Idea in Brief
The Problem
Instead of training salespeople to understand and overcome the obstacles inherent in selling completely new products, most companies overrely on product demonstrations. Thus sales teams often struggle to close deals.
The Research
Studies show that customers are often enthusiastic about new products early in the selling cycle but become resistant later. Studies also show that salespeople who take the long view and have a learning mindset are better prepared to handle the frustrations inherent in the longer process.
The Solution
Train salespeople on process, not a product’s bells and whistles. Create a psychological profile of the ideal buyer. Assess salespeople for resilience and grit. Use strategic account management.
When we talk with companies about the biggest challenges they face in growing revenues, we hear a consistent complaint: Senior leaders have great confidence in their ability to develop innovations but not in their ability to commercialize them. Our research suggests that this gap results from a lack of formal processes and effective talent-management strategies. It’s a big problem, because it limits the return companies reap from their R&D spending. To put it simply, companies that have invested millions to dream up new-to-the-world innovations need to become more adept at selling them to customers.