Effective Selling Strategies
Understanding and implementing effective selling strategies is essential for businesses of all sizes.
Know Your Product
A top selling strategy that’s relevant to any industry, or salesperson, is that you have to know what you’re selling. If you don’t know the features and benefits of the product or service you’re selling, you won’t be able to answer customer questions or handle objections. Familiarize yourself with products and services you sell by reading their accompanying marketing brochures and sales letters, testing the product or service and by asking your manager questions about a given product.
Show, Don’t Tell
Customers want to hear about the features and benefits of a product or service, but they’re more impressed when they can see the product or service in action. If you own an ice cream shop, you can offer product samples, while if you offer online time management solutions to entrepreneurs, you can grant them trial access to the program. When customers can explore a products or services, they can get a better idea of how it’d fit it into their lives. This also makes the sales process run smoother.
Understand Your Target Customer
Consumers have different wants and needs that make them gravitate toward specific products, services and companies. If you have knowledge of your target customers, you can readily identify their needs and help them find solutions. Each company has an ideal client it wants to target and acquire. Characteristics such as age, income level, marital status, education level, geographical location, hobbies and interests help companies pinpoint their markets.
Repeat customers can help a business become profitable, but even better, getting referrals can help a business grown and build its reputation. Include generating referrals into your sales process to maximize your profits. You can start a referral program that encourages your existing customers to suggest your business to their friends, so they can take advantage of discounts.
Pricing plays a major role in whether many consumers make a purchase, so it’s important that part of your selling strategy includes pricing competitively. While you don’t have to make your prices lower than or on par with your competitors, you should know their regular and sales prices for products and services. You may elect to price yours higher, but you must ensure that you can communicate the value in paying more for what you offer. Value-added benefits might include an extended warranty or lifetime guarantee, your level of expertise or the quality of your products.
“If an entrepreneur or his sales team lack the necessary skills to initiate and close a sale, the company can lose money and ruin its reputation” added Salomón Juan Marcos Villarreal, president of Grupo Denim.