Running a business is all about making sales. This is why business owners should develop effective marketing and sales strategy to ensure improved sales.
The fact is that most businesses operate in a highly competitive market nowadays. And for this reason, one has to be more clever to be able to make more sales.
The indisputable fact of businesses, whether big or small, is that they are all set up to make enough sales that will guarantee that the business continues to operate.
What’s your sales strategy?
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Your sales strategy should consist of a plan that will position your business to gain a competitive advantage. Successful strategies will help the sales team to focus on customers and communicate with them in relevant, meaningful ways.
So how do you come up with a sales focus which drives the most amount of growth to your business and profit to your bottom line? How do you ensure your business attracts more customers for better and improved sales?
Elements of effective sales strategy
No doubt about it, effective marketing is crucial to the success of any business. But not only that, having a good sales strategy is equally important because it will help you focus on making the sale rather than increasing the visibility of your company.
This is why simply understanding your market is not enough. You need to build on your marketing and sales plans, and then turn theory into profits. A sales strategy is more than a sales pitch. It is an opportunity to show why your product or service beats the competition.
A good sales strategy will surely help you identify and take advantage of the best opportunities to close more sales in a competitive market. Below are 4 essential elements of a sales strategy that will increase your business sales.
#1]. Price and sales deals
Price is one of the most important elements of a sales strategy that influence customer’s purchase decisions. The fact is that customers don’t always want to spend their hard-earned money, and whenever they wanted to, they always make sure they are getting better deals.
So, how do you convince your customers that they are getting better deals? Make sure you add a small banner or text showing both the old and new prices whenever you are doing sales. You can also highlight the amount they will save if they buy now as this will help your customers in their decision-making.
As a business owner, you will have to devise a way to incentivize customers to buy from you. For instance, you can include the shipping cost in the price and mention “Free worldwide shipping”, this will make your customers feel that what they purchase is worth more than what we have paid. Even a small discount and adding the words “ON SALE” can increase conversions.
#2]. Reviews and feedback
Customers rely on ratings and reviews as the authentic voice of the consumer, guiding purchases online and in-store. This why reviews play a major role in getting people to buy from you. You should never joke about reviews whether they are negative or positive.
You should know that customers routinely sort through search results by star ratings and scroll through buyer feedback before making a final shopping decision. It’s no secret the way consumers make decisions has dramatically changed over the last decade.
While standing in stores, they sometimes use their smartphones to compare prices and product reviews. Whenever customers want to buy certain products, they usually entertain fears, doubts, and such questions as “have others purchased this product and loved it”? Is it worth the price? Product reviews make it easier for us to determine our expected satisfaction with this product once we buy it ourselves.
#3]. Credibility and good reputation
The issue of credibility is another important element that influences customers’ decision to buy from you. Gone were days when customers would just walk into a shop and buy stuff without asking questions about the seller.
Today, people buy from their comfort zone in their rooms, offices, and even on the move. This easy access gives customers more time to learn about the company or business they want to buy from. For this reason alone, every business owner will have to ensure that they manage their business’s online reputation.
The fact is that your business’s good reputation is one of its most important assets. After all, who wants to buy from a firm with a poor reputation for customer services?
If you build up and keep a good reputation people will be interested in doing business with you, and in times when the competition is fierce, that can make the difference between your business’s survival or its untimely demise.
So bear in mind that customers out there usually entertain questions of reputation before they buy. Customers usually ask: Have others had positive experiences with this seller? Is it easy to get in touch with the seller? Did they ship the correct item, on time, and with the expected quality?
#4]. Delivery and quick response
As a business owner, exceeding your customer expectations should be a priority if you really want to grow your business. The delivery of your customer’s goods is the last stage of the fulfilment process and from the consumers’ point of view, the most critical. For customers, there is always a question of when will I get the item delivered? Will I get this item early than I expect?
As an online business, you should ensure flexibility in your product delivery. You should be offering delivery options such as free delivery, premium delivery, next-day delivery, and others. The fact is that a lack of delivery options will result in abandoned purchases.
According to Econsultancy, over 50% of abandoning purchases is due to inadequate delivery options. This shows the importance of providing choice for consumers.
So many other factors and elements are responsible for good sales. However, this simple formulae (Price + Reviews + credibility + Delivery = Retention) works better and generates more sales. Every customer is concerned about the Price; they want to ensure that they are paying the right price. If they can get the same service or product cheaper somewhere else, they will not hesitate to abandon you.
Furthermore, the Internet has made shopping really easy nowadays and it has also empowered customers to search around not only for better deals but also what people are saying about your business.
This is where positive Reviews come in handy to play an important role in convincing people to buy from you.
Credibility is also a determinant factor when people want to do business with you. As a business owner, one of your topmost assets is a good reputation, which will give you an edge over your competitors.
After all, who wants to buy from a business with a poor reputation for customer services? Also, as a business owner, always remember that it’s important to exceed customer expectations, and don’t forget that reliable and timely Delivery service is one of the top expectations of your customers.
The simple fact is that not everyone has the time to wait around for deliveries, so more certainty is required. Your standard delivery will suit some customers, and many would prefer to wait longer and have free or cheaper delivery. However, there are people who want the product ASAP. If your competitor has next day delivery for the same item and you don’t, you may lose out.
However, if you need to sacrifice one of the four (Price, Reviews, Credibility & Delivery), make sure your customer understands why so that they feel good. For example, a higher price is OK as long as they see the unmatched quality.