Tuesday, 31 December 2019

How to Improve the B2B, B2C and eCommerce Sales?

       
            When you consider the sales funnel, there are 3 types of traffic. Those are cold traffic,warm traffic, and hot traffic. The cold calling is to sell something when you are doing door-door sales, picking up the phone calling for businesses or trying to reach on social media etc., This is cold outreach called cold calling. It is hardest to convert the sales. The way of communication with cold traffic person is different than the warm traffic person and hot traffic person. Because, whenever you try to pitch the big package consists of 3 to 5 features, it is really hard to get that kind of sales. When you try to pitch something smaller or lower front end type of offer is good for cold calling. So, it is suitable for the people those who are aware of the problem they're are facing. But, they are not aware of you nor they are not aware of the products or services. Warm traffic are aware of the problem and you have started to develop the relationship with them but they haven't purchased anything with you. In the sales funnel, you can see that they have opted in email list and communicate with them. It is to develop a bond and developing the relationship with you. The hard traffic for the people those who likes you and trust you. They are aware of their problem, their solution and aware of yourself. They are taking some offer and are the buyers. The sequence of the sales funnel can be described as,

                           Cold Traffic ------> Warm Traffic -------> Hot Traffic
                             (unaware)                 (Aware)                     (Buyers)

       
         The Value Ladder helps you to convert the cold traffic to a warm traffic and the hot traffic.
The cold traffic comes from the blog post, social media updates, podcast, content videos, case study etc., In order to covert them to a warm traffic, we have to give some sort of Bait. This is  low tick front-end offer. Now, that offer can be a lead magnet through the cheat sheet, drop the email or free offering of the ebooks etc., This will bring them into your sales funnel eco-system and it is the warm traffic. You can develop the relationship by providing the low ticket offers of the physical products like product demos, branding videos, software plugin, free trails etc., Then, you start communicate with them and start selling the stuff. Warm traffic to the hot traffic by simply providing high-ticket paid type of people.
       Sales funnel is basically a marketing message in very specific format. Funnels are selling the physical or digital products. It is used to generate the leads and make the sales. If you are selling the digital product, you have to give the value. There are different types of funnels and different kinds of user journeys depends on your product. For ex, if you want to sell the ecommerce product, there are different kinds of funnel to think like membership funnel, application funnel, lead magnet, summit funnel, product launch funnel, trip-wire funnel, store front funnel, hero funnel etc., The most popular is trip-wire funnel which is basically low ticket front-end offer. Because, you are marketing the cold traffic. Cold traffic doesn't know about you, but they might aware of the problem and don't know about the solution. Our goal is to acquire the customer and we might lose the money on the front end and deliver the value. But, you need to keep the big picture in mind to look up the up-sells and follow up the funnels that you can squeeze more of the relationship.

Opt-in Funnel: It is obviously that you are grabbing the contact information of the lead. Most funnels have the opt-in elements like ecom, webinar etc., After the opt-in, you make them an offer. For ex, if you are getting the traffic from different places like facebook, instagram, youtube etc., the lead magnet is attracting to give them a contact details of the lead. So, the cold traffic becomes the warm traffic. Now, you wouldn't just want to give them a thank you page and you need give them a offer. It could be a thank you page with an offer or thank you page with webinar. Then, you can send email sequence regularly to develop a relationship with them that is an point of an opt-in. It is not just about selling, but creating the impact to solve the problems.
          The opt-in page has to be designed in such a way to capture the email and name with your offering. You know your target audience and what you have to provide for them because you know the problem that they're experiencing. If you don't know the problem of the target market and want to succeed with the funnel, you need to do some research that what problem your prospects are struggling with. It's to figure out something actionable that your prospects want to take action for solving the problem. So, you need figure out the problem of your prospects and create an actionable piece of content. The cheat sheet and checklist will get lot of people join in your email list. If the people wants an opt-in, you need to give them something to consume in 10-15 minutes. This could be the software trials, recipes, video training, checklists, how to guides etc., Whatever you offer, it is good to add private label(eg.,PLR products) like logo and name on it.

Typical B2B Sales Organization: B2B sales involves bunch of stipulation like you need to sell atleast 4 of the features or 3 brand new clients who has not done the business with us. So, if you are a team leader or individual contributor, you likely need to negotiate the goals before building to achieve the goals. Once, you have the goal, it is necessary to build the plan to achieve those goals. To build the plan, you need a Pipeline Report which is the excel format that will help you to achieve the long term goals. This document contains the perspective deals. Deals are defined as the real opportunity, created proposal, expected deal size, and signed agreement etc., The pipeline will tells  what can expect in the quarter. So, it gives the clear picture of where we are relative to the goals and what do we need to do to be successful. If you don't have enough deals in your pipeline, you need to find more leads. If you have a lot of deals, but it doesn't expected to close, then you need to figure out to close some of them. The steps and ratios will help to keep motivated and push forward. The pipeline will help to prioritize the daily activities. Finally, the structured process and weekly metrics will ensure success.
      The good sales team enjoys the synergies that allows to sell beyond the capabilities of individuals alone. Sales people understand the sales pitch, corporate process and culture of the organization. Sales admin to schedule the appointments and manage the sales tracking. If you try to blend too many of the skills into single job description, you might end up with a role that no one can do and no one wants. When you find the right person for each role and every one knows who does what and how the different professionals work together which will pay the big dividends across the organization. There are different skills needed to run the sales organization and selling to businesses. Basically, it is to focus on the next deal and creating an environment to support the deal makers. Having the right people with right skills are the key to success in sales organization.

Business Analytics: Analytics are also called as Business Intelligence and Decision Support. It involves mathematics, predictive modeling, Machine Learning Techniques that define the meaningful patterns and insights of the data. Analysis of data will enable and enhance the knowledge for the discovery. If we follow the instinct, there will be the loss of revenue and loss of life. Analysis of data uncover the correlation and pattern that helps to answer the following types of questions,
   * What happened?
   * How or Why did it happen?
   * What's happening now?
   * What is likely happen next?
     Analytics help you to understand the organization to retain the customer, prevent the fraud, finding effective ways to deliver the products and services etc., The Business analytics are useful in the areas of,
    * Discover and take advantage of trends
    * Predict and forecast the occurrences
    * Identify the risk and threads
    * Find hidden patterns like why the customers are leaving
    * Identify the opportunity especially for new products and services
    * Optimize the performance or quality of processes, people and machine
    * Digitize offering
    * Improving the Customer experience
    * Develop a new Business Model
    * Monetize data
    * Improve Safety
    The Analytic helps to take the ideal action of the humans or machines. Business Leader, Executive need to encourage or mandate that the organization become more data driven. It is the driving force of corporate strategy. Business leaders provide the necessary resources(including the budget) for particular project and ensure that analytic output acted upon it. The IT organization needs the acquisition, implementation and support of the technologies.
      

Sunday, 15 December 2019

What are the Best B2B and B2C Selling Practices and Techniques?

           

     In the B2B selling, you need to consider many buyers in the same sale. Marketing cares about how good the product it looks. Operations cares about how easy to maintain the product. Finance needs the cost to be predictable and within the budget. So, you need to build the support in each group for getting the signed agreement. Also, it is important to understand different criteria. B2B sales is an understanding of complex buying processes, customized services and demanding customers. The complexity and deal size make the work more challenging. The roles in B2B sales vary depending on what you sell, who you sell and the buying process. B2B is selling to someone who is working on behalf of the company.
        For the successful B2B sales, you need to understand the target market really well. The sales pitch may vary depending on the customer and procurement specialist. It is really important to understand the customer objective, needs of the company, and the people using the product. The pricing and service experience are different for different products. The software system manages the financial transaction is different than selling the jet planes. The company requires the B2B sales people to be able to accurately forecast timing, size and likelihood of closing the deals. So, B2B sales professionals specialized on the target industry, target buyer, the type of product and type of sale cycle.
     Often, the buying company request for proposal or RFP which outlines their criteria and must be answered in writing by interested sales people. In B2B model, you need to understand the company's process and asking lot of questions up front to qualify the buyer. It is really to know about the features and benefits of the products you sell and demonstrating or exceeding the needs and desires of the perspective customer.

B2B Selling Practices: The B2B sales process has the following 6 steps,
    * Qualify the lead
    * Exploring the Customer Objective
    * Define the offering
    * Preparing the Verbal Agreement
    * Close the Deal
    * Maintaining the customer relationship
The first step is to understand the qualifying prospect. It is find out if they have MANDATE means,
M - Money to buy
A - Authority to buy
N - Need to buy
D - Desire to buy
      From there, you can understand your customer objective. what they are trying to accomplish? and why did they try to meet with you? What the success meant to the organization and personal? These questions allow you to maximize the value and you must be specific about the deliverable to your customer. You need to list out carefully in the exploratory phase. It is ideal to scope your offering in person. If you provide the contract that outlines what you have discussed within the price range that they will be ready to sign in. Then, you can write up the contract and get the signature. Now, you have the deal and maintain the relationship for the long-term.
      If you have a laser focus on single goal, you will love the daily non-routine B2B sales. The highest priority of any B2B sales person is the activity that moves the deal forward to closing. Organizations requires sales people to track their efforts and progress using the software application that are designed to track and manage sales marketing activities. B2B sales person are taught by the sales pitch. It might be the set of slides created for marketing or demonstration by the product team. The most important goal is to build the relationship. You need to demonstrate the credibility and not trying to force the sales and they will reach out when they have the need. If your offering turns perfect fit, you can work toward the conceptual agreement to close the deal.
       Closing the deal are especially challenging. In B2B sales, you need to keep the momentum over the time and need to have a plan for each stage of your prospect to buy in. Find out the objections and close the deal one by one. You need to have a plan to build buy in and everyone in the room agree to the deal at the same time. Also, You might give better payment terms to move them to front of the line. The decision makers are crucial to close the deal. You have the strong relationship with prospect when your deal hits the quota. Still, you have the work to do even when you get the handshake that moment they verbally commit the transaction. Closing the deal for corporate client requires more attention in little details. Who is actually going to sign the contract? He might not be in the same office. You need to ensure that you have worked through the details around product delivery and keep the things moving forward. If you run the meeting without closing the deal, you run the risk of losing it. The budget go away and buyer can leave the company. Anything go wrong.

B2B Sales Strategies: There are many strategies that works best for the various customers. Some of the strategies are,
    * Creating a Buyer Personas
    * Mapping out a Buyer's Journey
    * Let your customer buy the Results and not the products
    * Start in Niche market and dominate
       Creating Buyer persona  is to identify the customers and what they are interested in it. The ideal customer is only one person, but most of the time we are getting the average customer. We want to target the person to most likely to purchase the product. Try using the Buyer Persona Generator. There are 6 factors to figure out our ideal customers. Those are,
    * Age
    * Gender
    * Region & Ethnicity
    * Income
    * Interest
    * Device Usage
        You need to define how these people are. Because, your customer for the product could be in the range of 35 to 40. If you don't know, you should think about who will purchase your product. You need to do a customer research and do your own studies and determine the age group of your product. Next, the gender is to figure out why the male or female are interested in particular thing. For ex, if you are selling toothbrush of pink in color and glitter on it, Would we target this toothbrush to men? It is a kind of identifying the ideal customer. The region and ethnicity are to figure out where are the customers are coming from and which country our people most likely to purchase the product. How much are the people you are targeting earning easily? If they earn $1000 per month, will they afford to buy our product? Is our potential customer interested in diving or water coloring? Make sure you have the clear list of interest and follow the interest. Finally, the device usage is to identify which device are they using? Perhaps, the android or iPhone to target your product.
      Buyer's journey is to understand what our customers are? why are they looking our products? How are they looking our products? What exactly are they looking for? What is the solution that they need? Based on that we can change the price, functionality and do so many things. The only thing need to do is buyer's journey. The 4 stages of buyer's journey are,
    * Awareness
    * Consideration
    * Decision
    * Post Purchase
       First of all as a eCommerce company we want to gain other people's attention or aware of the product. Customer needs to aware that they have the problem and our business needs to be aware that they have the problem. They have to be aware of these things and solve the problem in the company. So, we want them to pay attention to our product. Consideration is all about looking at the product and thinking about whether we need this product or don't need this product. In the decision stage, it is to convince the people to solve the problem and think about what the customer really want from you. In the post purchase, you need to make sure that they are happy with the product and might be come back with certain time in future. Post purchase is important when you have a great customer service.
        No one interested to buy the products if they don't bring results. So, it is important to make sure that your product brings the result. It is the process of reverse engineer and think about how do people feel when they purchase the product. If you can prove that these results are possible with your product you will make money. The results can be structured in 6 factors,
   * Specific - the results must have real world implications
   * Measurable - Measure the implication of the product and need to put down these number in structures that are comprehensible
   * Business Perspective - If the numbers don't show anything and interesting for your potential customers that are not important
   * Comprehensive - the results must be comprehensible for reading them. You can talk with that person to your product about the results and explain these results to that person.
   * Data - It is important to make sure that the results works best not just because of the time was great or economy was good.
   * Evoke Emotions - Results have to evoke emotions. We are not just sell to the people logically. We want to sell them emotionally. By purchasing the product, they will get closer to their own dream and the personal value has to them.
   Niche Market: If you want to get into market, start off in a niche market. Niche market is a small market where not too many businesses have their products. If you want to dominate any market, you need to go with the niche market because it is the fastest. Start off with one market and dominate the niche market then afterwards build your business in other markets. Here are the process to build your brand in a niche market.

   First of all, you need to identify your niche market. For ex, publishing the online course, ebooks etc., What exactly passionate and your business all about. Once you figure out the niche market, you need to start producing now. The more you produce and you will get more market share. For instance, if you have a lot of products and do proper marketing and you are basically a dominant force. Producing is the most important about dominating the niche market. Once you dominate the niche market and you have consistent recurring income streams, then build your brand inside the niche and you can move on to the next market. Finally, move on to the next market in larger or same size. Now, you have the certainty in the niche market, earning the income stream and it is good to take risk for big bucks.