Improving Your Sales Strategy

In today’s challenging trading environment, a good sales strategy is essential.

Talk to existing customers

Your current customers are one of your best sources of information. Your existing client base can provide you with valuable feedback about what worked and didn’t work for them during the sales process. Similarly, current customers are an excellent source of additional revenue.

You’ve already converted them once. It’s easier to cross-sell to an existing customer than it is a new one as you have already won their trust.

Seek feedback from customers who went elsewhere

Take the time to ask those who went elsewhere for feedback. Ask them why they chose to go with another product or service provider and what you could do better. Any feedback they provide can help you to improve and refine your current sales process. In some cases, speaking to failed customers may give you a second chance to pitch to them for their next purchase.

Listen to your prospects

This is straightforward but it is often overlooked. Before trying to sell to a client take the time to listen to them, to understand their needs, then offer them a solution. Train your sales team to actively listen and encourage them to ask the right questions in order to get more information from potential buyers.

The best sales teams are solution-oriented – they focus on why a customer needs to buy a product or service and then help them to choose the right solution for their needs.

Understand the competition

Take the time to understand your competitors, their offerings and their sales strategies. Ensure that your sales team know what sets your product or service apart so that they can handle objections from potential clients. Perhaps the products are similar but your firm offers better service, better back-up or more flexibility.

Referrals

Encourage your sales team to ask existing clients for referrals. Your current clients are a great asset in that they can provide you with referral opportunities. If you know that a particular client is happy with your product or service, ask them if they know anyone else who may be interested in your current offerings.

If a customer sends you a referral, make sure to get in touch to say thank you. If you successfully win a new piece of business, then go the extra mile and send a thank you gift to your client for the referral. Not only will they think your firm is great, they will probably tell some of their friends too!

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