It’s not a sales process anymore. It’s a purchasing process

Yael Warman

“The role of the sales rep at a company has dramatically shifted. He/she is no longer a means of transportation of information between the company and the customer, but has rather become on an advisor, helping customers discern amongst the different alternatives they can research online and that appear to be relatively similar” – Yael Warman, Leverate

relationship-based-selling

A  few years ago I decided that if I was going to make it big in business, I needed to take some golfing lessons. My career in marketing was just starting off and I was convinced that in order to succeed, I needed to sweeten the ears of prospects and the golf course seemed like a great place to start.

I had seen one too many movies to not know that big business deals got signed on the greens. Never mind strategies and business plans. I knew how the world worked and that relationships equaled deals, and so every week, I headed to the Hollywood Beach Golf Club to tee off.

A few things have changed since.

Back then it was all about the sales process. Today, it’s all about the purchasing process. The customer buying and decision-making process today begins well before a customer engages a company’s sales rep.

In the past, customers used to depend on a company to obtain the necessary information for them to make an educated decision, which was largely influenced by the sales rep providing such information and entirely biased in favor of the company. Today, anyone with access to the internet and a few minutes to spare can find more about a company than any sales rep could have ever hoped to share.

Another thing that has changed is the speed at which the world turns. People no longer have time for long lunches, sports outings and cocktails. Sales today, especially those involving complex customer decisions, are data-driven, as opposed to relationship-driven.

Customers no longer remain loyal to the insurance agent that for years invited them to dinner, but rather to the one who enhances their customer experience with superb service and competitive pricing.

The role of the sales rep at a company has dramatically shifted. He/she is no longer a means of transportation of information between the company and the customer, but has rather become on an advisor, helping customers discern amongst the different alternatives they can research online and that appear to be relatively similar.

With the significant changes the sales/purchase process has undergone, my golfing skills have rarely been put to good use. Although my swing wasn’t too bad, I am much more passionate about my writing and prefer to help customers make educated decisions by putting those skills to good use.

Read this next

Technology

SteelEye tries ChatGPT for market surveillance

This capability can be used as a starting point for initiating a surveillance investigation and to standardize workflow processes to boost the throughput and consistency of cases. It is also useful when analyzing communications in foreign languages, as the system returns the above insights in English regardless of the languages being used.

Industry News

SEC charges ex-Morgan Stanley advisor of NBA players after $13m fraud

Darryl Matthew Cohen was arrested this week and is facing three different federal counts of fraud, which could amount to 20 years in prison if convicted, besides the SEC complaint. 

Industry News

AWS FinTech Africa Accelerator launched, applications until April 27, 2023

Founders will be offered tech resources, expert guidance, and a global network of industry leaders, technologists, entrepreneurs, investors, associations, and partners, in order to build their fintech products. 

Industry News

Interactive Brokers pays unmatched interest up to USD 4.33% on cash balances over $10,000

For clients of Interactive Brokers, interest accrues daily, and payments are posted on a monthly basis. Interactive Brokers’ cash management is integrated into client broker accounts, making it simple to earn interest and borrow at the lowest rates without transferring cash.

Retail FX

FP Markets adds cTrader to roster of trading platforms that include MT4, MT5, Iress

“Our market share swings towards the more sophisticated segment of traders and we have been inundated with requests for an additional platform with more institutional-style characteristics. The addition of the cTrader trading platform offering allows our clients the choice to further shape their trading experience with us.”

Digital Assets

SEC mulls lawsuit against Coinbase’s staking and spot trading

Shares in Coinbase fell 15 percent after the US Securities and Exchange Commission threatened a potential enforcement action against the crypto exchange over certain products.

Digital Assets

Kraken halts ACH transactions amid banking crisis

San Francisco-based cryptocurrency exchange Kraken says it will no longer process Automated Clearing House (ACH) following the failure of its payments partner, Silvergate Bank.

Digital Assets

French influencers face two years in jail for promoting crypto products

France’s National Assembly’s Economics Committee voted in favor of a law that bans social media influencers from touting risky financial services, including cryptocurrencies.

Interviews

Exberry’s Guy Melamed on paradigm shift with cloud-native exchanges at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Guy Melamed about Exberry’s cloud-native exchange SaaS platform certified by AWS to bring about a paradigm shift in the industry at a time of cybersecurity concerns.

<