Category: Sales

Categories
Sales

How to increase sales by 10 times not 10%?

??Introduction

  • What kind of Growth are you looking for – Incremental or Exponential?
  • What kind of approach do you adopt – Sales or Consultant?
  • Do you know how to increase sales volume? 

In ’incremental growth’
, you can grow by 10% while in ’exponential growth’
, you grow by 10 times.

Through this article, we will share a few ideas on how to increase sales by 10 times by which you can too experience exponential growth in your Business.

Whether you are doing MLM sales, B2B/B2C sales, corporate sales, Institutional sales, Individual sales, direct/indirect sales or channel partnership, the principle is same and that’s what we are going to discuss.

To know how to increase sales volume, you need to first understand the difference between salesman and consultant.

Who is better ’ Salesman or Consultant?

Salesman and Consultant both are doing the same job but their approach is different.

Let’s discuss the difference between both approaches:

Salesman Consultant
A salesman comes with a product. A consultant comes with a solution.
Salesman works on his greed. A consultant works on the client’s needs.
A salesman speaks 80% and the client speaks only 20%. A consultant speaks only 20% and the client speaks 80%.

To know how to increase sales volume, you need to consider the following points:

? If you focus on your greed, then the need of the client and your greed both will not be completed.

? If you focus on the ’need of the client’, your greed will automatically complete because the need of the client is completed.

Take the approach of a consultant and not the salesman because the client does not want a product, he only wants a solution. 

Customer doesn’t want to be sold, he wants to be helped.
 

You have to work with the ’consultative approach’
. Now, what is the Consultative approach?

It means you have to act as a consultant by asking a lot of ’solution-oriented questions’ to the client.

What type of questions are these?

For such questions, you have to conduct a N.I.C.E. analysis.

Needs ’ Interest ’ Concern ’ Expectation

To know how to increase sales volume, you need to first understand N.I.C.E. analysis.

When you understand the Need, Interest, Concern, and Expectation of the client, then what you actually showcase to the client, he will buy it.

But, the problem is that you are focusing on selling the product you have brought and not focusing on the need or problem of the client.

How to Implement N.I.C.E. Analysis?

To know how to increase sales volume, you need to learn how to implement N.I.C.E. analysis.

For implementing the N.I.C.E. analysis:

  • You need to first understand what, why, when, where, and how of the client.
  • You need to find out:

       1. What is going in the life of the client?

       2. Why is it going?

       3. Since when this is going?

       4. Where and how it is going in his life?

A consultant actually identifies the ’latent need’ of the client. After that, he shows his product as a solution to his need. With this approach, the product gets sold double, triple, and quadruple times.

This leads to ’10 times sale growth’, not 10%.

How to Increase Sales by Asking the Right Questions?

Conduct N.I.C.E. analysis of the client not by speaking but hearing the client. You have to hear the client, understand him, and acknowledge him sometimes.

To know how to increase sales volume, you need to start ’parroting and paraphrasing’.

For Example

If the client says, ’I am going through various problems in my life, how I will buy, now?’ you need to say, ’Oh problems are going on, I would like to understand what problems you are facing.’

Basically, you have to ’enter in his shoes’. But, before entering in his shoes, you have to first ’take off your own shoes’.

Put aside your product and try to understand the client’s situation.

How to Ask Questions?

You can ask the client some thinking questions and current reality questions. When you ask him some questions, he will start speaking out. Then, you can ask him some vision questions and goal-oriented questions.

Understand his goal, his vision and then again ask him the current reality question.

For Example

If a client’s goal is to reach at 8/10 and he is currently at 4/10. You need to understand where the client is right now (this is the client’s assess) and what his vision is or where he wants to go (this is client’s aspire).

The gap between assess and aspire of the client is architect. You have to help the client to ’architect this gap’. Now, you become the partner of the client and you are no longer a salesman to him.

To know how to increase sales volume, you need to understand what type of questions you can ask from your customers. You can ask the following types of questions to your customers like:

  • Problem-oriented questions
  • Solution-oriented questions
  • Probing questions
  • Leading questions 

The answers to these questions will make you understand the problems of the client. During this time, when you say:

You:
  ’Oh… You are going through so many problems, you are facing these problems from so long’my lord! So, how much it is necessary for you to solve these problems?’

Client:
’It is very important for me to solve these problems.’

You:
’How much you are committed to solving these problems?’

Client:
’Very much.’

You:
’Do you want me to help you with this?’

By asking Solution Oriented Questions, you become the client’s gap partner and you can offer your product as a solution to his problems. He will immediately buy your product. 

How to Increase Sales through Consulting Approach?

In any conversation, the person who is asking questions leads the conversation and not the one who is giving answers. You will become the leader and control the complete conversation and this conversation will go in your favor only.

If you want to grow 10 times, leave the approach of a salesman and become a consultant.

Some of the sample questions you can ask are:

  • Where do you want to reach?
  • What do you want to do?
  • Which type of life do you want to live?
  • How can I help you?
  • How much committed are you to improve your life?

The three main questions that should be asked to the client are:

  • Where you are right now?
  • Where you want to go?
  • How you will go?   

You can ask these three questions in detail. You can help the client in reaching his goal by becoming his gap partner.

Categories
Sales

What are the reasons for decrease in sales revenue

जीडीपी
जीडीपी

??Introduction

  • Is your sales graph decreasing?
  • Do you know the reasons for decrease in sales revenue?
  • Do you want to increase your sales?

All the top brands are successful today because they have adopted the Problem Solving Product (PSP) Formula. This formula helps them to increase their sales automatically. 

In PSP formula, you study the four main reasons for the decrease in sales revenue.

Reason #1: People Don’t Like to be Sold

It is one of the reasons for low sales.

Remember, people generally don’t believe on strangers. So, if you suddenly go to people and start selling your product forcefully, they will not buy it.

People don’t like to be sold, People like to be helped.

Don’t sale only Product to Customer
?; Try to Help your Customer
?.

You can help your customers by either solving their existing problems or helping them to achieve their goals.

Reason #2: You Didn’t Dig Enough about the Customers’ Need

You cannot help a person forcefully. You need to identify what the person actually wants. This is also one of the reasons for low sales.

Let us understand it with the help of the following example.

For Example:
?

Teacher to his student
– Why you came late in the class?

Student
– Sir, we are helping an old woman to cross the road but she was not ready to cross the road. That’s why sir 🙁

So, the moral is
– ’Don’t try to sell your product forcefully.’

Identify the customers’ needs and then find out how you can help him in satisfying his needs. This is called Consultative Selling.

Once you identify the customers’ needs and solve their problems in various aspects related to the product, then the customer will buy your product.

Reason #3: Identify Your Key Decision Maker (KDM)
 

When you are selling your product to a customer, you should determine whether the person has the ability to take the decision or not. Sometimes, you are talking to the wrong person. This is also one of the reasons for decrease in sales revenue.

There are five types of person, who can purchase your product-

1. Initiator || 2. Influencer || 3. Decider || 4. Buyer || 5. Consumer

Now, you need to determine whom you are targeting to, who is your key decision-maker and according to your business which should be your target.

For Example:
?

1. If you are selling toys, then do not target the child. Target the decider (mother) or the buyer (father, mother or guardians) because they are the people who will purchase your product.

2. In B2B sales, the purchase manager is your buyer but he is neither the influencer nor the decider. The decider is the boss of the purchase manager.

So, try to find out your Key Decision Maker (KDM). This will help you to increase your sales in many folds.

Reason #4: Unclear about Budget Brackets

Unclear about customer budget bracket is one of the reasons for low sales.   

Based on the budget brackets, the customers are categorized as follows: 

A. Customers having Money ? and Want to Purchase the Product ?

These are your Perfect Customers. You can easily sell your product to them.

B. Customers having Money ? but Do not Want to Purchase the Product ?
  

These are the customers’ needs that have not identified correctly. Try to know their needs.

C. Customers who do not have Money ? but Want to Purchase the Product ?

These are the customers whom you should provide solutions so that they can buy the product. 

D. Customers who neither have Money ? nor they Want to Purchase the Product ?
  

Do not consider these customers to sell your product.

The abovementioned points are the reasons for decrease in sales revenue. A businessman or salesman needs to take care of these points to boost their sales.

Categories
Sales

3 Powerful Techniques to Sell a Product

?Introduction

  • Are you facing the following problems?
  • Stagnation in sales
  • No customer / No retention
  • No new customer / No growth
  • Customers are asking for Discounts / Schemes

Are you looking for perfect techniques to sell a product?

Whether you are an Entrepreneur or an Organizational Leader, one mistake you may have committed in your life – by trying to sell your product or service to customers outside your target audience.

Sometimes, we don’t really pay attention to the fact that every product or service has a specific (focused) customer/client base and a successful entrepreneur/ leader is the one who is able to identify it.

Here are a few powerful techniques to sell a product:

Tip #1: Identify Your Perfect Customer and Target Audience
       

The first important selling technique is to identify your perfect targeted audience.

Think about your product/service you are offering.

Write about ’ who should be your target audience and what should be your perfect customer’s age, income, gender, economic background (rural or urban), and social status (employee, businessman, student, housewife, senior citizen, etc.) 

This will help you in positioning your product/service better and will be the first step towards ensuring that you are on the right track.

Tip #2: Identify Your Right Product Mix

Selling your product to everyone isn’t the right decision, without identifying their product preferences. 

After identifying the perfect customer, find out what is your Right Product Mix. It will help you in designing and developing products/ services specifically for your perfect customer. 

There is no intelligence in pushing a wall, it will not move and you will get tired. Similarly, there is no intelligence in making various products.  So, do not try to make everything. Focus only on what your perfect customer requires.

Sometimes, you will also have to work on Low Focus Products, which is a range of supporting product line along with the main products. 

Low Focus Products are not essentially required by your perfect customer but still are required to bind the customer so that he doesn’t go anywhere else to buy them.

No Focus Product is your dead stock. Remove it completely from your portfolio.

You can make your business strategy through RISIMIS (Ritual of Sixty Minute Solitude) method. 

RISIMIS is a method, wherein, you sit in solitude for 60 minutes every day to churn out ideas and strategies from your subconscious mind, which is impossible during the business of day-to-day life.

Tip #3:  Identify your Value Proposition
 

You’ve identified your right customer and the required product. Now, you need to make the right marketing and communication strategy and selling techniques to sell your product. 

Identify what value your perfect customer will need in the product.

There are 4 quadrants in which the products/services can be positioned’ Emotional | Performance | Financial | Relational. These 4 quadrants are 4 significant techniques to sell a product/service you offer. 

Emotional Value
is created when customers get emotionally bound with your product. This happens if your product becomes aspirational or belief for the customer and he starts taking pride in buying the product. 

Performance Value
is created when your customer is completely satisfied with the performance, quality, durability, and reliability of the product/service he’s buying.

Financial Value
is created by different techniques to sell a product like discounts and schemes to your customers. The product/service may not be aspirational or best in quality and class but people buy because of the discounts and schemes that come along. 

Relational Value
is created when out of your relationship with a customer, you make some customization in the product, or make the product available much before the given timeline, or create delight to your customers by adding some extra features or service benefits.

Categories
Sales

How to Increase Sales through Competitive Advantage

How to Increase Sales through Competitive Advantage
How to Increase Sales through Competitive Advantage

Introduction

  • Does your product have uniqueness over your competitors?
  • Is your product providing maximum benefits to the customers?
  • Do you want to know how you can increase sales through competitive advantage?

In this age of cut-throat competition and with the onset of online shopping platforms, forget doubling your sales, selling your product itself has become more challenging.

Does this situation panic you? Are you searching for a formula to increase your sales or say double your sales?

Then your wait is over!

Read the article to increase your sales through competitive advantage more than double.

Sales are 90% Conviction and 10% communication of your conviction.

What is a Competitive Advantage?

Every product has some unique features and some benefits. These two put together, may act as an advantage for you over your competitors.

But will this lead to increasing your sales? The answer is No!

It is by focusing on benefits that come attached to these unique features, you can double your sales.

So, focus on those features of your product that provide maximum benefits to your customer. This will act as an advantage for the customer over your competitors. And, this is what we call as a Competitive Advantage.

Let’s understand this with some sales strategy examples as given below:

Example #1:

This CASE pen is beautiful. This is the feature of the pen. But, if you want to sell, tell the benefits of the pen to the customer.

What is the benefit here?

This pen writes beautifully and it will help beautify your handwriting.

So, focus on the benefit to the customer.

Example #2:

The average mileage of Case Company- Back loader is good. This is the feature of the back loader.

What is the benefit here?

You can save Rs. 2 lac per year by purchasing it.

So, focus on the benefit to the customer.

Where to Focus?

In Bhagavad Gita, Lord Krishna says,

Na Anayatra Kinchit Asti Dhananjaya..
Sarvai gunai samasitai surah..

It means to focus on finding unique qualities to create a Blue Ocean strategy!

When applied to business, it would mean “Focus on those qualities which are not with anyone.”

And this is what we call as a Competitive Advantage.

If anyone has become a millionaire or billionaire, it is just because of competitive advantage.

But the question arises ‘Where to focus?’

You will get the competitive advantage not by addressing the objection but killing the objection in advance.

Don’t think about undercutting. If this is your focus, you will kill your gross margins.
An expansion without Gross Margin is committing suicide.

So, don’t focus on cutting down your gross margin, focus on competitive advantage. By doing so, you will kill the competition.

So, don’t focus on cutting down your gross margin, focus on competitive advantage. By doing so, you will kill the competition.

Categories
Sales

7 Tips on How to Increase Sales

?

Introduction

  • Do you want to retain your existing customers and create new customers for a lifetime?
  • Do you know how to increase sales? 

Read this complete article to know tips on how to increase sales and create loyal customers. These ideas will help you retain your existing customers and create new customers for a lifetime.

Tip #1: Customer’s Name is the Sweetest Desert to Him

The first workable tip to increase your sales is connecting with your customers by knowing their names. 

Customers love to hear their names from others. 

If you are a small shop owner, you should give a personalized touch to your customers by greeting them with their names.  Apply this little tip, you will get big results.

It is psychologically proven that every individual loves to listen to his name.

In a survey of 100 people, it was found that the waiter’s tip increased by 14% when he gives a good-quality mint along with the bill at the time of clearing. 

When there were children along with the customers, waiters bring candy for kids instead of mint and this increases their tip to 27%.

Though it won’t cost much, if you give your customers some specialized, personalized and customized service, they will come to you again and again, which will help you increase your brand value, brand equity, and sales.

Tip #2: Co-Creation of Innovation with your Customer

Whatever changes you are planning to bring in your products or services, you should take extensive feedback from your customers. Your customer should feel that he/she is also part of the innovation. This model is called the ABCDE model.

A-
Analyze the needs of the customer.

B-
Brainstorm the actual requirement of the customer.

C-
Co-create; involve your customer in the product’s creation. 

D-
Deliver 

E-
Evaluate

This is one of the reasons for Subway’s success, as the customer creates its own customized meal. Co-creation empowers the customer and if the sandwich does not taste good, then also the customer doesn’t mind as he himself was involved in creation.

<