Top 5 Sales Tactics to Boost Your Sales
Ignore your sales and the business will perish. Nurture it, and the sky is the limit
Sales is at the core of any business. Yet, often, businesses don’t actively court sales. They believe that if they have the right product and right processes in place, sales will follow. However, focus on sales is crucial to the very existence of the business.
This article outlines key sales tactics that will help invigorate your business. While these recommendations are more relevant to b2b businesses rather than b2c businesses, they offer a broad framework that works for both.
Clearly Map and Segment The Market
Markets have many segments and sub-segments. Each one may need a different approach, solution and messaging. Paying attention to each micro market as a separate entity will help you better understand the market as a whole. This, in turn, will help create an effective customized solution for each segment.
Manage Every Part of the Funnel
The funnel consists of ‘attraction phase’ (top of the funnel), ‘conversion phase’ (middle of the funnel) and ‘closure phase’ (bottom of the funnel). For the business to grow consistently, it is crucial to managing every phase of the funnel. Managers tend to focus on the bottom of the funnel as it affects the near-term numbers. However, if the rest of the funnel is ignored then numbers will start to slow. Besides, a packed funnel gives the company options. If the funnel is weak, companies are forced to accept whatever deals its potential customers are ready to offer. This often leads to the company accepting sub-optimal terms, resulting in poor profitability. Furthermore, the company, over-committing on deliverables to get a closure, now has dissatisfied clients post-sale, as commitments are not met. In many ways, keeping the funnel packed with genuine prospects is the mantra for good sales.
Unlock the Power of Data
Data is increasingly becoming an important ally in every aspect of sales. It helps in the acquisition, reducing churn, increasing revenue per customer, and in tracking customer usage and experience. Data is also a useful tool to help in improving the efficiency of lead generation. While there is a lot of customer-related data available, many companies do not know how to use it. The ones that do, clearly have an edge. Remember, the key is not the quantum of data but how you learn to use it.
Empower the Sales Team With Digital Lead Generation
Lead generation keeps the sales engine running smoothly. Using salespeople to generate leads is an inefficient, slow process. Businesses need a ton of leads that the sales teams can work on to take to closure. A good lead generation engine also ensures the quality of leads apart from quantity and helps create a river of high potential leads. That allows the business the flexibility to choose who they deal with.
Service is Still the Holy Grail
The more things change, the more they remain the same. For a business, a happy customer is still its biggest asset. Whether you use technology or people to keep customers happy is not the question. Both Uber and Singapore Airlines are great at what they do because their customers have a good experience. A polite flight attendant is as important as artificial intelligence in your app. Service is a culture that can be inculcated only at the very top but needs to be ingrained at every level of the organization.
Sales is the most basic of business functions. When done right, it links a business with its environment and helps to achieve a harmony between the ‘inside’ and the ‘outside’ world. Ignore your sales and the business will perish. Nurture it, and the sky is the limit.