Competition is universal and it exists in all fields. Companies can overcome competition and can still make a killing sale by reaching out to customers with a product that meets all of their expectations. A product that meets all of the customer expectations provides an assurance to the customer that the company has their best interests in its mind and facilitates a positive approach from customer towards the company.
However, the path towards reaching this stage is definitely not a ‘cakewalk' and the reasons behind this are multifold. There are companies out there in the market which have built an excellent relationship with customers with the help of their top notch quality products. Developing and positioning a product against such top-notch quality products will be a tough nut to crack. Hence, it is imperative for companies to device a foolproof sales strategy to survive out there in the market. Below given are some of the sales strategies that are known to help business even in the toughest of competitive markets.
i) A different and unique approach to value selling rather than product selling:
It is a known fact that companies are not for charity and are established for profit. However, companies should not work towards gaining profits. Instead, companies should think of customers best interests so that profits will fall in line automatically. When companies have customer’s best interests on top of their profits, their approach towards managing and interacting with the customer will differ. The regular traditional approach while making a selling is, ‘I have X product available for this price, would you like to buy?’.
The different approach should be that ‘I understand, that you have this problem. Let’s address this by using this’. Further, customers can easily sense when a company approaches them to address its self-interests. This kind of genuine approach to help customers will not only make them happy but will motivate them to be a repeat customer.
ii) About meeting expectations:
It goes without saying that meeting customer expectations is the bare minimum that a company can do to please a customer. However, promising the bare minimum but delivering more would go a long way in gaining customer interest. This has been an old age strategy but still being followed by many companies to gain customers. Let’s see how an e-commerce company can implement this strategy.
A customer orders a Gift item for his fiancée. The company promises delivery in a week’s time. However, the company delivers the gift item much ahead of time and on top of it, the item is delivered with a gift wrap. Such kind of small acts from the company will definitely create a positive impression in the customer and would want them to go back to the company as a repeat customer.
iii) Set standards instead of following standards:
A company should set standards instead of following the standards set by others. The standards should be visible to the customer in every interaction that he will have with the company. Let's take the same example that we have discussed in the previous strategy wherein an e-commerce company is delivering a gift article to the customer.
We have already discussed the package being gift wrapped. If the company has to set the standard in the packaging, the gift wrapping should have a premium appearance. The difference in premium and low-quality packaging should be clear to the customer. Also, the delivery boys handing over the gift article should look professional. This way even if the customer moves to a competitor due to some discount or other similar offerings, he would expect the same standards. The moment, he realizes the product or offering is of below standards he would come back to the previous company.
iv) Customer Service:
Even if a premium product with all the extra toppings such as gift wrapping is offered to the customer, he will lose interest in the company if he does not receive the required customer support. Companies should take leverage of the latest in technology such as CRM system which can help business manage various aspects associated with customer support such as tracking customer interaction, maintaining customer database etc.
Initially, companies can subscribe for a free CRM and can move on to a premium software after scaling up the business. This software, can also help companies, keep the tab on issues and ensure that they are fixed on a timely basis which is essential to retain the trust of the customer on the product and company.
v) Pricing:
Pricing is the most critical component. On the one hand, companies need to think about profits and on the other hand, they also need to think about offering premium service and products which involve more cost. Companies should never position their product for a lower price than it deserves. A premium product offered at a lower price may force customers to think that the product is of cheap quality. Hence, unless companies are going for a discount to drive sales, lowering the product price than it deserves is not advisable.
vi) Discounts:
Offering discounts and coupons is yet another easy and quick sales boost strategy to drive sales for a specific period of time. If we go by the recent discount sales on the e-commerce sites, this strategy really pays in driving the sales.
Companies have to be innovative and research-oriented to survive, stay afloat in the current cut-throat competitive market. Some of the above-listed strategies are trusted and time-tested that are known for helping the business survive in the competitive market.
