Sales Strategy

Sales Force EffectivenessSales Strategy

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 financial and administrative concerns in addition to conversion and tactical concerns.

Understand your resource availability and mobilization capability. Figure out size of your sales budget. Know what kind of a conversion rate you need to succeed. Gauge 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 need to move last year’s inventory, you don’t need to rocket launch last year’s product.

Articulate your list of goals. Create measurable and achievable goals and publish them in a plan.  Determine sales methodologies to find the most effective objectives to meet your sales goals. Configure a powerful mix of methods like telemarketing, cold calls, newsletter e-marketing and trade shows 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 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.

Features

Sales promotion tactics intend to arouse consumer interest in the company’s products. These tactics include customer discounts, gifts and free samples. Such initiatives prompt the customers to purchase items.  In addition it helps in new products reaching the market place where customers are pre-disposed to older brands.

Benefits

When a company expands into new markets, it uses sales promotion to comprehend acceptability of a 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 and are educated on new technologies and innovation including environment friendly products.

Types

Sales promotions fall into three categories. Customer-based sales promotions inform consumers a product exists. Companies spend time, money and effort on these strategies. Sales force-based promotions give sales 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 and retain customers. The sales process acts as the bridge between client and company. To create an effective sales process, you need to understand the objectives of using and creating a sales method.

Lead Generation

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.

Recurring Revenue

Sales process is geared towards solving customer’s problem with your products or services. The objective of a customer service oriented approach is to create an ongoing business relationship with clients that result in recurring revenues. Repeat business is the basis for growth of any company. The use of sales process to instil confidence in clients help generate a positive feeling towards your company resulting in recurring revenue.

Referrals

A good sales process is designed to sustain itself through referrals. When you take time to listen to customer’s needs and craft a solution that makes a client happy, you can move to the final stages of the sales process which is asking for referrals. It can be something as direct as asking for names of five people or companies you can call on that the customer feels would benefit from your product or service.  It can be an ongoing process where you supply your clients with your business cards and ask the clients to give the cards out.

Customer Service

To retain clients, there needs to be a focus on customer service. An effective sales process collects information necessary to create a strong customer service profile for each client. As you sell into a relationship, you begin to learn features that a client considers important and business aspects that customers feel strongest about. For example, in the course of continuing sales process with a client you will find out that the client values maintaining present equipment over upgrading. This 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.

how can we help you?

Contact us at Vidvox Consulting or walk into our office for a one-on-one discussion or submit a business inquiry online.

I have known and worked with Sankalp from Vidvox for 5 years. He is currently helping us grow our business across Asia. He has an excellent network with a professional outlook that has helped us further our Asia operations.

Ameya Nadkarni
CEO, Drug Ocean Pharmaceuticals

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