Wednesday, 31 January 2018

Things to know about Sales Strategies for Business

                       


           The strategy is a method or plans to achieve the desired outcome. An effective and proven strategy is vital to the growth and success of any business.  An effective sales strategy can make or break a company's sales targets. The sales strategy impact revenue growth of the company. To get better results, you need to rethink your system. An effective sales strategy is rooted in understanding the buyer and must be developed at the highest levels of the organization with the support from everyone involved in the execution of it.
 
Create and Track sales strategy that works for Business: Sales strategy describes the target market and tactics to implement the strategy. In order to succeed in Business, you need to create detail and effective sales strategy. Determine the target market and identify the prospective customers. To market and sell to the target customer the sales reps need to understand why customers need to buy the product and services from your company. So, create an effective sales messages and highlight the advantages of products and services that you sell compared to the competition. Build strong compelling benefits of using services and products.

           If you ever made the switch from B2C or eCommerce website to B2B, there's world of differences. B2B offerings are much expensive and marketing need to be addressed in a strategic manner. You must reach your customer at every stage of the funnel and educate them in all stages along the way. Content marketing KPI's at every stage of the funnel helps you to measure the ability of the organization to achieve the business goals. Keep track of owned audiences, website visitors, checkout, conversion rate and repeat purchases for your business. Consider the following KPI's and supporting metrics to gauge the performance throughout the marketing funnel,
             1. Build Brand :
                   Primary KPI: website visitors
                   Supporting Metrics:  Inbound Links, Referral visits, Brand Mentions, owned reach( subscribers, social followers, contact databases), New visitors, Returning visitors
             2. Generate Leads:
                   Primary KPI: Total Leads
                   Supporting Metrics; Gated downloads, lead source(advertising, direct emails, calls, social, offline), cost per lead, lead quality score, lead-to-prospect ratio, prospects or sales qualified leads
            3. Convert Leads to Sales:
                   Primary KPI: Customers
                   Supporting Metrics: Conversion Rate( visitor to the customer, lead to customer, prospect to customer), Cost of customer acquisition, New customers, Revenue Won. Revenue source wins
           4. Increase Customer Loyalty:
                  Primary KPI: Recurring Revenue
                  Supporting Metrics: Active customer, churn rate, Customer Lifetime Value, customer referrals and reviews, Net Promote score(NPS), Engagement(social, web, email), Retention rate, revenue(lost, won, customer, per division, per product)

      The relationship between buyer and seller is paramount of importance. The buyer needs to understand the business and requirements. How much and what things do they need?  So, when salesperson or business owner asked as a buyer, he knew, that enabled him to get prepared. To create an effective sales strategy and to execute it, sales team needs to answer the following questions,
1. The picture of long-term vision that brings customers: To truly grow the business and make the right sales, your sales rep need to understand the company vision. Make sure to explain where the company is going and where the market is going on the regular basis. Provide your sales team with insights regarding how the company captures a new market or leverage technology changes. If you make changes to product availability or services, explain to him why those changes were necessary.
2. Ideal Customer criteria can use to Prospecting: If a sales team stuck with leads and no way to prioritize them. it's likely that they are missing the opportunity to sell the right person. To help them prioritize leads, provide the ideal customer criteria they can use to measure the potential client.
3. The top companies we want to reach and sell successfully:  Once you have defined your ideal customer, you can use the criteria to make a list of the companies you want to target. It could be 10 or 1000 companies. Explain to your reps why these are the top target companies that help your team understand the long term vision.
4. Company Position in the Market: In order to sell effectively your company and products, sales reps need to be able to communicate your position in the market. So, look at the strength of the market, brand awareness, competition, technology landscape or economics to clarify your positioning.
5. Appropriate Value Proposition for each Buyer Persona: Value proposition of the company starts with the answer to the questions,
 a. What problem your client having that you can help to solve your solution &
 b. What is the unique way to solve this problem?
Sellers need to explain to the customer what your company offers.
6. The kind of sales support depends on from every department in the company: Every member of the company needs to understand the sales team goals and how they are expected to achieve these goals. To get it right, make sales a fully integrated part of your company.

If your sales team only receives a revenue goal, they will never able to understand how to reach the goal in a way that grows your company.  As a business owner, you need to create a kick-ass sales strategy and clearly communicate to your team.

Here are some best practices to bring your selling strategy,

1. Understand Your Buyer: 
a. The individuals inside the organization are responsible for purchasing decisions and the critical business drivers.
b.The personal cost to the buyer of the problem they are trying to solve.
c. What are the biggest perceived obstacles to the buyer's decision etc.,

2. Use Email and Messaging for Prospecting: Emails are a great way to touch base with prospective clients. Write the interesting and digestible piece of information. It is rare that people pick the phone and make the call for the projects. They use Facebook, LinkedIn, and other social media channels. Use that network effectively for the source of connection.

3. Talk about the Company:  To be successful, adopt a caring, nurturing and friendly attitude. Remember to address the buyer's pain, passion, our product, process and unique differentiation. It's how we start the correspondence and end our sales pitch.

4. Arrange an event: Shaking hands and buying prospects drinks become ways to build rapport and trust. You don't need to cancel the networking event, but you will get more out of the event if you create unconventional ideas and give away the valuable industry knowledge.

5. Make friendly Calls: Calling new prospects with new ideas is called "Warm-Calling" and create passionate about what is right and what is wrong. Be upfront about what you're calling. Be honest about what you want. Answer the questions and listen to the objections. If someone tells "no", don't hurt the feelings. Thank them and move on to the next sale.

6. Check your Sales Process: You need to review your sales process and build new skills regularly and optimize it. Try to get the key information of sales process. Don't reach out your prospect unless you are delivering the additional value.

7. Send a Gift:  Before people are working with you, they have to know you are serious about doing business with them. It's a gift that shows you're invested in partnership and willing to go the extra mile. It could be accompanying workbook, pocket journal or wristband. This will stand out from other salespeople and form a genuine relationship.

8. Translate strategy into process into workflows: Once an effective strategy has been established, you must translate into sales process in order to be executed. In order to consistently execute on strategy, the process must be built into salespeople daily workflows. Technology helps the groundwork needed to make it effective.

      Sales enablement is the multi-billion dollar industry. It requires the planned investment and strategy to achieve the goals. So, lay the groundwork that makes your investment pay-off.

Monday, 15 January 2018

How to align content for effective B2B sales funnel?

   

        Keeping your customers engaged and happy is important if you want your business to thrive. As a business owner will be delighted when he acquires one new customer while reading the post. If you want to retain your customer, it is important to build the relationship through different communication channels. So, how do you engage the customer in your sales funnel? Creating high-quality content at all stages of your sales funnel solves the customer challenges will make it easier for them to connect and stick with your brand.
      Conversion is the main goal of online businesses. Getting online visitors to engage with your sales page is important to the business success. This is where the sales funnel comes to the front of the line. Sales funnel or sales process is the planned strategy for converting business leads into paying customers. As per the research, 68% of B2B organizations failed to identify their sales funnel. This is the reason new businesses fall apart in short time.
        Start align the Sales & Marketing: Selling & Marketing are different. Marketing looks at understanding the value aspect of the product. But, Sales meets the needs of the buyer.  Sales have the power to make changes and directly influence customer decisions with interaction whereas marketing relies on making marketing all about the product. In reality, people always buy what they perceive to be the value of them. Marketing begins to create content that reflects sales person need to add value to the buyer. There should be an alignment to agreeing on goals, processes, and metrics that are most meaningful to the company. Implementing strict mutual accountability between sales and marketing is the secret sauce to successful inbound B2B lead generation.   
       Align Metrics & Goals: When anybody shares the same goals, they tend to find a way to work together. When transitioning from lead to account based, set goals that link lead funnel metrics to account metrics. ABM technology groups all web metrics in google analytics by account, content, CTA and web pathing decisions are all driven by the behavior of target accounts rather than all the visitors. Sales and marketing need to be aligned with everything who they are targeting, to the value proposition they are delivering.       
        The success of business stands on its sales strategies. 92% of businesses realize the importance of content as an asset. You need a strategy of how to use the content after its initial publications. Personalized content is effective for grabbing your prospects attention and also building a stronger bond. Personalized content using the information you have on your target audience to create tailored to their interest, preference, and needs. The more data you have about your audience, the more personalized content to meet the needs. There are various degrees of personalization that you can consider,
      * Segment Specific: Personalize your content by target market segments. It includes the industry, particular interest, demographic difference, geographic location, needs or problems etc.,
      * Persona Specific: It is a kind of buyer types. For example, first time visitor to your website, regular blog readers, a prospect who express interest in certain product or services an so on.
      * Stage-specific: The stage-specific identifies the certain step in the buying process. The buyer makes a purchase based on upselling or cross-selling, content personalized for the first time cold prospect.
      * Account-Specific: You might personalize your content for particular prospect or organization
      * Lead-Specific: Is personalization depends on one specific individual.
        Let's look at some issues before building the sales funnel. Landing pages are the first connection between your leads and business. Target optimization and promotional specification must reflect the promise presented in the target ad your viewers clicked on. Here is the best example of message match for conversion oriented design
 Bad Message Match:     
                               Ad: Get 40% off a Dell Inspiron 5000
Landing Page Message: Welcome to Mike Computer Store

Good Message Match:
                               Ad: Get 40% off a Dell Inspiron 5000
Landing Page Message: Get 40% off a Dell Inspiron 5000 at Mike Computer Store
Also, there are some facts to focus on,
           * Headline message must match with the ad linked to that page
           * Compelling CTA. Big and smartly positioned CTA are great
           * The purpose of every page should be clear and focused. The single targeted message and the elements should maintain the purpose.
           * Video on the landing page increases conversion by 80%
           * Show your product or service usage information
           * A/B testing must be done regularly etc.,
     
        Sales funnel presented to the prospect/customer and which tend to increase the price and value. It is the tool that allows site managers to see where the potential customers are as they make purchasing decisions while navigating the website. Here are the steps to create highly valuable sales funnel,
    Step1: Create a high-quality product as a giveaway: The product giveaway has to be high quality, real interest to target subscriber and genuinely valuable like Providing the PDF reports, free video training or software to your prospects about the giveaway.
      Step2: Include the affiliate link in your giveaway: If your giveaway is good quality, there is also a good chance to share on the internet with people who are not on your email list. It is also easy to monetize your affiliated link to the related products.
     Step3: Set up high converting squeeze pages: Different squeeze pages will be more effective for different niches. Different headlines, bullet points, designs need to be created. You will get the higher conversion to the page when you add the video to your squeeze page.
    Step 4: Create legal pages: It is essential that all your squeeze pages to certain legal pages like privacy page, terms of use and disclaimer page.
    Step 5: Create a Redirect Page:  If you want to attract the new subscriber, create the page for the special offer. This is also called one-time offer page.
    Step 6: Create Monetised Thank You page: This is the page where you will send your subscribers after they opt-in. On this page, add banners to related products with affiliate links or Adsense Ads or both.
   Step7: Write welcome email: It is a professionally written page for your subscribers and start building the trust.
     You can create sales funnel for your business by Clickfunnel.com or any other similar funnel builder.

Sales KPI: Key Performance Indicator is a measurable value that demonstrates how effectively a company or employee achieving the key business objective. B2B sales situation is unique for every customer. Sales are the delivery vehicle for a marketing message. Think about all the different possibilities,
          - Buyer
          - Industry
          - Solution
          - Configuration
          - Stage
          - Requirements
Every time sales representative gets in front of a client, they have to pitch a slightly different story and value message based on the messaging and content that has created.
  Define the right KPI's:
1. Company Goals KPI:  What are the company-wide goals? Revenue? Customer Retention? Customer acquisition? Companies provide one primary objective with one or two secondary goals that support the primary objective. Forex,
       - Primary Goal: Increase annual revenue X amount
       - Secondary Goal: Growth 10% of every month
2. Sales Objective KPI: What objective will help to reach their goal?  What is your cost of sales? What is the average sales cycle length? It's important to view your primary goal in the context of industry and specific business. forex,
   - Sales specific:
        Primary sales goal:  $ monthly sales
        Secondary sales goal: % growth month by month
   - Contextual Metrics:
          Cost of sales ($)
          Opportunity Win Rate(%)
3. Focus on Action: How many calls/meetings/ emails will be necessary? How many leads need to be generated? Keep working on until you have a solid understanding of key activities driving your revenue.
        KPI's are effective for targeting specific actions for 2 reasons. 1. Action-oriented KPI inspires action  2. To help uncover possible causes when overall goal isn't met.
        Pipeline Flow :
             * (#) of Wins
             * (#) of deals and opportunities
             * (#) of sales/marketing qualified leads
        Action Oriented:
             * Send X outreach mail/ follow up
             * Make X calls and meetings
             * Send X proposals
 KPI's are living metrics meant to be shared and monitored regularly. Have the key metrics in front of your team will help them to track progress and prioritize the actions.

       Sales funnel illustrates the ideal journey that your prospects go through on their way to become the customer. Sales funnel accomplish your marketing and sales efforts can work together to put your prospects on the right path.
    Follow these tips for improving the sales funnel:
1. Attract visitors from multiple marketing channels: Use PPC, direct mails, SEO, cold calling and social media to attract the visitors. The specific channels may differ depending on the industries.
2. Analyse the effectiveness of various Marketing Campaigns: Analyse the website traffic and inbound calls from various marketing channels. This data will help you to educated decisions against hoping for the best.
3. Update the blog content Regularly: Writing useful blog post can improve your SEO and help you engage with customers. Blogs help you organize all your great content.
4. Listen to your prospects and customers and update your website:  Update FAQ sections on your website for your customer's questions about the product or service in your company.
5. Include multiple calls to action on your website: Website visitors will be at different stages of the buying process. Some might be ready to call, others might be researching. Make sure to capture the names and email addresses from the ebooks or white papers.
6. Retarget your website visitor: You shouldn't give up on the visitor who doesn't convert. Consider running retargeting campaign so you can display advertisement on the popular website.
7. Become an authority in your industry: If you are known an industry expert, you'll have the prospects seeking you. As your brand recognition grows, you can attract inbound links which will benefit your SEO.
8. Take action: The first step in improving the sales funnel and marketing efforts is to take action. Create the plan with specific due dates to ensure you start making the progress.