Are you struggling to increase your company’s sales output? Do you feel that your marketing efforts are no longer as effective as before? Then you may need to revisit your business plan and re-examine your sales strategies.
20% of start-ups fail within the first year of operations. The number rises to 50% over the next five years. By the 10th year, only 33% remain standing.
One of the main reasons that lead to businesses failing is lack of planning. And part of this planning stage is creating solid sales and marketing strategies.
So what kinds of strategies should you employ? Continue reading below as we discuss some of the best ones you must try this year.
The Need to Strategize
Every business, especially start-ups, must have a strong sales strategy. It is the most important requirement necessary for selling your products and generating profit. But creating one is not as easy as you may think.
You need to brainstorm with your team. You need to get everyone’s insights. If you already have an existing strategy and it doesn’t seem to work, you need to assess everyone’s performance.
From there, you will make the necessary tweaks. You may also need to revisit your rewards programs to ensure that your people’s motivation and satisfaction levels are high.
In essence, sales strategies help you address the needs and concerns of your customers. This covers their requirements in every stage. New customers require more information.
Existing ones may long for tech support and assistance.
At the end of the day, your sales strategy will help improve the ROI of your entire sales force. It will help you determine which type of customers you must focus on. It will also help you identify the areas yield the most and which ones you must strengthen.
Let’s take a look at nine of the best sales strategies you must start learning and applying today.
1. Specific Goals Matter
Begin by revisiting your goals. The key is to be as specific with your goals as possible. You cannot simply say that your goal is to increase your sales.
Set specific goals so you would know if you are in the right direction. Take your time to think and strategize. Never rush things when goal-setting.
Be specific with the numbers. Set a target amount that you will want to achieve by the end of the year. Break down the amount into 12 so you would know how much sales you must generate every month.
Also, you need to understand the value of closing the marketing and sales gap.
2. Master the Art of Negotiation
You must also sharpen your negotiating skills if you wish to increase your sales. Negotiation is one of the most crucial stages in the sales process. This is where you can make or break a deal.
Practice patience when talking to a client. There are times when customers become hot-headed. Thus, you need to remain calm and keep your composure.
Also, be careful when appeasing clients. Make sure you don’t offer deals that may compromise your company.
3. Get the Right Leads
You also need to focus on the right leads. This means identifying the right people who have the potential to become customers.
Start by profiling your customers. From there, you can identify their challenges and align your offerings accordingly.
4. Target Small Markets
Though you may want to increase your reach by targeting a big market, it is wise to start with a small one. Focus on a specific market and size to build momentum.
Going for a bigger market from the get-go will expose you to numerous competitors. This may catch you on your heels and leave you behind fast. You want to segment the big market and focus on a smaller one first.
5. Know Where You Stand Out
One of the keys to standing out from the competition is to use the elements that make you unique. What makes you different from your rivals? Use the answer to this question and develop your approach around it.
Use this uniqueness as your main selling point. Attract prospective customers by offering something different. Yes, your products may be similar to your competitors, but if you give them a little twist, you can make your offering stand out.
6. Storytelling Works
When conveying your message, use a storytelling approach. Stories add more meaning to your products. They become more valuable in the eyes of consumers when they have an interesting story behind.
Your goal is to connect with your market’s emotions. Stories help make your sales pitches more relatable.
7. Listen to Your Prospects
After telling your story, you need to listen to what your prospects are saying. Understand what they truly want. Ask open-ended questions thereafter and don’t oversell your product.
Take note of their answers. Use the answers to further improve your offerings. Keep in mind that people know if you are listening or if you’re only up for the sale.
8. Be More Flexible
You also need to practice more flexibility in your sales approach. This means adapting to what your customers are telling you.
During a negotiation, you cannot simply say “I cannot do that” or “that’s impossible.” Instead, answer positively by saying “I would like to make that work for you.”
Invest in dialer software Dialer software is a boon to any business which is reaching out to customers via phone. Be it a physical device or a piece of software, it is sure to increase efficiency and productivity by ensuring that your employees spend less time dialing.
9. Articulate Your End Results
Last but not least, you need to articulate your end results clearly. You need to explain with clarity what your customers will get if they purchase your product.
Customers want to get a glimpse of what to expect in the end. Explaining the end results add more value to your product. This strategy works best if your product requires customers to pay an upfront fee.
If they understand the value of what they are playing for, they will not hesitate to part with their money.
Strengthen Your Sales Strategies
By employing these sales strategies, you can expand your market reach and generate new leads. You can also strengthen your relationships with existing clients while creating new ones.
As for the other aspects of your business, continuous education is the key. Keep on reading our articles and blog posts. We provide tips that will help take your business to the next level.