"To discover people's true thoughts, please pay attention to what they do, not what they say." When we talk about sales strategy, the phrase René Descartes said comes to mind, because to know how to sell, you must Understand their own competition, and to make their competition develop, they must analyze "they have done more than they said." Let's start by building the foundation.
There is no doubt that sales strategies are the basic pillars of any company's success because they can determine the company's growth and performance. In addition, combined with The Marketing Heaven strategy, under the joint action of the two departments, the so-called "marketing", the team coordinated to achieve sales qualified leads (SQL), and eventually converted it into customers.
However, before deciding which strategy your company will use for sales, it is recommended to conduct a detailed analysis of many factors including market, competition, product, price or methodology. Sales. In fact, below we analyze the main challenges of the sales strategy that must be evaluated before tracking the technology that will be put into operation.
Challenge 1: Product/Market Strategy
Before formulating any sales strategy, studying the market conditions and trends of the company is an essential step, because even if your company has sufficient funds, superb internal organization or good positioning, you can choose to grow if there is no demand. not possible.
In this sense, to implement any sales strategy, the market can be viewed in two different ways or situations. On the one hand is the existing market, on the other hand, is the new market. In addition, strategies must be formulated from two perspectives: from existing products or from new products. Based on these considerations, we will detail four possible combinations below.
Current products on the market
Here, we must strive to achieve higher productivity and make certain investments that will increase sales due to economies of scale and increased production, and reduce costs in return. We know the product, we know the market; as we have already mentioned, the challenge is to achieve the goal and maximize productivity.
Existing products in new markets
In this regard, our advantage is that the product already exists, but it must be moved and displayed in a brand new and unknown market. In this market, you may find a niche market that wants to achieve the expected growth, although you will have to continue to work hard to showcase and promote your products or services and position the company in the minds of the final consumer. Similarly, it is also important to activate technology to attract potential customers to narrow down the areas that are new to you.
New products in the current market
Is your company ready to display new products in the existing market? If the answer is yes, then you will have to use your innovation ability. You understand the market, which means you will have access to customer information (flavors, needs, desires), your strategy should focus on innovating your products/services, and have sufficient resources to formulate and plan such actions. Using customer knowledge, it is important that you must communicate their needs at the exact time they need, which is what can be achieved through a sales support strategy.
New products in new markets
The final combination may be the most difficult to achieve a product/market growth strategy. The complexity of entering a completely unknown market, we must increase the motivation and sacrifice involved in the implementation of new products. This process takes time. In addition, this combination also has obvious disadvantages: we do not know customers. We don't know who they are, how they react, what their tastes or shopping habits are. When using them, remember these variables.
The second challenge: pricing strategy
In the second round, you must discuss the pricing strategy. In this sense, the company may consider implementing a sales strategy based on the following prices:
Prices vary according to customer needs. In the first type, the company focuses its strategy on consumers and provides personalized services at previous segment prices.
For example, the automotive company Mercedes has always been a brand for adults with higher purchasing power. Through this announcement, they made it clear that in addition to the general public, young people can also access it. This is a differentiated strategy.
The same strategy
It meets the needs of the product. Companies that choose to use this strategy for pricing will focus on the product instead of paying attention to customers. One of the most obvious examples is Apple. Cupertino (Cupertino) is committed to more and more innovation in all products, that is to say, it focuses its strategy and efforts on innovation, without accurately segmenting its consumers.
The third challenge: target account sales (TAS), a VIP method
In any sales strategy, it is possible to apply the TAS method or direct sales to customers. This method focuses its strategy on sales management, that is, focusing its efforts on business opportunities owned by the company.
In addition, you must integrate the company's sales team into a system to manage the right customers. In addition to the following aspects, the method also has a series of procedures and tools that can help the sales team better understand the customer's buying process:
- •Increase in the proportion of opportunities.
- •Focus on favorable business opportunities.
- •Improve sales margins.
- •The strength of the sales team.
- •Take appropriate measures to increase the company's gross profit margin.
- •Shorten the sales cycle.
Gift challenge: the advent of technology
Technology will continue to exist, and its development is proving this. The companies that choose digital transformation are those that can best adapt to the difficulties and have a better future. Of course, this change will also affect the sales team, because technology can automate and improve their processes, thereby increasing their efficiency. Therefore, artificial intelligence has also made progress in saving time and optimizing sales processes.
In fact, according to Salesforce, more than 70% of sales professionals believe that using sales analytics has greatly improved their ability to provide a consistent customer experience across multiple channels. Therefore, according to the American company, using the metrics provided by the technology helps to form a deeper vision, which allows the seller to provide a better experience for its customers. In the next three years, as the sales team has realized the demand for technology, the technology adoption rate will increase by 139%.
We know that you face many challenges. It is not easy to formulate a sales strategy to stand out from the competition. Therefore, you should trust digital marketing consultants (such as We Are Marketing) to implement your growth strategy. But the challenge is to overcome the challenge: understand your market, study the competition, analyze the possibilities of the product, determine the right price, bet on the technology, and most importantly, trust yourself and your project.