SMIntegration

Best Buyer Identification

eric — Tue, 22 Jun 2010 13:15:45 +0000

To develop the best prospects to go after, it is important to identify who your “best buyers” are now. Best buyers may fit in to several different groups. These groups can be prioritized in terms of importance and sales potential as you may have several groups with unique characteristics that vie for best buyers.

To identify likely best buyers we first need to analyze existing customers to determine what are the prevailing characteristics that set aside a group.

In order to identify characteristics, it helps to have, refine or develop a customer database. With proper data mining, customers can be binned into recency, frequency and size of sales. Those that buy more frequently and recently and with larger purchases are generally a group of desired buyers.

Once those buyer companies are selected, then the search for common characteristics starts. Almost anything may be important but common traits to dig out include industry, size, location, products, position in their marketplace, key differentiators over their competitors, title or position, annual sales and many other areas. You may choose to merge/overlay outside information to your customers to further illuminate what characteristics define your best buyer group(s).

Once identified, you are ready to target similar prospects as your best buyers with specific messaging using specific communications vehicles and with meaningful offers to increase the number of new customers that will add to your best buyers.

Integrated Sales & Marketing Plans

admin — Sat, 13 Mar 2010 19:29:32 +0000

For years, companies have established sales activities and marketing activities as separate yet related entities. The preeminence of sales has often overshadowed marketing’s critical role. In truth, in order to boost Awareness then Preference of your offering(s), both sales and marketing are vital and both need to be planned together as ONE.

Customers first have to become aware that your company and offerings exists THEN they have to decide with logical and emotional justifications why your company/offerings are better than competition. In fact a majority of activities in both sales and marketing work to increase awareness and preference.

In order to maximize your sales, it is prudent to develop an integrated sales and marketing plan designed to create the best awareness and the best preference for the dollars spent.

Sales Team Assessment

admin — Fri, 12 Mar 2010 19:33:13 +0000

Many companies have one or multiple sales teams who sell directly to prospects or who sell through third party channel partners to prospects. One way to help increase sales is to assess your sales team(s) and the sales approach(s) used for inside sales or outside sales – whether selling direct or through others.

Sales performance has been a well documented topic yet peak accomplishment rarely takes place. Two of the variables in achieving consistent performance is to assess on a regular basis the processes used by the sales team and the skills by which individuals apply their talent.

It is always a good idea to work on improving the skills of your sales people while providing positive motivation to make corrective behavior changes – if needed. It is prudent to communicate and document on-going performance whether improving or not. While it is time consuming and may reduce near term sales, you may need to replace specific individuals who is unable to improve their performance. Whether you improve your existing sales personnel &/or need to replace others, regular assessment and tuning is another factor helping to boost sales.

Competition

admin — Fri, 12 Mar 2010 19:31:11 +0000

It is rare for a company to have no competitors. In most industries, there are a number of competitors who are vying for sales from prospects. In some cases, competitors are the incumbent choice making it difficult to displace. In other cases, your company may be the incumbent and needs to stave off competitive in-roads.

It is critical to understand your competition. Your products and services are almost always judged against the features, advantages and benefits of others. In order to win more business, every company needs to understand their rivals and how their offerings address the pains or gains of prospects. It is imperative to recognize the value proposition each competitor offers and how important that is to prospects. It is also of the utmost worth to know your position against each competitor. If you view competition properly, they will motivate and sometimes aid towards making your company and its offerings truly better.