the company’s position diligently. AI helps you do this effectively.
We need to look for the opportunities often hidden within disruption. As author Barbara Kingsolver, says, “The changes we dread most may contain our salvation.”
Letting Go
Many great companies have been on the verge of extinction and recovered. Notable examples include Apple, Marvel, GM, AIG, IBM, Starbucks, Jack in the Box, Chrysler, and Lego. Among these, Apple stands out as the most remarkable case. Alyson Shontell’s article in Business Insider describes what she calls the “The Greatest Comeback Story of All Time”. In 1997, Apple was hemorrhaging $1 billion a year. Moreover, the media was predicting its demise. However, at the ’97 Macworld Expo, Steve Jobs humbly addressed the audience: “If we want to move forward and see Apple healthy and prospering again, we have to let go of a few things here. Specifically, we have to let go of this notion that for Apple to win, Microsoft has to lose.”
Finding the Opportunity
Steve Jobs wasn’t afraid to make difficult decisions to get the company back on track. He demonstrated to the world that you can adapt to change by finding opportunity within it. He and Bill Gates joined forces. They announced a five-year contract that would release an updated Mac version of Microsoft Office and Microsoft’s $150 million investment in Apple. In the end, both Jobs and Gates won!
Adapt to Circumstances
A wise businessman adapts to his circumstances. Lastly, the best leaders are continually developing a culture that enables people to find solutions to challenging situations. They embody active listening, attentiveness to ideas with an open mind, and the ability to respond without judgment or finality. Demonstrating understanding and respect is integral to their projection. Furthermore, they embrace lifelong learning, acknowledging the necessity of seeking chances for change.
