Buyers habits are continuing to change and it is important to keep pace with the way we are selling to the changing buyer. Colorado is an interesting market for many reasons and I have attempted to capture some of those reasons below. Here are seven key considerations and quick tips for companies selling in Colorado:
1. Colorado has one of the more educated populations in the Country resulting in a low tolerance for the “typical sales” approach. A sales process that allows the customers to “buy” versus “being sold” is essential for success. High pressure sales tactics and even traditional “closing” tactics are being roundly rejected in growing numbers.
2. Colorado has one of the highest populations of Millennials (almost 1/3 of the total population) once again resulting in a low tolerance for “being sold”. Millennials will represent over 50% of the Colorado workforce within 4 years and 75% within 8 years. Tailoring a sales approach that can be leveraged BY Millennials selling TO Millennials is a mission critical transition for effectively selling to Colorado consumers.
3. Colorado currently ranks 4th in the Nation for best States to start a business. Selling to start-ups presents unique selling challenges but also unique opportunities. A key tip for selling to startups is to clearly define the selling process “up front”. Setting expectations and clearly agreeing upon “next steps” is essential to avoid wasting resources and getting caught in the “free consulting” trap.
4. More purchasing decisions in Colorado are being made or influenced online. This continuing trend is causing prospects to enter the sales cycle at a more advanced stage of “self-diagnosis”. The ability to “push back” on the prospect’s self-diagnosis where appropriate is a critical skill for Colorado sellers today and in the future.
5. The “social media” and other digital options are rapidly emerging as the preferred way to reach Colorado prospects versus more traditional approaches such a TV, cold calling, etc. Supplementing traditional prospecting tools with tools such as e-mail, text, and social media is critical AND effective if done correctly
6. The Denver Metro area has become the highest cost of living city not on a coast in the Country. Modern Colorado customers are not cheap but they are highly educated and sensitive to “over paying” for solutions. Carefully re-considering your product/service pricing strategy is a key tactic in Colorado. Easy to understand pricing bundles, pricing in a configuration that is completely different from the industry norm, and “straight line” pricing are a few strategies to consider.
7. Colorado consumers place an extremely high premium on the “value proposition” delivered from any purchase. The key to delivering a “value proposition” that resonates with Colorado buyers and reduces pricing sensitivity is that it HAS to be about the unique “pains” the product or service solves for EACH unique customer.
Once again, while this list is uniquely slanted to Colorado buyers the particular State conditions set forth don't make the requisite tactics any less relevant regardless of where you sell. The world of buying is changing and if the world of selling doesn't keep pace the parade could pass you by.