Sales strategies are as important in determining effective sales as marketing strategies are in determining the target market.
“Strategy is indeed about choosing what not to do as well as what to do. A business unit needs to decide what need it aims to satisfy in what group of people and with what value proposition that distinguishes the business from its competitors.” – Philip Kotler
WHAT IS SALES STRATEGY?
A sales strategy is a plan that governs the selling of a brand’s products and services.
These strategies are also helpful in differentiating a brand’s products and services from competitors.
In other words, a sales strategy is a blueprint that guides the organizations towards better sales of the products and services.
WHY IS SALES STRATEGY IMPORTANT?
In a firm, even the minute decision is finalized after thorough discussion and understanding its repercussions. So when it comes to sales, that is the ultimate deal maker, planning and plotting should definitely be done.
- A sales strategy directs a firm in the right direction of decision-making.
- An effective sales strategy outlines all the necessary details that one needs to keep in mind while conducting sales.
- It helps to concentrate on the target market and audience and communicate with them in an effective and meaningful way.
- Having a solid sales strategy enables a firm to act precisely in the sectors that need attention.
- It is an important aspect in order to record consistent profit.
WHAT ARE THE 5 SALES STRATEGIES?
The following 5 sales strategies are a must when it comes to making sale related decisions –
KNOW THE PRODUCT AND AUDIENCE
It is very important for a person who is selling a product to know the product religiously.
Knowing what you are selling will not only give you answers to all the questions that the buyer asks but also boost your confidence and self-esteem.
One must be aware of the utilities, features, benefits, and everything else about the product.
All this can only be done when the salesperson spends time understanding the product and study it thoroughly.
After you know ‘what’ you are selling, the second most important factor is to ‘whom’ you are selling.
Knowing your audience is the key feature of a successful deal.
Every company has a diverse customer base. It is the salesperson’s job to understand the target customer.
Know their likes and dislikes about the product and how they could utilize it in their day-to-day life. Try to understand the history of the customer with your company, their records, and purchases, etc. if it is a new customer, build a plan to understand their needs and wants.
TRANSLATE FEATURES INTO BENEFITS
Explain the product to the customers in such a way that they understand its use in their daily life. Customers appreciate a product for its features but purchase it for the benefits. Give them details about the products explaining every feature and also make them understand the benefit of each feature.
ATTRACT NEW CUSTOMERS BUT DON’T FORGET THE EXISTING
It is very important that you bring new customers to the business for its growth but it is equally important to maintain the existing customer base for constant purchases.
Introduce new products to attract more customers but in this don’t make the existing base feel alienated as they are the source of constant purchases. Understand their needs and modify your products and services according to that.
COMMUNICATION IS THE KEY
Having engaging communication with the prospective customer is a necessity. One needs to be interactive when communicating with the customer. You can not read out a script in front of your customer, you need to be expressive and subtle at the same time.
Moreover communicating is a two-way street. You can not keep speaking give a chance to customer to speak as well. Having the scope of listening while interacting with a customer is a sign of patience and leads to better understanding.
FOLLOW UP AND PRESENT SOLUTIONS
It happens many times that a sale call might not be successful due to some error on either side. In such cases follow up with the customer. Reach out to them again and ask them for their convenient date or time to fix another sale meet. Ask them in a way that you don’t seem annoying or intruding.
The other thing is providing them solutions. Try to understand their need at the moment and provide them with appropriate solutions. Do this in a way that they reach out to you next time whenever they need a solution!
An effective sales strategy is a necessity for every firm.
In order to establish a good impression on the customer and create a powerful image of the firm, it is very important to strategize and then act.