Remember the good old days when the economy was chugging along and everything was good?  You know, like in 2005?  Everyone was optimistic and thought future possibilities were limitless.  Things sure have changed, haven't they?  We still haven't recovered from the economic apocalypse of late 2008 and it doesn't look like things are going to pick up appreciably any time soon.  Yet we all still have to grow.  So how have buyers changed and how can we match our sales processes with buyer behavior?

Many business owners and salespeople react by doing more.  More cold calls.  More spammy e-mails.  Unfortunately these techniques are counterproductive because they don't match the buying process.  Buyers don't get information or develop relationships from cold calls.  They get information on potential purchases by Google queries, social media referrals and by reading blogs.  Cold calls are generally regarded as an unwanted intrusion on a busy day.  The net result of most cold calls is to cause your intended target to duck you when they see your number on caller ID or see your name on an email. 

Dr. Flint McLaughlin of MECLabs, a marketing research firm, describes the current buying process as an inverted (upside-down) funnel.  The traditional concept of the sales funnel pictures a funnel that is wide at the top and narrow at the bottom.  The traditional sales process was to PUSH prospects down the funnel.  This process is based on the premise that the seller convinces the buyer to purchase an offering.

The inverted sales funnel, in my opinion, is a much more accurate description of how the modern buying process actually works.  This sales funnel is wide at the bottom and narrows towards the top.  The modern sales process requires the seller to ATTRACT the buyer up the funnel by embedding a unique value proposition in all of the steps required to culminate in the buyer purchasing an offering.  This process is based on the premise that the buyer reaches a cognitive conclusion that your offering meets his WANTS (not needs) more effectively than any alternative.  Because the sales funnel is inverted, the force of gravity is causing buyers to fall out of the funnel.  They fall out for a variety of reasons including competing alternatives, other priorities and poor execution in the sales process.  Those that do make it to the top to purchase are propelled by a compelling value proposition.

What tactics will help you attract buyers to the top of your sales funnel?

Focusing on Specific Market Segments

As stated above, the old "throw it against the wall and see what sticks" approach doesn't work.  I'm not convinced that it ever did.  My recommendation is to find a limited number of market segments that you serve well and focus on those sectors like a laser beam.  The segments could be based on industry, company size, geographic location or any combination thereof.  The point is to find segments you serve well and target them.  The flip side of this coin is to walk away from opportunities that don't fit your ideal customer profile.  You're most likely wasting time that you could be spending looking for opportunities that fit your sweet spot.

Networking and Referrals

In today's economy, corporate decision-makers are looking for broad consensus when making purchases.  They don't want to go out on a limb without the support of the user buyer and technical buyers of your offering.  Your job is to identify a potential opportunity, assess the situation and cover all of the buying influences.  You may have a good relationship with the CEO, but if her subject matter expert doesn't buy in you're in trouble.

A good way to cover your bases is to use networking and referrals to get a favorable introduction or recommendation from a trusted friend or colleague of the buyer(s).  Rather than cold call the phone book, reach out to people you know and find ways to help each other.  An introduction or recommendation from a trusted friend or colleague is social proof that you can help the prospect with your offering.  If anyone is looking for networking opportunities, I suggest the Inbound Networkers Group.  We have regular virtual meetings on Thursdays at noon and would welcome you to check the group out.

Use Inbound Marketing to Attract Qualified Leads

Inbound marketing is an integrated process that attracts qualified leads into your marketing process using elements like search engine optimization, blogging, social media, email marketing and marketing automation.  It takes the concept of the inverted funnel and attracts buyers to your product offering by educating them as they move up the sales funnel.  This article describes how several small business have used inbound marketing to thrive in challenging economic times. 

Summary

The buying process has changed and successful businesses have changed their selling processes to match buyers.  This blog article by sales trainer Jill Konrath gives seven great tips for selling successfully in a down economy.  I agree with all seven and recommend that you incorporate these tips into your sales process.  Focus on quality of sales opportunities, not quantity and your chances for success will increase exponentially.