Fix Your FOMO

Let's face it – salespeople are doing it tough.

For many sectors of the economy, demand is down, competition is stiff and customers are cautious. Salespeople are having to fight tooth and nail for every deal. For every opportunity, they are up against an army of competitors who will do anything to sway the customer to buy their product.

This often results in their competitors offering ridiculous prices with little or no margin. If salespeople don't match the competition's pricing – they will most certainly lose the deal. It's like a game of limbo – where the person who goes the lowest wins. Or so it seems.

I think there is something else at play: fear of missing out, or FOMO.

In the boom times, salespeople didn't need to apply as much skill and strategy to win sales. So they didn't. They got results by just offering a reasonable service at a reasonable price. Because there was more demand relative to supply, customers would still buy – and if they didn't, the next customer would. But when customers aren't buying as much or as often, a scarcity mindset kicks in.

FOMO is driving down prices – not the market

In tough times, salespeople who are falling short on their targets need to make the most of every opportunity. When opportunity knocks, FOMO joins the party. People panic and give the customer the cheapest price possible. The sales playbook gets ignored. Skill and strategy are forgotten.

When price is the only card up the salesperson’s sleeve, price is the only thing the customer will base their decision on. Customers may get the best price, but often they don't get the best value.

It's not just customers and competitors that are driving down prices – it's ourselves. It's FOMO. While we can't do anything about the market, we can do a lot to fix our FOMO. How do we do this?

Here are five tips:

Fill your funnel – Salespeople who have a healthy pipeline are less likely to get desperate and play limbo.
Face your fears – Do something every week that scares you. Make a terrifying call, have a courageous conversation, handle price objections.
Know your value – Understanding what customers get (value) versus what they give (price) gives people the confidence to maintain margins.
Stick to the plan – Don't panic. Follow your process. Play your game – don't play limbo with your competitors.
Shift your mindset – Choose a victor mindset. Don't be a victim. In this market, you have to be better and smarter at selling. Rise to the challenge.

I'm interested in your thoughts – is FOMO getting in the way of your team's performance?

Mark Windust is an influential Thought Leader in the areas of Sales Strategy, Sales Leadership and Sales Performance. Since launching his consulting practice in 2007, Mark has worked with 1000's of business leaders, salespeople and entrepreneurs’ to help them transform their sales results.