ANCHORING SUCCESSFUL VIRTUAL IT SALES IN VUCA TIMES

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ANCHORING SUCCESSFULVIRTUAL IT SALES IN VUCA TIMES

- Forward thinking for sales teams to traverse the tides

INTRODUCTION


The IT sales realm is best described as one with key parameters involving juggling

of multiple stakeholders, managing their different asks, and fluctuating mindsets over

the long cycle time. Agile changes in the fast-paced environment seem to be the only

paradoxical constant.

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 asa practical code for situational awareness and readiness.

VUCA – MEANING, ORIGINAND RELEVANCEThe term VUCA is an acronym for Volatility, Uncertainty, Complexity & Ambiguity.

As per an article titled “What VUCA Really Means for You”, published in the Harvard

Business Review Magazine, the four dimensions of VUCA can be best explained as:


VOLATILITY - Frequent, rapid and significant change for an unknown duration

UNCERTAINTY - Lack of future predictability for both events and outcomes

COMPLEXITY - Convoluted nature with several interconnected aspects, resulting in information overload

AMBIGUITY - General lack of clarity accompanied by multiple possible interpretations for situations.

1.

An elegant description of the current reality, the relevance of VUCA emerges quite

significant in the wake of the black swan event - COVID-19, with no similar prior

prescription of a health crisis impacting the economy to this level.

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.

Impact of COVID-19 on IT & Business Service Spending (Source: Statista)

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.


CURRENT VUCA FACTORS IMPACTING THE IT SALES WORLD So far, speaking of the general backdrop that has been put together by COVID-19 for the

IT sales teams, the present situation can be described as one that has brought about –

2.

Volatility in revenue streams derailing smooth conduct of business

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

As per a quantitative study conducted by Contemsa, nearly 74% B2B representatives expressed that their sales opportunities have decreased post COVID-19. Moreover, they also claimed that they lost nearly 65.2% of their deals due to the pandemic.


Uncertainty and confusion amidst the new modus operandi

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.

Complexity in purchase decision making

Further, COVID-19 has introduced significant complexity to the erstwhile dimensions that are significantly impacting the sales numbers.

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.


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.


FIGHTING THE STORM: THOUGHTS TO SUCCESSFULLY NAVIGATE VIRTUAL IT SALESAs a sales leader, battling with these sharp unprecedented VUCA changes can be an

overwhelming situation to be in. In order to lead the conduct of sales, it is important to

establish a firm ground in place and empower the team members and end customers

who’re themselves struggling in the current scenario.

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 -

3.

Advocate a culture of resilience

Accepting and adapting to radical changes in historical patterns can be naturally disorienting. Especially at a time when everything seems to go haywire!

Whether it is shifting to the virtual modes of operation, focusing more on a different segment in the existing target group, or re-prioritizing the product mix to sell, it can initially feel quite difficult to suddenly let go of the status quo and step into new shoes and paths both.


Focus, measure, and strategize – iteratively & collectively

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.

Prioritize nurturing of internal security

As a sales leader, working towards establishing a sense of trust and connectedness internally is a must during turbulent times. More so at a time when the physical exchange of vibes is almost cut out due to remote working.

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.

However, if you consciously demonstrate the resilience to learn, experiment, and show openness to embrace the change, it can make the path much easier than it seems for yourself and the team.

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.


Develop real human connection with buyers

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.

Foster a culture that perceives outcomes as experience

While it is important to not be frail to fail, it is equally imperative to establish this mentality as an internal culture. Unless the sales teams themselves feel confident in spite of facing failure (which they could initially), little will they be able to experiment, innovate, and display the tenacity to improve outcomes over time.

As per the results of a study published in Marketing Donut, 92 percent of salespeople tend to quit after being rejected by a prospect four times. On the contrary, as many as 80 percent of prospects tend to say “no” four times before they say a “yes”

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.


CLOSING THOUGHTS…

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!

4.While it is true that the current scenario aggravated by the ongoing pandemic has brought about

quite an upheaval in the IT sales landscape - surviving and thriving is all about reinventing the

traditional approach to sales as leaders and collectively working as a team amidst virtual methods

of operation.


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ANCHORING SUCCESSFUL VIRTUAL IT SALES IN VUCA TIMES

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