10 November 2018

25 Proven Sales Strategies from TOP Entrepreneurs and Startups

The strategy is the most common word that has been used off late while talking about business. It means a set of decisions or plans to achieve a long-term goal. In business, a Sales Strategy is a plan designed by the company to achieve its target sales which will, in turn, generate more revenue for the company.

Image: https://www.entrepreneurmag.co.za/advice/business-leadership/strategy/implement-high-impact-strategies/

1) Don’t sell the product: This may seem contrary to our objective of driving sales and achieving the desired revenue. However, instead of treating the product as a commodity and selling it, sales reps should sell the value addition it can provide to a customer. This way, the chances of making a successful selling are higher. 

2) Focused approach: While targeting the market, companies should adopt a focused approach. They need to focus on a select number of small customers. A selective approach will save time, money and effort and is more efficient in achieving a successful sale. 

3) Rank your leads: In order to save time and manpower, companies can adopt the point-based ranking system to rank the clients. There is a greater scope of closing a deal with a CEO of a company rather than a mid-level manager. Hence, score the clients based on factors such as designation etc. 

4) Choose the right sales pitch: ‘Elevator pitch’ is the term of the day. The name comes from a short speech which is no longer than 20 – 30 seconds and which gets completed within a short elevator ride. This doesn’t mean that companies should completely ignore long pitches. Companies should adapt based on the situation and choose the right pitch.

5) Technology: Nowadays, companies are heavily reliant on technology to manage the business. CRM software is a category of software that helps business integrate various other internal applications within the organization. It tremendously helps the business in maintaining a cordial relationship with its customers. Various free CRM software packages are available in the market which startups can take leverage of during their growth stages. 

6) Flexibility: Companies should be flexible enough to accommodate small ‘out of the customary’ requests from customers to facilitate a win-win situation. These requests could be delivering the product to a different address in the last minute of delivery or a bargain to reduce the price considering the large quantity of purchase.

Image: https://blogs.oracle.com/oraclehcm/flexibility-is-key-in-talent-management

7) Timely follow-up: Companies should engage sales reps to do a timely follow up with leads. The follow up is timely and not ‘regular’ or ‘constant’. 

8) An ear for the prospective customer: Sales reps should do their own research before approaching the client and also give enough space to the client so that he can explain his problem clearly. After a clear understanding of the problem, sales reps can explain to the customer how the product can address their specific needs.

9) Lay down the facts: While speaking to a client, the sales rep should highlight both opportunities and risks associated with the product. This helps in gaining the trust from the customer.

10) Positive mindset: Convincing the client is impossible if the sales rep himself is not confident about the product. Hence, sales reps need to have a positive mindset with a lot of conviction about the product.

11) Ask questions: It is good to ask questions during the course of conversation to check the understanding of the customer.

12) Bundle the product with offers: Old age technique of attracting customers is offering a product bundled with discounts or voucher coupons or any other offerings.

13) Smart usage of free trials: A free trial is letting the customer use the product to gain a firsthand experience. These are limited and should be offered for a limited period of time to create a sense of urgency in customer so that he can try all the multiple features of the product in a short span of time and go for a purchase.

14) Offer one but sell more than one: This technique can be best explained by taking the example of the banking sector where customers approach banks for loans but banks offer loans along with insurance.

15) Human touch: Human touch is necessary to maintain a relationship with the customer. Hence, prefer to meet the customer in person rather than a phone conversation or voice chat.

16) Facilitate healthy competitive environment: Companies need to create and facilitate healthy competitive environment among the sales team by rewarding the performing individuals with incentives.

17) Personalize: Prospective customers are flooded with multiple offerings from different companies. Hence, sales reps need to personalize the buying experience of a prospective client to turn him into a customer such that he is left with a lasting impression of the product.

18) Motivate impulsive shoppers: Impulsive shoppers are those who walk into a store and buy items that are attractive and appealing. Companies should target these set of customers while selling the product.

19) Be persistent: Some individuals need more time than others to make a purchase decision. Hence, an initial rejection should not be considered as lost deal as occasional follow up may convert it into a successful deal.

20) Light up your sales pitch: Give live examples to prospective customers about how much of a value addition Customer X has received after the purchase of the product. People tend to connect easily when a sales pitch is aligned with a story. 

21) USP: Highlight the unique selling point of the product that can add more value to the customer when compared to other products in the market.

22) Take help of numbers: Sales targets in the current age should all be data-driven. Taking leverage of the technology that we mentioned above, companies can get hold of data that can help them in setting and achieving targets.

23) Social Media: Needless to say, apart from print and television media, social media is the next big platform to market products. Companies should take advantage of social media to market the product.
Image: https://makeawebsitehub.com/social-media-sites/

24) Sell Limited Editions: The word ‘limited edition’ raises curiosity among prospective customers and it is another easy way to gain the attention of prospective clients.

25) Stay in touch: A new product launch or anniversary of the company, invite the customer and stay in touch with the customer to maintain that good long customer relationship.

***Images credits to the rightful owner

About the Author

Apoorv Bhatnagar
Digital Marketing, Freshworks Inc
p : +91 9529958242
e: apoorv.bhatnagar@freshworks.com
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