The coronavirus is the biggest challenge most of us have had to face in our lifetimes. But it is also worth asking how we might ensure that our response to it makes us stronger, not weaker, going forward. We have the opportunity to build back better.
A high tide lifts all boats. That’s been the case for the past 10 years because of our growing economy and tight talent market. You could find success with being average: sales skills, messaging, value statements, etc. No more! What got you here (pre-Covid-19) won’t get you there (post-Covid-19). That is a fact. Charles Darwin said it best “It is not the strongest of the species that survives, nor the most intelligent, but the most responsive to change.”
I am no predictor of the future, but there is one thing I am 100% certain of, things will NEVER again be the same as January 2020. The question is, how do we respond in a way that makes us stronger going forward?
How do we build back better?
The term “build back better” introduced in 2006, is “an approach to post-disaster recovery that reduces vulnerability to future disasters.”
First, recognize moving forward that Covid-19 is not the villain here, inaction is. Doing nothing, waiting for things to get better, hunkering down — while those are always options, I can assure you, they will not serve you well in this crisis. States are beginning to open up; however, most experts are predicting a second and possibly a third wave of Covid-19 referencing the Flu Pandemic of 1918.
Inaction is the villain. There is a lot to do to respond and adapt to the new normal. Here are seven things you need to accomplish over the next 60 days.
1. Client Retention is the New Acquisition
Determine key accounts
Arrange calls with Key Decision Makers, Influencers
Allocate resources accordingly
Retain! Retain! Retain!
2. Develop a new Go-To-Market Execution Plan
Implement Covid-19 market segmentation (Who?)
Revise your value statements and messaging (Why?)
Implement a multi-level marketing plan -email, vmail, webinar, social, etc. (How?)
Tightly integrate with CRM for lead generation
Update pricing to reflect new normal
Develop communication plan internal/external
3. Invest in Sales through Virtual Selling Skills— the New Normal
Increase training for prospecting--securing net new meetings
Increase training for selling through phone and video - Call planning, building rapport, uncovering needs, leveraging technology
Increase social selling skills
4. Pipeline Cadence and Triage
Focus on later stage qualified deals
Adjust cadence of pipeline review meetings (minimum weekly)
Provide feedback loop for potential deal closures (speed)
5. Invest in Management through Virtual Leadership Skills
6. Reset the Revenue Forecast and Expense Budget
Reset the revenue forecast
Reallocate the expense budget
7. Evaluate Metrics and Incentives
Align metrics and incentives to new Go-To-Market Strategy
Deploy new Key Performance Indicators
Optimize territories/segments and target accounts
Align sales quotas to the new reality
Adjust compensation plans to retain best people
Yes, there is a lot to do. And we can help. Speed is the currency of today.
At Butler Street, we’re a team of experienced executives who have managed through challenging situations before. We’re one part consulting company, one part research company and one part training company. A great combination for challenging times like these. We’ve been selling virtually and managing virtually since our inception seven years ago. We can help you execute on all of the above and accomplish it with the required speed. Contact us and let’s arrange some time to talk.