Has the sales profession just changed forever? A new rule, the Department of Labor Fiduciary Act, dictates that salespeople in financial services must tell retirees whether they are making commissions on products.
Buyers will gain yet another level of power in the sales relationship – the latest step in an ongoing trend. We’ve been seeing it since the internet age first began:
Transparency is becoming the emerging rule of order for the sales profession.
And it’s actually a good thing. Here’s why.
Today, sales managers cannot be present on every call. As a result, salespeople struggle to improve due to little coaching. In other words, the sales conversation is too often mediocre, lacking the consultative and strategic attributes that get deals done.
Transparency solves this selling effectiveness problem.
Mobile devices are now present in every sales call. It’s easy to record audio for the benefit both buyers and sellers. That type of transparency mitigates risk for both buyer and seller should questions arise later. And new technology distills the audio file by topic for easy search, review, and sharing.
More importantly, transparency radically improves the productivity of salespeople.
Every person in every walk of life improves when there is a spotlight on actual performance. Salespeople are no different. When you’re trying to turn low-producing sales practitioners into high-performing professionals, turn on the spotlight. In other words, capture the conversation. Then, make sure the salesperson gets plenty of feedback to help them get better.
When that happens, the conversation changes.
It’s that simple.
Sales and marketing leaders would be wise to keep an eye on the Financial Services industry as sales conversation transparency becomes the norm.
This is an idea whose time has come.
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