As we all know, sales management refers to the complete process of defining the market and chalking out processes in order to present the offerings and servicing this market. No matter how diligently this is done, still businesses make losses and find it difficult to sell or market their product or services. It is important to understand what is missing here.
Focus on the customer.
The sales management program may be perfect, but what may be missing here is the customer focus.
Businesses make their products and delve into its features. But the customer is only focused on what it can do for him. Thus, the important thing here is to know the market, understand the customer needs and then design a product accordingly.
The customer is not interested in how good a product is. Rather, he needs to know what it can do for him. Once he knows that the product will be able to meet his specific needs, the customer will show interest and will be more likely to buy the product.
Price it Right.
The purpose of the business is to make profits. The higher the profits, the better it is for the business.
But this does not mean that you can price your product without giving it a serious thought. In fact, pricing is a major aspect of sales management. You need to price based on:
2. The size of the market
3. Break-even of the product.
4. Long term financial viability.
5. Pricing strategy of the competition.
The sales management plan has to keep the market in mind. This would include the size of the market, its dynamics such as the cultural differences, social set up and so on.
You need to know the purchasing power of your market so that you can price your product or service accordingly. You must know how much your customer will be willing to pay for your product. This pricing should also be able to provide you certain amount of profit so that your business is sustainable.
Your sales management may include providing introductory low rates in order to get people to use the product. Once the product is established, the rates can be increased.
In order to have an effective sales management program:
2. Be in touch with your market at all times and understand its dynamics.
3. Offer excellent customer service to keep the customer happy.
4. Respond to customer feedback and suggestions and incorporate them wherever possible.
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