Just as some anglers forlornly cast their lines into fished-out waters, some companies and sales people continue to focus on markets where nobody is buying any more. Sales and profitability decline and business owners blame downgrades, corruption and labour issues, while their real problem is chasing non-existent sales.
Many sectors in the economy have declined, and suppliers to those sectors will face reduced sales and increased competition. The poultry, steel and mining industries have experienced sharp reductions and face serious challenges. The automotive and manufacturing sectors have experienced reduced volumes, cost cutting and retrenchments. If your primary target market is in any similar sector, and you continue to operate as if nothing has changed, you are taking very high risks.
In some instances, the decline of the target market stems from an event like the horrific massacre at Marikana and the changes that brought to the mining industry. Then you know you need to react, but most change is gradual, and some entrepreneurs may not notice, or shut their eyes to the bad news.
Others cling to the hope that this decline is temporary, and do nothing. We all love our comfort zones and find many excuses to stay there, and so we sink with the declining market.
Making the right change
Once you have appreciated the problems with your current markets, look for similar markets that are stable or growing. For example, if you sell mining supplies, the construction industry may offer good prospects. Be creative; think how you can use your expertise to supplement declining markets by entering more successful ones.
Focus on high growth business sectors. Perhaps health and fitness, education, green energy or IT services could provide opportunities. Where could you leverage your technology, source of supply and sales processes to enter growing markets?
Look for success stories, there are many, including those profiled in this publication. It is clearly preferable to sell to a company growing rapidly than to one clinging to the edge of the cliff by its fingernails. If you sell business to business, examine the state of your customer’s customer.
If your customer is operating in a declining market, you will follow them downhill unless you take action. Find ways to use your products and services to make them more competitive, to halt their slide and grow at the expense of their competitors.
This is a good time to look deeper into the real needs of your existing customers. While we are selling well, we assume that we are satisfying customer needs appropriately. Are we really doing that? Are there other products or services that would be valuable to our customers? Find out, and then provide solutions.
Get out of your comfort zone
It’s easy to say that you should move out of your comfort zone and switch your efforts to more lucrative sectors, but less easy to do. Institutional knowledge, systems, databases, credit records, sales processes and products are all geared to the once-successful industries.
Instead of throwing away all of this know-how, it makes sense to adapt the systems and information to new markets in a gradual transition. Start new initiatives by withdrawing resources from the old and using working processes and skills to open new markets.
You are likely to need a core of your operations for your existing markets and customers, but your focus should be on the new initiatives.
Your sales teams may need additional training to work in new areas. They must learn to understand the customers and their needs and adapt to their terminology and business practices.
Continual retention of sales people is a good idea even without change; it is highly desirable if you want to enter new markets successfully. Train all staff who will be a part of that drive, so your whole company becomes capable of delivering great products and even better service to new customers.
Successfully enter new markets
- Which sectors are similar to yours?
- How can your current solutions be repackaged for different uses?
- How can your solutions help customers to be more competitive?
Empower Your Team To Make More Sales
The answer is not simple. However Leadify’s CEO, Grant Fleming shares several strategies that can help.
Much like the business cliché that your company is only as strong as its people, in marketing, behind every successful marketing campaign there is an empowered team. But how do you help your team increase their sales?
The answer is not simple. However Leadify’s CEO, Grant Fleming shares several strategies that can help:
1. Become clever at dealing with data
It is essential that teams have the right platform at their disposal to reach the agreed-to goals. Teams also need to become more adept at dealing with data to learn about their customers. Teams should segment data, send marketing messages and receive instant feedback to learn from. They should also optimise their messages and dig into the demographics of their audience.
2. Curate your audience
The above enables teams to curate, and continuously engage with their audience. One of the biggest mistakes marketers make is focusing their communication to a base, instead of cultivating an audience through learning from insights and feedback. This doesn’t foster an incentive to learn anything from one week or one campaign to the next. Teams end up sending out an email/SMS blast one week after another, with the same results.
3. Market more smartly
Rather than marketing ‘harder’, teams should be marketing smarter. There are a few ways to do this. Given teams have the appropriate automated marketing tools at their disposal, they can automate certain repetitive activities so that they continue to learn while the system executes.
Teams are also best served by breaking down their goals into measurable insights and build logical marketing lists (data lists) rather than lumping everything into one list. Often, splitting data by its original source works well, but so does sectioning lists according to category.
Consider using “Remarketing” for the direct marketing space too. This is similar to AdWords marketing, where teams ‘slice and dice’ their data, and insights about engaged audiences are retargeted using the platform.
The other options is “Long Run” campaigns. Here a campaign is live over a longer period of time, essentially establishing a level of cadence for direct marketing efforts.
4. Do lean marketing
To empower your team, adopt a lean marketing process. This sees teams marketing in small batches, sending e.g. 2000 SMSs, reviewing the results, then another 2000, and then tweaking the marketing message if needed.
By sending five different marketing messages, your marketing teams will be able to whittle down to the top two that returned the best results, and then scale them up.
This, rather than just sending a million SMSs (for example) to your entire database, is a lean marketing approach that can help your team incrementally improve their efforts for an optimal return.
5. Value testing and metrics
Both testing and metrics are critical to helping your marketing team become more successful, with A/B testing in particular critical for learning.
When you tweak campaigns, resist the urge to make larger changes; these make it difficult to measure results. Rather do small-batch testing, even if it is just from your newsletters. Try and bleed the marketing messages out over a logical timeframe – don’t just blast out to the entire list in one go.
Regarding metrics, concentrate not only on the number of messages sent, but clicks and click-through rates as well as conversions, even if the latter happens down the line. Understanding these metrics across demographics is equally important, as this allows you to curate audiences that you can personalise marketing to.
3 Ways You Should Use Data Science To Skyrocket Sales
Sales business is getting harder and more competitive day after day. Both physical retail and e-commerce offer a wide variety of brands and products, which makes it more difficult for an average sales person to seal the deal with potential customers.
Sales professionals have to be clever and extremely analytical before even approaching their clients. That’s why they use data science to skyrocket business. Data science is a contemporary statistical model which seeks to provide meaningful information from large amounts of complex data.
According to the study, this type of business analytics is expected to generate almost USD170 billion in 2018. If you want to keep the business stable and highly profitable, you should consider embracing data science in everyday work. This post will show you 3 ways to do it successfully.
Data science is based on artificial intelligence that has enough analytical power to give you remarkable insights into the traits of all prospects. Using this tool, you can personalise sales negotiations so as to match the exact needs of each client individually.
For example, data science will tell you the basic demographic features like age, gender, and location. But it goes beyond that and reveals income levels, professional titles, or personal interests based on online searches. All these inputs allow you to customise offers according to client’s preferences.
At the same time, you can prioritise prospects based on company size, predicted revenue, long-term potential, industry influence, or any other feature you might consider relevant to your business. This way, you can dedicate more time to the more important prospects and increase profitability just because you know who to talk to first.
It’s much simpler to sell products to existing customers than to attract new buyers. Data science can help you to upsell products and increase the profit using the base of loyal clients.
The system is simple – data science analyses the purchasing history and the preferences of every customer and suggests complementary products. That way, you make sure that your upselling suggestions stay relevant, which not only reduces bounce rates but also strengthens the base of loyal clients.
Create Ambitious Sales Quotas
Creating sales quotas has never been an easy job. Most companies are selling dozens of products in many cities, regions, or even countries, which makes it difficult for sales managers to manually determine ambitious but realistic quotas for their agents.
It’s actually one of the biggest reasons why managers underperform and fail to meet company requirements. However, data science makes this task a lot easier because it can automatically conduct the research and decide how much is enough for every sales representative in your team.
Company Aussie Writings uses data science to make sales forecasts and here’s what they say about it: “The new business analytics model goes through huge volumes of data within minutes, detect sales trends, and givesus a good plan for each agent, product, or region. With such powerful tool at our disposal, we don’t put too much pressure on sales representatives, but we also don’t have to worry about underachievement.”
The benefits of data science
Data science helps businesses to analyse potential clients more comprehensively and increases the odds of keeping sales high in the long run. It’s a perfect model for entrepreneurs who want to stay competitive in the abundance of brands, products, and services.
In this post, we showed you 3 ways you should use data science to skyrocket sales. Which tip could give your company the biggest boost? Let us know in comments and don’t hesitate to ask us if you need any additional information about this topic.
Exclusive Offer: Get 50% Off For This Premium Masterclass On Influence And Persuasion
Sales are the life blood of any business and the ability to make sales is a critical component of a business regardless of its size. But one of the biggest ongoing challenges for many entrepreneurs and sales people is to find new business.
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What to expect from the masterclass
Over the past decade, many marketing options have been promoted as “sales prospecting tools” with very limited results for sales people. The reality is that nobody cares about you, your company or your products. They only care about if they can be better off from buying what you are selling.
Understanding how to influence and ultimately persuade someone to buy from you is the secret to sustainable sales success and business growth.
The Matt Brown Show partners with Sales Guru and The Influence Institute for this ‘one of a kind’ show. The expert panel consists of Gilan Gork, Expert Mentalist; Mark Keating, CEO of Sales Guru and Matt Brown, CEO of Matt Brown Media and host of The Matt Brown Show.
Together they will explore the topic of how to use influence and persuasion to get what you want in business.
Why you should attend
Every business owner will agree that in 2018 the ability to make sales is the ultimate game in business. Whether it’s selling a product or a service, knowing how to sell yourself and your ideas to decision makers is critical. With the competitive nature of a business, everyone should be learning more to get a competitive edge over their competitors.
Mark Keating, CEO of SALESGURU had this to say to entrepreneurs: “Do you know what sucks more than cold calling? Being broke”.
Gilan Gork, an expert in influence and the founder of the Influence Institute had this to say about influence:
“People under estimate the relevance that influence has in all our lives. From leadership to sales, from social to personal, and even the ability to influence ourselves in what we do every day in business.”
Who is the masterclass for
The Sales and Persuasion Masterclass is for entrepreneurs, business owners, small businesses, sales teams and anyone who sells a service or product or just wanting to learn how to sell themselves better.
The Show takes place on 4 April at Mesh Club, Rosebank, Johannesburg. Limited seats are available and we advise that you book your seat here today still to avoid disappointment.
“The ability to get what you want in business is a skill that anyone can learn but very few ever master. Understanding how to influence and ultimately persuade someone to buy from you is the secret to sustainable sales success and business growth”, said Matt Brown.
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