A business plan is defined as a comprehensive document that contains and describes the operational and financial goals and objectives. A business plan can be described as the roadmap to help a company plan and track future organizational success. Studies show that businesses with a formal business plan have a 30% greater chance of growth in sales.
The COVID-19 pandemic has significantly affected the operations of manufacturers all across the world in almost every sector. This global crisis caused different production manufacturers to either completely shut down their operations. Or pivot to producing pandemic-specific goods such as face masks, personal protective equipment or other medical products or devices.
As the pandemic progresses, there are still many challenges and roadblocks that continue to limit manufacturers’ operations globally. However, there are several ways that manufacturers can accelerate and ramp up their global production without compromising safety. Read more
Nothing is more important than revenue to a business. Active profit generation builds a stronger organization, employs and maintains a workforce and helps improve the product through research investment. However, the secret code to closing sales deals, the one activity that generates this profit, is still a mystery to many salesmen.
Closing a sale is considered to be the most important step of the overall sales process. A sale is closed when both the buyer and the seller of a product or service agree to the particular business transaction conditions. However, studies have shown that 36% of salespeople felt that closing a sale was the most challenging part of the sales process. Nonetheless, your business can use numerous strategies and tactics to close a sales transaction successfully. Read more
Every successful business owner should know that the key ingredient to an organization’s growth and survival is customer engagement. Studies have shown that fully engaged customers represent a 23% increase in share value in terms of profitability, revenue, and growth of relationships.
Customer engagement is any interaction between a consumer and an organization while using a variety of different channels. Therefore, it is vital to engage with your current and prospective customers efficiently.
To engage a customer, you must have a detailed and comprehensive customer engagement strategy and plan. A customer engagement strategy can help foster organizational growth and encourage customer loyalty. Read more
With the surge of globalization and increasing competition in all industries, the sales sector is no less than a battlefield. Creating leads and closing deals is more challenging than ever. Salespeople hence need a systematic, scientific approach towards sales pitches.
Sales battle cards are a particular type of internal organizational documents that provide the sales agents with the information they need to close sales. They are a concise compilation of high-value data and information that can help your company’s sales and marketing representatives understand competing products and services. Studies show that 89.5% of consumers want an assisted purchase experience and usually conduct their research before making purchasing decisions.
An effective sales strategy is the trap you lay down to capture sales that propel your business forward. Sure, execution is important, but there is nothing more unproductive than a wishful action without a plan. This is why over 50% of all successful sales team devise a 12-month view of their plans while 10% map out plans for the coming three years. Therefore, putting sales strategies in place before executing sales plans is crucial if you want to have successful returns.
You can create a sales strategy by studying your position in the market, your human resource, and your client needs. This allows you to capitalise on your strengths by focusing on selling your best-performing products. CRM software can aid sales strategy formulation by facilitating data-driven decisions, accurate sales forecasts, and building good customer relationships. Read more
In the extremely competitive business environment, larger businesses may appear to have a competitive advantage in terms of financial capital and access to more resources than smaller firms. However, as a small business, your organization still holds an added advantage over larger businesses. What makes them stand out in the crowd is their ability to provide customizable, personable and unique customer service support to your current and prospective client base.
Customer Relationship Management or CRM is a type of software that allows your business to record and display customer data, information, and analytics meticulously and efficiently. So, logically, it’s an enormously popular tool. For this reason, about 91% of businesses with ten employees or more use CRM software to manage customer data and relationships. Read more
The most fundamental tenet of human behaviour is unending desires. This serves as the biggest strength of a business. As and when new needs emerge, new sales opportunities arise. All the right salesperson has to do is identify these evolving client desires and mould the sales strategy according to them.
The customization of sales processes takes two popular forms: cross-selling and up-selling. While cross-selling dominates the selling patterns of the most successful eCommerce giants contributing to a total of 35% of Amazon revenues, up-selling has been found to increase revenue by as much as 30%.
Cross-selling and up-selling are the methods of increasing customer value by selling them more products in connection to existing products. Cross-selling occurs when you sell the customer pieces that complement their choice items, while up-selling occurs when you convince customers to buy a newer or better version of the product they are looking for. Read more
With 90% of retail customers expecting to communicate with businesses consistently across channels, using a cross channel approach can help your business reach a level of convenience that customers not only crave but expect. And the technology that enables this cross-platform integration is omnichannel.
Omnichannel is a retail marketing strategy that integrates several different traditional and modern channels, including online platforms and websites, social media, mobile devices, and in-store channels. This approach can help provide a seamless customer experience by focusing on their overall journey at once, instead of focusing on each channel separately. It links all of your customer’s different commerce and retail channels so that you can provide a better experience for your customer and strengthen your client relationships. Read more
Contrary to popular belief, outbound sales have still not turned obsolete. 75% of executives say that they are willing to make an appointment or attend an event based on a cold call or email alone. Not every prospective customer realizes the need for a product until they find out that it exists.
Outbound sales are meant to create and meet demands. With an efficient database of prospects and smart automated workflows targeted to future customers, an open-source CRM solution can help you generate more outbound leads and eventually convert them into sales opportunities. A process in which a seller initiates customer engagement from its end, outbound sales are most popularly carried out via cold calls, meets, and email marketing. Read more