Like many folks in Sales who have traveled extensively for business, you may recall when you first qualified for airline status. Upgrades, priority boarding, lounge access, it felt great, didn’t it?
How about when you realized you were no longer going to qualify? The sense of loss seemed larger than the initial sense of gain, didn’t it?
Welcome to a real-life version of the Nobel Prize winning Prospect Theory, which highlights that individuals dislike losses more than equivalent gains.
Recent Challenger research revealed that 66% of commercial leaders consider it essential that go-to-market messages be updated. This is likely related to 92% of the same leaders expecting Q2 revenue to be an average of 47% below original forecast. While only 34% believe their teams can generate viable leads in today’s environment.
Additionally, S&P 500 earnings growth rates are projected to be negative through Q4 of 2020 and consequently, many CFOs have significantly restricted budgets and added additional layers of approval for proposed spend.
As most of us do not have the luxury of waiting for budgets to open back up, updated go-to-market messages, at a minimum, will need to meet two criteria to be successful:
- Differentiate our sellers at the point of sale, allowing them to earn market access, creating new opportunities, and
- Prepare our buyers for a successful conversation with their Finance team in the near-term.
As we evaluate our message for relevance, two principles shared during Challenger’s Advisor Series webinars seem particularly pertinent:
- The pain of same needs to be greater than the pain of change
- My value proposition is only as strong as the problem I am helping my customer solve
Leveraging these principles, what are some practical steps we can take now?
While sales might be down, they are likely not at zero – it is time to leverage those new wins. Consider assessing the following about your company’s recent victories:
- How did the message change customer thinking?
- How did the message drive commercial momentum?
- How did the message help to differentiate us?
It is a tough time to be in sales, customer demand is at its lowest point in the past decade for many industries. Nevertheless, there are actions commercial leaders can take today to help prospects think through Why change? Why now? and most importantly, Why You?
Challenger is dedicated to supporting organizations create messaging that gets their buyer’s attention, drives the buyer to act with urgency and leads back to the organization’s unique strengths. Enabling sellers to deliver a differentiated sales experience consistently.
Get in touch to find out more about our 4-6 week messaging engagements or review your own messaging with Challenger’s Commercial Insight Audit Tool (complimentary access is currently being offered).