News that the UK Construction Company Nashvilleindustry is unlikely to show any signs of recovery until at least 2014 is sure to cause consternation among many smaller construction-related firms who are already finding it difficult to stay afloat in a competitive market Somewhat predictably, some smaller firms will offer to lower their prices quite quickly in the negotiation process, in a bid to maintain a presence in the marketplace - a move which could spell disaster.
Although the price-driven tactic may prove initially successful at the outset, helping individuals to meet targets and encourage cash flow; profit margins are sometimes considerably reduced to the point whereby a project has little value. Therefore, the salesperson's objectives are met, but the organisation's are not.
Small firms are rarely able to compete with larger companies on price but they should be listening to the client, finding out what their needs are and adapting their offering to meet or even exceed those needs, creating an excellent customer experience.
Sales meetings should focus not on targets but on the customer. By taking the time to uncover the customer's needs, objectives and values, emphasis is placed on providing a bespoke solution rather than simply promoting a product. In this way, the customer feels that the sales person is invested in their company and will offer a solution which will directly benefit their organisation.
The successful approach focuses on value, rather than price. Regardless of any challenge made to a quoted price, if proven value can be demonstrated this will usually outweigh the cost.
It is essential that each member of a sales team has an accurate insight to their own characteristics, strengths and weaknesses. Only by achieving this insight can they begin to effectively adapt their behaviours and connect with new leads, forming long lasting and productive relationships.
This approach may well dishearten those sales professionals who have been briefed to "close the deal, regardless". However, focus must firmly remain on long term sustainability rather than short term gain.
The successful Nashville Construction Company products firm will not now be simply scratching its head and wondering how to meet next month's sales target. Instead, it will be speaking to clients and examining its ability to offer bespoke solutions over the next two years so that when the upturn finally does arrive for the industry, it has already secured a strong position within the marketplace.
Smaller organisations which base their sustainability on trying to offer a price which has been dictated by the customer rather than maintaining their necessary profit margin and industry-accepted pricing level are predicted to ultimately fail in their endeavours.
Traditional construction sales techniques now have no place in the construction industry. Instead, successful construction sales professionals have developed into solutions-led consultants, focusing their efforts on tackling specific challenges faced by potential customers and explaining not only why their particular products will provide an ideal solution but outlining the benefits to the customer's organisation.
Despite the doom-filled news reports now featured daily in the national press, this is a time for opportunity within the construction products sector.
With their sights set clearly on achieving an excellent return on investment, rather than focusing solely on cutting costs and streamlining business processes, these firms should now be investing in the future as much as possible, identifying areas and individuals ripe for training and development.
Cut backs and redundancies are inevitable and a must for any struggling organisation trying to stay afloat in this challenging market. However, budgets can also be rationalised to ensure that every penny spent will result in a healthy ROI, successfully leading the successful building products company through these wave of recessions and out the other side.
