Times are changing. Prospects now have instant access to competitive pricing and low-ball offers, which means you need to approach every prospect prepared to defend your offer.

Here are four key strategies for staying on top as the marketplace shifts:

1. Focus on high-probability buyers. Prospects can use technology to check out how you — and your prices — stack up against the competition. But you can turn the tables by doing your own research to determine which prospects offer the best fit for your products. One way to do it: Perform an audit of sales from the last year to pinpoint which type of prospects (e.g., SIC, title, region, industry, etc.) are most likely to buy.  Save time by moving high-probability prospects to the front of the pipeline and avoiding prospects who have little or no chance of becoming buyers.
2. Anticipate prospects’ objections. With so many companies competing for each prospect’s business, it’s never been more crucial to convey what sets your products and services apart. Proactive sales and marketing pros do competitive research prior to meeting with prospects so they have a clear sense of: what they can offer that other competitors can’t, which specific benefits to focus on and where existing suppliers may be coming up short.
3. Embrace new modes of communication. E-mail, cell phones, BlackBerrys, social networks, text messages … they’ve all changed the way prospects do business. As a result, a lot more sales and marketing pros make it a point to ask prospects early on how they prefer to communicate. It empowers prospects by making them partners in the selling process. It also lets your company know the best way to contact them, or if there’s a separate e-mail address or cell phone number prospects prefer to use for business. Agreeing upon a specific way to contact one another may also lead to shorter sales cycles. The more options and flexibility buyers have, the more comfortable they’ll feel doing business with you.
4. Stand pat on value. In this economy, a lot of companies are eager to win back buyers by slashing prices and offering one-time discounts. Value-added salespeople realize this is a short-term strategy. They respond by emphasizing the ROI their products and services offer long term, as well as their ability to help prospects overcome some of their biggest challenges. Businesses that understand prospects’ challenges are more likely to earn their trust and build a win-win partnership.

Adapted from Selling in Tough Times: Secrets to Selling When No One is Buying by Tom Hopkins.

Tags: e-mail, marketplace, markets, pricing, research, ROI, social networks, text messages