Paul addresses the uniquely tough time of selling when there aren’t the resources to meet peak demand.
Show Notes
“Your attitude is important as you go through and sell during these moments of peak demand. Realize that all your competitors are facing that same challenge.”
“Within every challenge there lies an ….”
Now is the time to get out there and meet new prospects. You may not be able to help them today, but you’re building a relationship for future business opportunities.
During moments of peak demand, don’t even think about discounting!
Keep creating value!
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How do I sell during times of peak demand?
(Transcribed from podcast)
So, for the past several months, salespeople have been facing a unique challenge—a unique challenge that comes with tough times, but not like you would expect. Right now, the reason times are tough is because there is peak demand, yet there’s not enough people, there’s not enough product, there’s not enough resources to deliver on the expectation or meet the demands that our customers have. And that’s what we’re going to talk about on today’s show is, “How do I sell during times of peak demand?”
Before we get into answering that question, a quick shout-out to The Creative Impostor Studios. You know, they’re the editor and producer for this podcast, and the podcast continues to grow. And a lot of the reason why it continues to grow and thrive is because Andrea and her team are here to support this podcast. And they can do the same for you. If you’re thinking of starting a podcast, if you have an idea for a podcast, Andrea has graciously offered to meet with you, consult with you and give you a complimentary review session. So, to take advantage of that, all you need to do is reach out to Andrea and her team. And we’re going to have a link over to her website on this episode’s webpage. And just mention the Q and A Sales Podcast when you reach out to her.
Also, I’ve mentioned it before, I’ve got some exciting, exciting news. My new book, Selling Through Tough Times, is available for pre-order on Amazon or Barnes & Noble or wherever you get your books. It’s available for pre-order right now. And not only that, we just launched the new website. The new website is now up and running. You can check it out. It is www.toughtimer.com, and that is TOUGHtimer.com. Check it out. Let us know what you think. There’s a lot of content on there to help you go out there and sell during a tough time in any market, any industry—whether it’s a recession, whether it’s a global pandemic, which we’re still currently in. There are tips, ideas, downloadable content available for you on that website. So, check it out.
All right, so let’s get back to that question: How do I sell during times of peak demand? Now, as you compete in this market, when there is more demand than there is product or resources to meet that demand, there’s a few realities that you need to embrace.
The first reality is simple. This is an equalizer event. When I say it’s an equalizer event, it means that everyone is dealing with it—your competition is dealing with it. It’s not just you, it’s not just your company, it’s not just your industry. Everyone is facing it. And since it is an equalizer event, it means that your competitors are facing the same exact challenges that you are facing. It means that your customers are hearing the same—not excuses—but the same reasoning behind delays, behind delayed shipments, delayed service, whatever it may be. Your customers have expected this because they’re experiencing it across the board. So it’s an equalizer event. Try not to get too frustrated by it.
And when I think about this, I’m reminded of an interview that Tiger Woods was in several, several years ago. And this is when Tiger was just absolutely bombing the ball. He was hitting it further than anyone prior to him. And here’s what happened. The PGA or USGA—whoever decides how long a course is going to be—they started adding yardage. They made the course longer to account for the new distance that to account for the players bombing the ball. So, here’s what happened. In this interview, the reporter or interviewer, I guess, they asked Tiger, “Hey, are you frustrated that they’re making the courses longer to account for your longer drives?” And Tiger responded, “Well, it’s going to be longer for everyone, not just for me.” He acknowledged that it’s not just going to be more difficult for him, it’s going to be more difficult for everyone. So, your attitude is important as you go through and sell during these moments of peak demand. Realize that all of your competitors are facing that same challenge.
Now, remember that within every challenge there lies an opportunity. And that brings me to my second point. Think about what happens during moments of peak demand. Salespeople that are trying to keep up with demand, and there’s not enough product, there’s not enough people to service it, here’s what’s happening. They’re saying to themselves, ‘You know what? Why should I go out there and sell? I got nothing to sell. We don’t have enough people to deliver on this. We don’t have enough product. There’s not enough inventory in our warehouse to go out there and sell. So why should I sell right now?’ Those salespeople are resting on their laurels. They’re sitting back and they’re waiting for supply chains to stabilize. They’re waiting for more people to come in and help them serve customers. They’re waiting. That is the key. And when your competition is waiting, that’s when you increase your activity level. Let your competition sit around and wait for things to stabilize. Instead, now is the time where you need to get out there and you need to start meeting with new prospects.
So, the third point here, take a long-term view. That’s another reality that we’re facing is that short term, we might not be able to make things happen, but long-term, we can look for the opportunity. And that means long-term, we are building relationships. Now is the time for you to go out there and meet with new prospects and customers. They’re going to be more open to meeting with you during these moments of peak demand, because there’s a good chance that their current provider or their current supplier, whoever it may be, is not able to meet the demand they have, which you can reference that and mention that to the customer or the prospect. And by mentioning that trigger event, it’s going to open more doors. It’s going to give you an opportunity to build relationships.
And remember, taking a long-term approach means you might not be able to help them today, but you’re building a relationship for future business opportunities. This is going to be one of your greatest opportunities to build future relationships. So, take that long-term view and build those relationships.
The fourth reality or fourth tip, if you will, remember that now is the time to make your margin. Think about all the times your customers beat you up on price and tell you, “I can’t pay that price,” or “I need a discount,” or “I need this or I’m going to go to the competition,” “I’m going to do this,” “I’m going to do that.” They are constantly trying to get discounts from you. Now is the time for you to make up your margin, to hit those profitability numbers. So, maintain your pricing, or if you need to, increase your pricing. Increase your pricing to help stabilize some of that demand as well.
In fact, right now, if you’re not losing one out of every six deals because your price is too high, you’re not charging enough. As a salesperson, as a sales manager, listen to this. Go back and take a look at the past—I don’t know—two to three months-worth of quotes or proposals. Go through it quickly and you should be losing at least, at least 15%. About 15 to 20% of your quotes should be lost because of price. If they’re not, you need to raise your price. That’s going to go out there and compete more profitably. So now is the time to get your margin.
And finally, is tip number five—the last one we will leave you with today. Now is your opportunity as the salesperson to create personal value. In previous podcasts, I’ve mentioned the three dimensions of value. Your customers and prospects, they receive value in three ways: from the company you’re selling for, from the product that you’re selling, and then also from you as the salesperson.
Now, the company you sell for represents 18% of the overall value. That’s what customers tell us. The product represents most of the value, 57% of the value. But you, as the salesperson, represent a full 25%. So right now, if you can’t deliver the value with your product, you’ve got to find other ways to deliver value, and that means the value your company provides; it means the value that you personally provide. As the salesperson, look for opportunities to deliver insights to educate your buyers. Look for opportunities to follow through and follow up with that customer more diligently and be more professional. By doing this, you’re going to be creating additional value. So remember the personal value that you bring.
And I said that was going to be our fifth and final tip, but let me give you one last thought here. When we talk about this current tough time, remember that each tough time creates an opportunity. Tough times force you to become better, to become more effective. That’s what tough times do. Out of necessity, you learn to adapt and evolve. The challenge we’re facing right now is frustrating, but it sure beats the alternative. We all know what it’s like to sell when there is no demand for what we are offering. We’re facing the opposite problem. So just remember, it could be worse.
Make it a big day.
