Do you think you know everything about selling? In the past, you may have become a master. Now, Industry 4.0 is changing everything. As digitization continues overtaking the manufacturing sector, the rise of big data, analytics and advanced networks has also impacted sales.
How Industry 4.0 is Changing Sales
Unlike traditional goods, modern smart, interconnected products have no obvious appeal. In other words, salespeople need to thoroughly understand what they sell. Afterward, they can accurately articulate to clients the benefits and value of these goods.
Sales professionals who fail to adapt not only lose potential revenue but also deprive their customers of value. To adapt, prepare yourself to meet new challenges by learning about the following ways that Industry 4.0 is changing sales.
Smart, interconnected products now generate voluminous data that can dramatically affect both performance and price. Additionally, data can help you interpret how multiple systems interact.
So, by paying attention to the right metrics, you can more precisely match products to appropriate prospects. By becoming fluent in the data produced by the systems you sell, you can establish your authority in your field.
Moreover, by learning how to manage and analyze data, you will have a chance to identify new selling opportunities. In other words, thanks to Industry 4.0, you can control your destiny like never before.
Changing Sales Cycles
Generally speaking, Industry 4.0 products and services are more complicated and have more functionality than traditional goods. Because these products interact with other systems, you need time to asses requirements and capabilities.
The broad scope of smart products also means that they affect more people and processes than ever before. As a direct result, you can expect that sales will involve dealing with an increased number and variety of stakeholders.
You also will need to identify connect with customers in their planning stages. By starting the sales cycle early, you get a chance to fully understand customers’ needs and propose suitable solutions.
Growing Support Needs
Complicated systems must interact with one another, often requiring the involvement of multiple vendors to complete a deal. Also, in the Industry 4.0 world, you may need to coordinate the efforts of professionals as diverse as architects and security experts.
For this reason, you can expect that your networking and relationship-building skills will play a vital role in your continued success. Additionally, you can expect the role of big data to grow as manufacturers supply you with new information.
In other words, you can expect to work with more people than ever before, coordinating their activities. In the end, your goal is to maximize the value you deliver to your customers. While developing mutually beneficial relationships with third-party vendors.
As manufacturers become aware of the demands made in the Industry 4.0 environment, they are providing more services. For example, vendor-provided training and development opportunities will help you develop proficiency in their products.
So, as a sales professional, you are spending more time in learning roles than ever before. Although training detracts from the time you have available to sell, it should compensate you by boosting your productivity.
In addition to increasing your product knowledge, you will have new tools to master. Many manufacturers are deploying mobile apps that help you properly equip your customers and furnish accurate price quotes.
Smart technologies enable manufacturers to track the performance of their products in the field. As a result, you have a wealth of data at your fingertips that you can use to develop profitable aftermarket opportunities.
Maintenance revenue, for instance, can increase by knowing the status of equipment in real time. Not only do you create continued interactions with your customers, but you have a chance to keep them satisfied.
Ultimately, by increasing your attentiveness to customers after a sale, you can help them resist urges to try other providers. In effect, you can extend the profitability of every sale to span the lifetime of your products.
As products, customers, and equipment continue accumulating data, optimizing your pricing becomes increasingly possible. Consequently, you have a chance to reap the rewards for providing a knowledgeable and professional sales experience to your customers.
You can also consider innovative pricing structures that help close more sales. For example, lighting providers may provide public lighting to a city with no upfront payment required. Instead, they can charge on a lucrative subscription model that provides substantial long-term productivity.
Service level guarantees can also boost the profit margin of every sale. In short, you can provide businesses with the predictable cash flows that they crave by guaranteeing a minimum benefit. In such a case, you have a chance to turn an extra profit on any surplus.
In summary, Industry 4.0 has brought many changes to the world of manufacturing. To begin with, you might have to spend a lot of time and effort preparing for and pitching your sales. However, this latest industrial revolution may reward you with a fulfilling and profitable career.