Selling is capturing or monetizing values. A sales transaction means that a customer agrees to acquire a product or service and pays for its price by exchanging values with money. Selling in this way reveals that a seller’s offering matches the customers’ wants. Many factors influence selling, including the market mix, unique value propositions, sales team and market factors. In this article, I discuss factors influencing your enterprise sales.
Have you created the wanted marketing mix?
Marketing mix defines a business’s offering, including the product, price, distribution channels and promotion. Having a marketing mix acceptable to customers is a step towards concluding a deal or sale. A firm defines its marketing mix based on the results of market research and a deep understanding of the market. Market research provides information on your performance and customer feedback about your products or services, either existing or potential. Choose the most wanted market mix that will stand out of the crowd in the market and lead to increased sales.
Do you offer acceptable values to customers?
Value propositions of any enterprise are a set of features and benefits that a product offers and justify why a customer buys that product. Customers pay to get a product that most satisfies their wants and offering the right solution and unique value proposition usually results in a selling lead. A unique value proposition acts as a problem solver for the pain that a customer faces in performing a task and can help boost the sales of the firm when it is hard to copy or imitate and is unique.
Have you developed enough customers?
Developing customers involves discovering, validating and keeping customers and helps the business to understand the customers’ needs and create products they want. The process involves running many tests on a micro-scale to start the engine of growth running, develop the customer base, saving much time, effort and money. The customer development method replaces the previously preferred way of product development, which focused on creating a product using a technical recipe. In contrast, the customer development method focuses on making products that customers want. Tactics for discovering customers can include awareness campaigns, while tactics for keeping them include loyalty schemes and effective communication. The tactics for growing customers are referrals, upselling, which means selling higher quality and more expensive items, and cross-selling, namely selling different items. A customer development method is a hypothesis-driven approach to understanding: Who are your customers? What are the problems and needs customers seek to address? How are they behaving to get tasks done? Which solution will a customer most desire to buy? How can a customer decide, buy and use your new product/solution?
Have you created a busy selling funnel?
Selling funnel shows the process of sales, prospective customers, and conversion rates. The conversion rate is a vital indicator for any business, as it shows the average rate of converting prospect or lead customers to buy customers. It shows how to get leads, prospects, make offers and conclude deals. It also describes the purchasing processes that a customer goes through to buy a product which includes awareness, interest and deciding. Many factors influence the selling funnel data of a product, including the business nature, technology, budget, and marketing factors. The best way to feed your sales funnel with robust data is through market research and communication with the key market players. Having a busy selling funnel will help to grow your sales.
Do you lead sales forces that can make the difference?
Sales forces are the teams who communicate with customers, market and sell the products of a firm. Sales duties involve developing customers, communicating with them, deciding on the market mix and selling to customers. The functions of a sales force include developing customers, establishing healthy customer relations and striving to achieve sales targets. Creating a dedicated and competent salesforce requires appointing the right staff, developing and managing them effectively.
Do you use a breakthrough digital technology?
Digital technology plays a significant role in improving sales and aims at improving customer experience, developing digital capabilities and improving core activities. With the use of digital technology, customers can easily know and decide on your offer. Besides, it improves the efficiency and productivity of an enterprise and transforming customers’ requirements to wanted orders. It is needless to state that digital technology becomes a necessity to increase sales.
This article is extracted from my new book- Mastering Enterprise Skills for Potential Entrepreneurs, which will be published soon. If you want to receive more information about the book, you please register using this link.
Prepared by: Munther Al Dawood