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Five Sales Strategies Every Entrepreneur Should Follow

April 17, 2017 in Leadership

Sales Strategy

Entrepreneurs have very limited resources and need to manage everything within them, including finances. Thus, framing effective strategies for optimising their business is critical. Below are five sales strategies that every entrepreneur needs to follow to derive the best results from their efforts.

Develop a niche product or service

Philip Kotler said that all a business has to do is to identify the needs of the customers and offer solutions those meet their needs. To succeed as an entrepreneur, it’s imperative you’ve got to find out what do the customers require and develop your product or service that provides them value faster and cheaper than the competition. Thus, you have to develop niche solutions. Once you’re successful at developing the niche product or service, all that’s required is to position it to the consumers and that’ll boost your sales.

Identify your sales funnel

Every sales strategy is built around the nature of the product or service. Some products have low conversion to lead ratio while some others may have higher. For the former offerings, it’s vital to have a large number of leads for few successful conversion. As an entrepreneur, you’re required to minimise the cost by developing a sales funnel tailor-made for your business. Don’t replicate a funnel from other organisations or even your previous organisation where you were employed. Identify the one most suited for your needs, resources, and budget.

Offer an experience not a product

People buy something because they feel it’ll meet their needs, wants, or other goals in lives. So, they aim at experiencing something or satisfying their requirements through the experience. This is a notion well understood by experiential marketers. This is exactly what you must do. Position your product by talking to your customers regarding the experience they’ll derive from buying it. People don’t buy a car. They buy the experience they’ll have from driving it. Same is true for every other product. So, focus on experience and your sales will increase exponentially.

Need analysis

Not every product is suitable for everyone. There are specific segments of customers who’d want your product. Focus only on them. Analyse their needs and educate them how your solution will enable them to derive value. Link your product to their needs as well as the value they seek. This will make them your repeat customers, which will ensure a consistent increase in your sales.

Customer engagement

All of the above wouldn’t work if you don’t engage with your customers. Continuously communicate with them even after you have sold them the product and they are not likely to buy it again. You never know how many references they can give you, so be in touch with every one of them. It’ll also help you understand the changing dynamics of the market so that you can improve your solutions.

The above five sales strategies will help you establish the reliability of your business and enhance your credibility among the consumers. Ultimately, it will culminate into more sales.

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