The 10 sales tips that will boost your profits in 2017
The sales game has changed quite a bit in recent years. Today’s tech-savvy customers are much more knowledgeable about their purchases, and their expectations are higher than ever. To survive and grow, you need to respond and adapt to these changes. Here are the latest sales tips to get you started.
10 sales tips that will help you in 2017
It’s a fact that profit is the purpose of business. Still, there’s much more to a successful business than simply selling more products. There’s lots of background effort involved, such as budget planning, market research, advertising, employee motivation, customer relationships, and much more.
Focusing solely on finances and forgetting you’re selling to real people can hit you hard in the long run. People respond to honesty and attention. You have to work hard to understand their needs and even harder to earn their trust.
Always focus on your customers and remember – don’t try to make a sale, try to help them solve a problem.
With that in mind, here are some useful tips to help you improve your sales skills and boost your close rates.
Create a smart budget
Accomplishing strategic goals requires careful resource allocation. Dedicate sufficient funds to all of your activities, but don’t stretch yourself beyond your capabilities.
If you’ve been in the business world for a while, it will be easy to create a solid budget based on past work and results. If you’re just getting started, use the available data for similar businesses to create a realistic budget.
Your sales budget should include an estimate of the quantity of products you can realistically sell over a given period, all associated expenses, estimated cash collections, as well as circumstances beyond your control that can affect your sales.
After the forecast period ends, compare the actual results with the estimates. This will help create your next budget more precisely.
Implementing a smart pricing strategy is vital to sales success. Even the best product can fail if the price is excessive and un-competitive. Most people have limited budgets and carefully compare prices before deciding what to buy.
Overall, the price of your product should reflect its quality. Don’t undersell it. People are willing to pay more for a high-quality product. Of course, in such a case, your product will have to deliver on the promise.
To set the price right, conduct thorough research on other similar products on the market. To remain competitive, you can add features to your product to justify having a higher price than your competitors. Or offer an equally good product at a lower price.
Focus on retention
Your customers are your greatest business asset. Ensuring they’re happy after the sale should be one of your top priorities. Customer acquisition is becoming increasingly challenging. And people are taking a more cautious approach to purchasing. Now, more than ever – maintaining a loyal customer base is the best way to stay profitable.
The importance of retention as a revenue driver is indisputable. Experience shows that it’s 600% more expensive to gain a new customer than to retain a current one. Also, even a seemingly low churn rate measured against a large customer base can seriously affect your revenue. As a result, reducing churn is the best way to secure a steady revenue flow.
Don’t underestimate the power of social networks such as Linkedin and Twitter in your marketing and sales efforts. They can be a valuable source of leads, opportunities to introduce yourself to prospects and build relationships. You can learn about people’s interests, expertise, and connections. You can also join groups frequented by your target audience and then interact with them. Try to get their feedback and address their concerns.
Your sales teams can also use blogging as a way to provide meaningful content and enhance product visibility.
Quality prospecting is another key to good sales. It involves market research and data analysis to determine your ideal customer profile, based on demographics, behavior patterns, desires, and objectives.
In short, your leads must meet specific criteria indicating a high probability of purchase. This saves you from wasting time and effort on leads that are unlikely to buy your product.
Keep in mind there are many qualified prospects that aren’t ready to buy immediately. Make sure you check with them regularly so they don’t slip away.
Referrals are a great way to strengthen your credibility and corporate image. Your network of associates and your existing customer base can be a great source of leads. Satisfied clients are usually more than willing to recommend your products and services to others.
Don’t forget to thank your referral sources for their kindness and effort. You can also offer a referral commission to encourage engagement.
Remember that acquisition costs for leads secured through referrals are a fraction of the costs incurred through direct lead generation efforts.
Know thy customer
Having a high-quality product doesn’t necessarily guarantee good sales. You still have to convince your prospects that your product is, in fact, the best solution for their needs. To do this, learn all you can about their backgrounds, interests, budgets, purchase behaviors and decision triggers. If you’re selling to businesses, learn who the key decision-makers are. Thorough research of your prospect base will help you fine-tune your sales efforts for the best results.
Talking to people directly about their preferences, dislikes and their perception of your competitors is a great way to gather valuable data. You can also sift through databases and usage reports to deepen your insight and follow market trends to anticipate customer needs.
Motivate your sales team
People accomplish more when they are stimulated and excited about their work. Make sure to keep them up-to-date regarding important developments so they won’t feel left out. Ask for their opinion and include them in the decision-making process whenever possible.
Communicate their goals and targets clearly to avoid confusion and encourage performance.
Allow your sales teams to be independent. You don’t have to micromanage and watch their every move. Giving them some breathing space will take the pressure off and allow them to be more creative in reaching their objectives.
Take advantage of technology
Today’s businesses have an entire software arsenal at their disposal designed to facilitate the sales process. These solutions range from data storage tools and CRMs to behavior prediction software. All of these can do wonders for your business.
They can be used to enhance customer interaction, and collect valuable customer data and statistics.
Using predictive scoring and profiling tools will reduce the time spent on lead research. This will also show you which leads are a good match for your offer and their probability of purchase.
Ultimately, remember that people are increasingly using their phones as a shopping tool. A mobile-optimized website is a great way to increase sales and stay ahead of the competition.
Outsource your lead generation process
One of the best ways to boost your growth is to partner up with an experienced lead generation company. Doing so will ensure a constant flow of warm leads in the fraction of the time it would take to do the job in-house.
DemandZEN’s lead generation solutions can save you time, effort and stress by delivering sales-ready leads on a platter. Our comprehensive, multi-channel strategy is designed to generate high demand for your products, smoothing out the customer conversion process.
Selling doesn’t have to be hard. You just need the right tools, the right approach, and of course, the right business partner to help you get the results you want. Contact DemandZEN today and watch your leads turn into customers!
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