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Give your sales strategy an overhaul

The business development techniques that put you at the top won't be enough to keep you there

So here you are having the best year of your life. You are at the top of your game and sure to make the top producer list. Let me be the first to congratulate you, and let me be the first to tell you that no matter your level of success, your sales strategy needs an overhaul. The business growth and development strategies that put you at the top of your game are not going to be enough to keep you there.

Our economy and your clients are changing rapidly, and while our political leaders and economists are busy trying to decide if the economy is up or down, the truth is it just does not matter.

We live in a constantly shifting economy, where client loyalty is at an all-time low, competition is at an all-time high and technology has made us more accessible than ever before.

CHANGES AHEAD

And while change has always been part of the business landscape, the changes coming our way in the next few years pack more punch and will have a far greater impact on the people we do business with and how we do business than ever before.

Three big changes:

Transfer of wealth — The next three decades will see the largest transfer of wealth in our nation’s history. More than $16 trillion is expected to transfer from one generation to the next. What’s worrisome is not only that this wealth is going to transfer, but it’s going to transfer to a generation that is ill-prepared to inherit it, and even less prepared to hold on to it and grow it.

Boomers pulling out — With more baby boomers retiring there is a net outflow of retirement savings. Withdrawals from retirement savings now exceed contributions as baby boomers age. This trend will continue and the movement out of 401(k)s by boomers is expected to accelerate.

Savings decline — Factors such as lower paying jobs, tight household budgets and lack of knowledge are all contributing to Americans’ decline in saving money. According to Bankrate’s monthly Financial Security Index, more than a third of adults say they have not even started saving for retirement, and of those who have, their savings are so little they border on insignificant.

While these changes create some major obstacles, they also create the greatest chance for business growth and expanded client relationships.

Three changes to make now:

Educate yourself — You need to have the knowledge, information and resources to help your clients make better decisions and navigate the constantly shifting economy. Block your schedule now: You need at least an hour every day to read the paper, trade journals or listen to podcasts or interview those people in the know about industry changes or trends.

Proactively advise — The fact that your clients are woefully unprepared for coming changes should motivate you to take action. Your mantra needs to be proactive. In this economy, you cannot wait for your clients to come to you, you need to go to them. You have to ramp up your client reviews, sales calls and client touches. Do not assume that your clients are happy, knowledgeable or up to speed.

Expand your sales team — Today’s clients are no longer interested in what we are saying about our firms or our products and services. Instead, they are turning to their friends, families and even Google reviews. If you want to succeed in this economy, you need to understand that what your clients are saying about you is key to your success. You need to first create an amazing experience for your current clients and then after you over-deliver, you must engage them in your sales process.

The challenges facing our economy are tough but they also create some of the most exciting opportunities and chances for business growth. You need to position yourself now for change, step to the plate and give your sales strategy an overhaul. Your clients are depending on you.

Meridith Elliott Powell is a business growth expert and the author of several books, including “Winning in the Trust and Value Economy: A guide to business and sales success” (Global Professional Publishing, 2013).