Sales Success in the COVID Economy: Unlock Latent Demand

Last week, I was talking to an old friend and client. She’s facing an impossible, paradoxical situation that probably sounds familiar to most sales leaders in 2020: How do you keep bringing in revenue, even when traditional channels are slow and demand is down?

She doesn’t have a magic wand — none of us do. So what can you do to drive sales, protect employees’ jobs, and keep moving forward in a crazy year?

You get creative. And you unlock latent demand.

Latent demand = needs that your end buyer doesn’t even know they have. They don’t know what they don’t know, and they aren’t aware of the solutions, products, and services that exist.

The key to business survival in 2020 is exploring latent demand.

Traditionally, B2B tech sales is about meeting active demand. That’s easy. You have a defined end customer, a tried-and-true channel, and winning products and services that everyone understands.

But when the economy blows up and business needs change, it’s time to get creative and explore the less-obvious latent demand.

On that call with my friend, we brainstormed three ways she could creatively redirect her sales efforts in the second half of the year. If you’re staring at sales forecasts that make your stomach churn, I urge you to consider one or more of these creative new approaches.

1. Unlock latent demand in your existing channels. 

When we think about boosting sales numbers, we usually think about how we could sell more to our existing customers. Your current channel partners and customers already know you and trust you. How could you expand your relationship? What else do they need help with? What do you offer that they don’t know about yet

Many companies are unable to hire new employees right now, so they might have tasks they’re looking to easily outsource. If you’re an existing approved vendor, you already have an advantage because it’s easy for your customers to procure additional services from you. 

Ask questions about your existing customers’ needs to unlock their latent demand. Educate them to make sure they know about all of the products and services you offer that could immediately help their business.

Share these questions with your channel partners so they are as well equipped to uncover latent demand as your own sales team. 

2. Explore NEW channels.

There’s only so much new revenue you can bring in from your traditional channels. Tough times call for creative new partnerships. 

Here’s how I think about new channel opportunities. I ask:

• Who are the target customers?

• Who do those customers look to for advice?

In other words, find your customers’ trusted advisors. If you’re targeting small-medium businesses, think about the accountants, lawyers, coaches, and banks that cater to your customers. Explore online communities and industry groups where your customers look for answers.

Here’s an example. In Europe, did you know that many small businesses get cell phones through their bank?

How could you partner with banks, law firms, or industry groups in a similar way?

Think about those target customers’ existing partnerships and relationships. How could you align your business with those existing partners? How could you identify non-traditional channels? How could you tap into the latent demand among customers who don’t even know you yet?

3. Bring in new leaders and new ideas.

No matter what business you’re in, you likely suffer from myopic thinking. If you have years of experience in your industry, it can be hard to see new, outside-the-box solutions.

That’s why our clients bring us in as consultants — to discover new opportunities they can’t see from inside their own business. And it’s also why I often suggest bringing new voices and leaders into leadership meetings.

If everyone on your leadership team has a “we’ve always done it this way” mentality, it will be tough to pivot and rethink your sales strategy for 2020. It’s time to welcome a more diverse team of employees and new perspectives. 

I predict that COVID is going to drive new thinking and new strategies in traditional industries. Make sure your company is on the leading edge of that innovation, not bringing up the rear.

How are you making creative pivots and unlocking latent demand? I’d love to hear the new paths and ideas that are working for you. Send me a note on LinkedIn.