Increasing profitability is at the forefront of every business owner's mind, but what if you've come to a plateau or have simply run out of ideas on how to take the next step? You may be a star at your trade but completely in the dark on how to implement a sales strategy. We want to see your small business succeed, which is why we are sharing our hottest tips to ignite your path to business success.
What is important for organisational growth?
The key ingredient in your recipe for success is actually going to be you, the business owner. Without your flexibility, planning, organisation and tenacity, even the most brilliant sales strategies will fizzle. An effective sales strategy is underpinned by the person driving it, no matter the company size. We explore different strategies on how you can build meaningful relationships and convert potential customers into loyal customers.
What is the best sales strategy?
As you will have no doubt found out by now, there is no one-size-fits-all approach in small businesses, nor large companies. What works for you may be a total disaster for a similar organisation. Here are our favourite four sales strategies that you can try on for size:
Investing in yourself
This may seem like a step in a different direction, but hear us out. If sales isn't your forte, then investing in yourself, your knowledge and mental positioning will do wonders to equip you with the right tools to build a future of growth and profitability. Your business changes when you do! Even if it's just through conducting your own research, you could gain valuable knowledge on:
- the sales process
- sales cycle
- sales conversations
- competitive analysis
- strategic planning
- time managing
- product positioning
- email marketing
- buyer personas
- developing a value proposition
- the concept of a sales funnel
- how to nail sales calls
- you might even learn more about social media!
Not only will you be brimming with confidence, but forming this knowledge base in the early stages of trading means you have the opportunity to identify flaws in your existing sales processes.
If you have a team of sales reps, it's a good idea to invest in their skills too. A stronger sales team means more closed deals.
Maintain your customer relationships
Once you've invested a little in yourself, invest a little in your existing customers. Keeping an existing customer may just prove easier, less time-intensive and less costly than securing a new one. Many salespeople get too caught up in acquiring new customers that they overlook the fact that their existing client base has already proven they are paying customers.
A great sales strategy for many small companies and even larger scale operations is to invest in maintaining your existing customer relationships — you've already done the hard work in winning them over!
Know how to identify your target customer
If more customers are what you're after though, remember that trying to get everyone to buy your product or service is going to be about as successful as trying to get everyone you meet to become friends with you — it's just not going to work; nor matter! You need to know who your ideal customer is in order to target them. Define for yourself, or within your sales team:
- Who is the ideal customer?
- What gender are they?
- What demographic are they in?
- What's their income?
- What are they doing in their day?
- What do they prioritise?
- What are their pain points?
Understanding the answer to these questions will give you valuable insight into how to target potential customers and allow you to build relevant marketing and communications content for them.
You may even look to implement a lead scoring system. This essentially ranks all of your qualified leads from 1 - 10 on how well they meet your target and allows you to target customers that you believe will result in more deals.
Develop your unique competitive advantage
In today's world, it is highly likely that you are one of many businesses selling the same product. A company's sales strategy needs to take its competitors into consideration; what sets you apart from your competitors that you can highlight to separate you from the pack?
Perhaps it's some unique product features or an added benefit that they won't get elsewhere. Whatever it is, it is going to underpin your sales pitch and be the differentiating factor when selling to new and current customers, alike.
At Waddle, we want to help you stand out from other small businesses. Find out how you can utilise our cash flow management platform to springboard your sales strategy plan to fruition.