The word that matters most for any sort of business is SALES, for it is the mantra that will lead you to revenues and growth in turn. And, going by the same logic, the nightmare of any entrepreneur would be sales not hitting targets. Even worse, sales that start dipping.
Now, when we look at businesses in a contemporary scenario, on the one hand, there are established businesses, and there are start-ups. The competition per se, therefore, is only getting tougher whether it is for product based companies or for service providers. When profits start falling, more often than not, it is due to the inability of the enterprises to meet the sales targets. And sometimes, we mistake it for something that will get resolved in a matter of time, thinking things will get better as time progresses.
When it comes to business, one premise that you must always stick to is that nothing can ever be left to chance. Thinking that it is just a matter of time before the sales team starts meeting their targets can only be a fatal folly. Just like any other natural occurrence, in business, everything happens for a reason too. If your sales are falling, there is something that is really not working with your strategies.
The Big Reason Behind Falling Short of Sales
With the marketing and sales budgets duly allocated like they are, it so happens that everything doesn’t always proceed as we expect it to. There is a high probability that sales fall short of the desired targets even with the well-thought sales and marketing strategies in place. But why is this?
The biggest reason is that our sales strategies may be stuck in the past.
The market keeps changing and you can foresee those changes if you keep track of and analyze market trends. However, what happens if you do not know your customer? What if you are selling your products and services to those people who neither want nor need it? What if you are still selling yourself in the field while the world is shopping virtually?
So, by implication, there is a flaw in your sales strategies by virtue of being too traditional.
You fall in the category of traditional sales if:
- You offer only standard products/services.
- A typical sales process is carried out by “sales people” who are accountable to other higher ups in the sales department, and who pass on the lead to sales executives to close a deal.
- Your sales pitches are based on the knowledge of the product/service and not of your customer or market.
- You judge the value of your goods solely by its selling price.
- Training, delivery services, supporting information, and literature are only some value added characteristics of supply.
- The selling is only outbound, i.e. the only method of selling is outbound prospecting.
- You follow good-time lead as a rule of thumb.
- The prices have been set by and through a hierarchical structure, and so the authority of the sales person is set to minimal, so there is hardly a possibility of flexibility in negotiation because the approval must be sought from up above.
- The structure is departmental, so sales and marketing are constantly engaged in a tussle. You consecrate a lot to the marketing budget, but you expect the sales team to hit the
How Modern Selling Addresses and Redresses These Troubles
While the traditional brand of selling that we just discussed, was typical of the 70’s or max 90’s era. Today, modern selling is what is essential to sustain any business - start-ups as well as established players (even those businesses that cater to other businesses). So, whether it is B2B or B2C, a business needs to change not only its outlook for marketing but selling as well, for both are useless without the other.
Here is what the modern approach to selling will look like:
- Whether it is products or services that your business deals with, it can be customized, flexible, and tailored with your customers in mind.
- The sales function is not managed entirely by a sales manager, but in close partnership with an inbound marketing team as well as a strategic business manager.
- You not only have in-depth knowledge of the service or product that you are offering, but also of the customers to whom you create and customize it for.
- The customer is led, almost by the hand through the entire buying process, from looking for a product, choosing it, to buying it. It is one of the most effective ways of escalating the sale in a fair manner.
- There is a ean towards better anticipation of unpredictable market demands and requirements, and improved assistance with strategic planning for marketing as well as sales, thus, less chances of
- The value of the product is judged in relation to its value for the customer as well as certain other implicit factors like ethics, corporate social responsibility and more.
- The benefits that the customer reaps are much more than just after-sale support and customer service. The focus is on forging lasting relationships with the buyers so as to gain the advantage of recurring sales to returning customers.
- Since the cost of the product is market driven, your business is portrayed as a fair dealer, further instilling the faith of the buyers in you.
If we have to sum up the one essential thing that differentiates traditional selling from modern selling, it is that in the latter the onus of the sales doesn’t lay on the sales team alone. With the modern way of selling, in a way, the entire organization is involved in the process of selling, which enables any business that is worried about sales not hitting targets, to speed up and escalate sales in an efficacious manner.
Discover how you can give your sales teams all the leads they could ever dream of and more, to get your sales team back on track. Download our introduction to inbound to see how makreting and sales can join together and grow your company revenue.