The sale is a platform where you need to make it or break it in a short period. You get bare minimum time to impress and put an impression on the tentative customer, which will lead to a successful conversion.
The gist of the sales field revolves around simple questions. Why does a salesperson win or lose a sale or how to make a sales?
These questions may sound easy to answer but are as difficult to understand. Many assume that the reason for winning or losing a sale is because the service or product was inferior in some way or the other. But according to many surveys, it is proven that customers believe that competing products or services are roughly equal. This suggests that other hidden factors separate the winner from the losers.
Let’s identify these hidden decision-making factors by digging deep into the sales market.
1. Find a selling approach that your customer is looking for
Before you approach a sale, think what selling style will attract the buyer? According to a survey conducted by Harvard Business Review, 40% of the participants say they like a salesperson who listens, tries to understand their needs, and then comes up with a solution to fulfill them. Another 30% of participants said that a person who gains their trust by making them feel comfortable and gives the impression that they will take care of their issues in the long term. Another 30% wanted a sales guy who will challenge customers’ choices and provide them with a solution that the customer doesn’t know about.
2. The market slightly partial to the old gamers
In the majority of the industries, there is that one company that holds a significant amount of the market. When compared to the rest of the market, this company has an extensive customer base, state of the art products, a huge marketing budget, which gives them the benefit over the rest. This is intimidating to the salespeople who have to compete against such names. But according to a recent study, only 33% of the customers believe in buying products that are prestigious and best known in the market. And 63% said they rely on the products that are relatively well-known. Around 5% said they are comfortable with brands that have less to no brand awareness. These answers were relatable according to the industries. The fashion industry followers wanted well-known brands, while health care and manufacturing were the ones that didn’t bother about the brand name.
3. Know how to convince different types of buyer
While buyers’ point of view has progressed drastically, there is still a stream of customers who are dependent on the price of the product. They want to have the best features at the lowest prices. We have distributed the customers into three sections. A price-conscious buyer for the price of the product is the most crucial part of decision making. Second is price-sensitive buyers – for them, the cost is secondary, but the features and vendor capability is more critical. Then comes price-immune buyers. They get affected only when the salesperson overpriced the solution they are looking for, and they are getting a better deal elsewhere. With the help of a study, we further differentiated the buyers according to the industry they are well-suited for. The price-immune customer is right for the engineering goods department, whereas the price-sensitive one is for marketing and sales. Finally, the price-conscious customer is for health care, real estate, and fashion industry.
4. If you have got it (sales skills) flex and flaunt it
Imagine three salespeople are pitching the products that are almost similar to each other in function and price. Which one would get the conversion out of them?
A) The knowledgeable salesperson with a not so friendly attitude
B) A friendly salesperson with a positive approach and proficient at explaining what he is selling
C) An extraordinarily charming salesperson who made you feel comfortable but couldn’t explain the pros of the product as precisely as you want.
You will be shocked to know that most of the industries choose option “B” and industries like fashion and media choose option “C”. But the manufacturing and healthcare industries chose option A. This means
While the top selection in every industry was the friendly salesperson, the media and fashion industries selected “charismatic salesperson” more than most, and the manufacturing and health care industries had the highest percentage of “professional salesperson” responses.
We have answered a set of questions that will impact your growth and approach towards the sales field.
Know-How to be an excellent salesman and increase sales
In a general finding, when a salesperson wins, he assumes it is because of his sales prowess or that they have mastered the art of selling. And on the contrary, when they lose, they quickly blame it all on the marketing team, or they couldn’t offer an attractive discount or that the customer was not interested in buying at all.
One of the factors is that the majority of the salespeople don’t spare enough time to examine or try to understand why they have been successful or unsuccessful in sales.
But here are quick eight necessary sales tips that a salesperson must follow to be on the top of the game-
- Know your product and service in and out
- Keep looking for buyers’ persona and stick to it
- Try to use a measurable and repeatable sales process
- Deeply review the pipeline objective
- Keep searching for shortcuts and hacks that will stay with the customer
- Active listening is essential and always appreciated by the customer
- Work harder than the last sale doesn’t matter if it was good or bad
- Always remember to follow-up after a decent amount of time
Know-How to improve sales
The first question that pops in the reader’s mind is how to make sales? Every salesperson wants to have a sales mantra that he can swear by. But is there any sure-shot means to have successful sales year after year? No one knows. But we sure have tried and tested a set of step-by-step rules that successful salespeople follow when they interact with the customers.
- Before you interact or enter the sale conversation, clarify your mission.
- Always break the mission into specific goals and blueprint to reach those goals.
- Don’t sell what you can but sell what the customer wants.
- Create, grab, and maintain customers’ attention.
- Sell with a purpose that customers can relate to.
- Ask the customer, listen, and then pitch your script.
When you ask people from sales background why they had successful sales, they will feed you with year-old fed answers like “good sales strategy,” “positive approach,” or even say that they have been lucky as well. But it is challenging to classify selling style in a word or a phrase.
To sum it all, we have been fed with half-lies by the society about sales that makes us feel that one can only be successful if they fit in a particular set of rules. Like in the epic movie “Wolf Of The Wall Street”, Leonardo De Caprio had one golden sales pitch. And his entire office used that one pitch and increased sales for the whole team.
But honestly speaking sales is a vast market and only those succeed who have unique personality and zest to understand the customer’s needs. Like every salesperson is different, the customer they deal with is also different. They don’t want to know how much you know about the product you are selling or how good you are willing to sell the product. The customer wants you to tell him how that product or service can make a better change in their life.
Having an individual sales style is helpful, but you cannot depend entirely on that. Instead, we suggest that you look at the data, graphs, and try to compare yourself to the points we have broadly explained.
With the right skills and correct approach, everyone can aim at becoming a better negotiator and salesperson.