Sales StrategyConsumer Products
A well-planned sales strategy is the difference between success and failure. Luck has little place in successful business ventures, and it isn’t just folk wisdom but genuine wisdom to say that failing to plan means planning to fail. A sales strategy should be individual to each sales need and goal. A thorough planning process involves understanding the financial and the administrative concerns in addition to the conversion and tactical concerns.
Understand your resource availability and mobilization possibility. Figure out the size of your sales budget. Know what kind of a conversion rate you need to succeed. Gauge the success–and remember the availability–of your sales team. Large-scale opportunities shouldn’t be ruled out as a sales strategy to those with smaller budgets or businesses with smaller goals. However, you must understand your goals: if you just need to move last year’s inventory, you don’t need to rocket launch last year’s product (at the risk of the new year’s inventory becoming less credible with a less successful sales strategy overpowered by the former strategy).
Concrete your goal or list of goals. Create measurable and achievable goals and publish them in a plan or presentation.
Determine the sales methodologies to find the most effective objectives to meet your sales goals. Configure a powerful mix of methods (telemarketing, cold calls, newsletter/email marketing, and so on) by brainstorming every possible method. When you have every single possibility listed, categorize each option as something that your competitors are doing, something that none of your competitors are doing and something that would probably garner the most results. Try to pick several options in the first and second categories that also belong to the final category.
Establish the metrics to measure the success of your sales strategies and milestones to gauge your progress.
There are four components of the “marketing mix,” also called the Four Ps: the product, its price, the place of sale and the tactics used to promote it. Sales promotion is an element of the promotion component, and takes place at the point of sale.
Sales promotion tactics intend to arouse consumer interest in the company’s product or products. These tactics include customer discounts, gifts and free samples. Such initiatives prompt the customers to purchase items.
When a company expands into new markets, it uses sales promotion schemes to comprehend the acceptability of the product. The company’s sales and profits increase as more customers are lured into purchasing its products. Customers benefit because they are able to try the product before they make their final purchase.
Sales promotions fall into three main types. Customer-based sales promotions inform consumers that a product exists. Companies spend a lot of time, money and effort on these strategies. Sales force-based promotions give the sales team bonuses and incentives to motivate them into selling as much as possible. Retail sales promotion tactics offer commissions to retailers who sell and promote a company’s products.
The sales process is the method a sales professional, or sales organization, uses to find, sell to and retain customers. The sales process acts as the bridge between the client and the company. To create an effective sales process, you need to understand the objectives of using and creating a sales method.
The initial phases of a good sales process involve generating and qualifying quality leads. Lead generation can be done by randomly contacting prospects fitting the company’s target audience, by putting out marketing that draws the target audience to the company through Internet email lists and phone numbers prospects can call for more information. The leads are then qualified by matching them up with prospect criteria set by the marketing group, and then through direct phone calls to the prospect. The objective of this is to add a constant flow of qualified leads that sales people can call on to increase revenue.
The sales process is geared towards solving the customer’s problem with your company’s products or services. The objective of this customer service oriented approach is to create an ongoing business relationship with the client that results in recurring revenues. Repeat business is the basis for the growth of any company. The use of the sales process to instil confidence in the client helps to generate a positive feeling towards your company and results in recurring revenue.
A good sales process is designed to sustain itself through client referrals. When you take the time to listen to the customer’s needs and craft a solution that makes the client happy, you can then move to one of the final stages of the sales process which is asking for referrals. It can be something as direct as asking for the names of five people or companies you can call on that the customer feels would benefit from your product, or it can be an ongoing process where you supply your clients with your business cards and ask the clients to give the cards out.
To retain a client, there needs to be a focus on customer service. An effective sales process collects the information necessary to create a strong customer service profile for each client. As you sell into an account, you begin to learn the features that a client considers important and the business aspects that customers feel strongest about. For example, in the course of continuing the sales process with a client you will find out that the client values maintaining present equipment over upgrading. That information is valuable when equipment breaks down and a customer service representative has to choose between offering a repair to the client or a replacement model.