The pandemic has undoubtedly given people ants in their legs.
They not only have a desire for leisure and travel, but they are more and more eager to discover new things at work.
And that translates into a jump in the number of job transitions.
LinkedIn data shows there was a 19% increase in the number of B2B buyers who changed jobs in EMEA between October and December last year.
Before the pandemic, a B2B buyer kept their job for more than nine years on average.
At the height of the pandemic, job changes fell to virtually zero.
However, as the world draws a line under what is hopefully the worst of the crisis, employee turnover is reaching unprecedented levels.
This phenomenon is called the “
Great Reshuffle
,” and it presents both a challenge and an opportunity for sales professionals.
“
We are all rethinking not only how we work, but also why we work.
For me, that's a great thing.
More people will do work they value at companies they care about, leading to greater success for organizations that treat their employees with empathy and trust.
» Ryan Roslansky, CEO, LinkedIn.
The direct consequence of the pandemic in the world of work is the accumulated demand of people seeking new jobs and moving at a record pace.
This can pose difficulties for sales professionals.
Sales targets change much more often.
It's no surprise that a recent Linkedln survey found that four out of five sellers have lost an opportunity or wasted time because someone working on the account in question has left.
Securing accounts with multithreading
But while having to deal with changing sales prospects can be difficult, it's not a problem without a solution.
The solution is “
multithreading
”.
Multithreading involves establishing trusting relationships with multiple people who have influence over purchases made on an account.
This is good practice, as research from Linkedln Sales Navigator proves: Sellers who are connected on Linkedln to at least four people on a given account are 16 percent more likely to close a deal with that company, compared to sellers that have less than four connections.
This means that if you can build relationships with multiple people within an organization, you are more likely to close a deal.
It's obvious: if you only have one contact and that contact leaves, you will have to start all over again and establish new links.
To avoid this, you need to be proactive.
Make an inventory of the people who have purchasing influence in your account.
Take the time to understand who these people are: take the time to get to know them, assess their roles and needs, and see how they interact with their colleagues.
Then, do your best to build multiple relationships within that network.
To get started, ask someone in your network to give you a warm introduction to their colleagues.
You can also introduce yourself, perhaps by asking a question that shows your knowledge of their industry.
Multithreading takes time and effort.
But it's much easier than starting from scratch on an account.
Build multiple relationships within your key accounts and your sales opportunities will become more secure, and may even expand as the different requirements of your different contacts come into play.
The opportunity offered by contacts who change companies
Multithreading is a great way to protect your accounts when important contacts leave.
But there is also a hairpin to be learned from these changes.
If a key employee leaves their company, this gives you an entry point into that company.
This opportunity is not just for people you already know.
Anyone starting a new job is likely to be more open to new contacts as they adjust to their new surroundings.
For example, LinkedIn lnMail acceptance rates are much higher among professionals who have recently started a new job.
This is especially important when a new leader takes charge of a team.
Many times they want to change things up a bit, and that usually means investing in new tools and services.
This is the perfect time to present a buying opportunity.
So when you notice a new employee in a priority account, contact them to congratulate them.
Then, get to know them and understand their challenges and goals, so you know how you can add value to them.
To make the most of this opportunity, you will need to maintain a contact list.
It's important to monitor when your current buyers change roles or if a new buyer joins a key account.
You'll also need to identify every person who has a reason to buy your products and build relationships with as many as possible.
It is very useful to keep a list of your former buyers who now work in other companies.
All of these important activities can be automated, for example by using LinkedIn's Sales Navigator tool.
Adapt to the “
great reshuffle
”
There is no way to avoid all these changes.
But sellers who know how to adapt will see this as an opportunity and take advantage of it to create new links and expand their network, which will facilitate their success.
Your buyers will change.
And that means the way you approach your target accounts will also have to change.
It is crucial to have the right information, but also the right mindset to use this information wisely.
"
This trend isn't unique to sales, but many of its implications are
," says Linkedln's Liam Halpin.
“
In our profession, it's all about relationships – and relationships are about continuity.
We cannot allow sales cycles to stagnate and customers to leave because this continuity is constantly interrupted.
It is therefore essential for us to develop sales structures and methodologies that can continue to operate in a changing world.
»
So accept the change.
But make sure you and your sales teams have the tools to succeed.
Learn more about Linkedln Sales Solutions here
