SALES STRATEGY

 

        A sales strategy is a set of decisions, actions, and goals that inform how your sales team positions the organization and its products to close new customers. It acts as a guide for sales reps to follow, with clear objectives regarding sales processes, product positioning, and competitive analysis.

Most strategies involve a detailed plan of best practices and processes set by management. The most important component of choosing and implementing your sales strategy is your customer. For this reason, a sales strategy shouldn't be one-size-fits-all. Every customer is different; therefore, different organizations should draw up and implement different strategies.

Let's cover some popular sales strategies — including inbound sales.

1.      Increase online sales through social media.

2.      Become a thought leader.

3.      Prioritize inbound sales calls as hot leads.

4.      Properly research and qualify prospects.

5.      Don't shy from cold calling.

6.      Offer a demonstration of the product.

7.      Provide a personalized, clear end result.

8.      Be willing to adapt your offering.

9.      Close deals with confidence.

10. Nurture existing accounts for future selling opportunities.

 

1. Increase online sales through social media.

Social media is one of the most popular ways that people consume information these days. That’s why nine out of ten retail businesses are active on at least two social platforms. With the data on your side, increasing online sales through social media is attainable with some creative thinking and strategic planning.

 

2. Become a thought leader.

Sharing your advice, tried-and-true best practices, and niche expertise are some of the most long-lasting ways to build your personal brand and lend more credibility to your organization. I’m sure we all can agree that nobody wants to feel like they’re being sold to. Instead, it’s better to help people by offering solutions to their problems. Thought leaders do exactly this, and it’s even been backed up by Edleman data. In its 2020 Thought Leadership Impact Study, 88% of respondents agreed that thought leadership is effective in enhancing their perspectives of a company. 

 

3. Prioritize inbound sales calls as hot leads.

There’s the age-old question: “Should I discuss product pricing with a prospect on the first sales call?” The honest answer is: It depends. You and your sales team know your process front and back and if you’ve seen success with pitching with pricing first, last, or somewhere in between, stick with what’s working for you.

 

4. Properly research and qualify prospects.

Even the strongest sales strategy can't compensate for targeting the wrong customers. To ensure your team is selling to the right type of customer, encourage them to research and qualify prospects before attempting to discuss your product. They'll find that more work on the front end can lead to smoother closing conversations later on.

Outline the criteria a prospect should meet to qualify them as a high-probability potential customer. This should be based on a prospect’s engagement history and demographics.

 

5. Don't shy from cold calling.

In Sales, cold calling is unavoidable. But it doesn't have to be miserable. There are a number of cold calling techniques that really work, including our bulletproof cold calling template. Have your sales team practice cold calls on one another before making actual calls; it'll boost their confidence and get them comfortable with the script.

 

6. Offer a demonstration of the product.

Pitching can be the make-or-break moment in a sales strategy. The sales pitch has to be a powerful, compelling presentation, but it also can't come on too strong lest you’ll scare away the prospect. 

Study the elements of a successful sales pitch and demonstrate to prospects how they’ll benefit from making the purchase. Have your team practice amongst them, too. Better yet, test your presentations on a few loyal customers and gather their feedback.

 

7. Provide a personalized, clear end result.

When customers come to your business, they aren’t necessarily looking for a product or service; they’re looking for their desired end result. These customers want to purchase a means to improve their own operation, or simply improve their strategies with the help of your offering.

 

8. Be willing to adapt your offering.

In sales conversations, you should expect to come across clients with unique demands. It’s only natural when working with companies of different structures and needs. Instead of saying “you won’t” or “you can’t” — make sure your sales strategy is adaptable to accommodate the customer’s desire.

 

9. Close deals with confidence.

How you close a sale is just as important as how you start the conversation. Encourage clear, concise, and firm closing techniques to ensure your sales team sets the right expectations and delivers on their promises. Keeping a list of proven, go-to closing techniques will help salespeople routinely win deals.

 

10. Nurture existing accounts for future selling opportunities.

Once a deal is done, there's no need for a sales strategy ... right? Wrong. Account management is an incredibly important part of the sales process, encouraging loyal, happy customers, and leveraging cross-selling and upselling opportunities.

 

Inbound vs. Outbound Sales Methodology

In addition to upselling and cross-selling, there are two important types of sales methodologies: inbound and outbound.

·        In outbound sales — the legacy system of most sales teams — companies base their sales strategy on seller actions. They rely on manually-entered data to monitor the sales pipeline and coach their salespeople, and they run sales and marketing independently, creating a disjointed experience for buyers.

·        In inbound sales — the modern methodology for sales teams — companies base their sales process on buyer actions. They automatically capture seller and buyer data to monitor the pipeline and coach salespeople. And, they align sales and marketing, creating a seamless experience for buyers.

 

V.L.RAGU (21UCM075)

S.DINESH KUMAR (21UCM060)

II B.Com ‘B’