Are Multiple Choices Always Good?

Are Multiple Choices Always Good?

It is often believed that more choices are better. Businesses believe in offering a variety of products ranging in colour and models in the hope that it will attract customers. It is easy to believe that more options and freedom of choice make customers happy but this is far from the truth.

Choices Are Overwhelming

When you give people a multitude of options they become overwhelmed. If at all they do make a choice, they often contemplate about what they had to “sacrifice” or not choose when they made their decision. They wonder if a different decision would have made them happier. This leads to unhappiness and never being fully happy with their final choice.

This applies to buyers as well. When you offer more choices to a buyer, chances are higher that he will not buy anything. Too many options lead to anxiety and inevitably, inaction.

Making a decision is a mentally stressful and emotionally taxing process. Considering the varying factors, while making a choice, makes the entire process even more difficult. That’s why buyers find it easier to say a no than saying yes to any one of the options.

Choosing Should Be Easy

Make the entire buying process simple by cutting down your offers. Give your buyers single choice. It should be whether they should buy something or not. In every scenario you must ensure that the decision to purchase is made simple, easy and quick.

Eradicate and remove all unnecessary factors that might prolong or distress the customer. It most cases, it the vast number of options that scare away potential customers.

Simple Yes Or No

Simplicity of choices must be seen even in your marketing and sales messages. Let people make a simple choice within a limited time period.

This does not mean that you offer a single product every time. Consider your target audience and their budget and income. The idea is to provide three different levels of service to accommodate people with varying budgets and needs. This is also called “Olympic Factor Pricing.”

This is especially important when you are selling high end or costly items. It need not be taken into consideration with cheaper products because more products only complicate the process and the complication is not worth the end result.

Simplification Is Key

Reducing your options can also be applied in your marketing strategies. When you want people to share your content online, provide them with lesser options. Choose one or two of the best platforms that appeal to your audience and do not clutter your site with other icons and options.

The same can be applied for e-mail marketing.  Do not overwhelm customers with innumerable offers and choices through a simple e-mail. Instead, stick to one major offer which the customer will be automatically drawn to.

Keep your homepage and websites relatively simple and user friendly. Do not bombard potential clients with your latest products and news. A simple website will be easier to navigate and let buyers make their decision.

All in all, if a business wants to improve its sales it must take away the customers’ freedom of choice by removing options. This will make customers happier and earn you profit in the long run.

Tips To Boost Your Sales Revenue

Tips To Boost Your Sales Revenue

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Increasing sales revenue is a key process of developing a company successfully, but doing so is not so easy. To make matters more complicated, increasing sales does not always lead to an increment in revenue. This makes even the best advertising techniques fall short of serving towards the business objectives for profit and growth.

But if effective marketing is not enough, what is a business supposed to do to increase their sales revenue and promote healthy growth?

Here are some tips to increase your sales revenue,

1. Map Out Your Current Processes

Most businesses have an informal sales process, where everyone sort of knows what is supposed to happen and who does what.

The first thing you will want to do is plan out these informal processes to get a formal understanding of all the steps to making a sale.

 2. Define Your Key Performance Indicators

Writing down your processes will allow you to track prospects as they advance from one step to the next. This will allow you to estimate how many leads successfully move through your pipeline. You will also know how long it takes to finish a sale on average from start to finish.

 3. Follow-Up And Measure Performance

Conducting sales meetings are a good way to ensure a regular analysis of sales data. The purpose of the meeting should be to decide what possibilities are in the pipeline and how leads are moving through the process.

Your key performance indicators can also be used to estimate individual performance. Employees usually appreciate the transparency of understanding how they are judged. It can also be a great way to encourage friendly competition within your team.

 4. Use Technology To Simplify Monitoring

Your next step should be to centralize all your client and contact information. This database can be in a simple form of a spreadsheet, but as your business grows, you will probably want to spend on customer relationship management software.

 5. Start Forecasting Your Sales

You can think of your processes as a funnel or pipeline. By measuring your progress rate at every step, you will be able to determine the inputs you need to accomplish your sales goals.

 6. Develop Your Competitive Advantage

The customers need a reason for buying your products or services, in terms of the benefits, results or outcomes which they would not get from purchasing from your competitor.

 7. Increase Your Sales

After you have planned your processes and set a prediction, it becomes simple enough to increase your sales.

Two ways to do this are to,

  • Increasing Your Average Order Size (sell more products)

Consider granting discounts for larger orders, free shipping for orders over a certain threshold, or upselling and cross-selling items.

  • Improving Your Conversion Rate (sell more frequently)

you can also tweak your sales script, create offers that are more appealing and provide additional training to your sales staff.

How to Convert Your Marketing Spend into Sales

How to Convert Your Marketing Spend into Sales

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Sales and marketing used to be like quarreling classmates drawing imaginary lines across the bench. Sometimes they get along but most of the time they want to keep the other off their territory. Yet this does not work in the digital environment. Marketing builds relationships and loyalty while sales bring success.

Digital marketing today aims at building relationships and helping a company’s brand remain relevant in its industry arena. Emphasis is on personalized content experiences. Yes, these can improve the time spent on site stats. Still, the greater goal is to engage the customer while gathering intentional information that helps the marketer provide an even better experience.

The biggest challenge for marketing and sales teams today is penetrating this web of information, such that you are still able to extend your message to your target audience.

The best way to overcome this challenge is to:

Align Marketing with Sales

Any approach or model that hinges on the transaction or the purchasing decision is bound to miss out on the limitless engagements made possible by digital technology. Content is key to these engagements. In fact, it is of utmost importance during that span of time our market has not reached out to our sales team. It is how we penetrate a web full of information and get our message across. And, further down the buyer’s journey, it is what we need to arm our sales teams with: engaging, useful content.

Sales and marketing must work together closely to share their insights into buyer needs, challenges, interests and to better understand what converts a prospect. So, in choosing a framework through which you can align the efforts of your marketing and sales teams, remember these:

  • The path to purchasing is no longer linear. Our customers follow a web of information and go back and forth before making a purchase. The buyer’s journey can takes months at a time or even a few seconds.
  • There are several dimensions to social influence. It is no longer the sole function of your marketing team to build your brand. Keep track of your online reputation. There are several free and paid tools you can use for this.
  • Do not disregard your advocates. Whether or not they are customers, these advocates have social clout that can be to your advantage. When planning your content and video marketing strategies, keep them in mind.
  • Focus on the relationships that you build with those you engage with through your content and video marketing. Do not put the transaction or the purchasing decision as to your end goal; the digital sales landscape does not work that way.
  • Measure your stat and growth. There will be a need to calibrate and re calibrate your approach until you learn the common paths taken by your customers.
Strategy to Build an Effective Sales Plan

Strategy to Build an Effective Sales Plan

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The success of any company is hugely depended on the management and implementation of sales. Therefore, having a simple and clear plan for sales activities is essential. 

If you have never written a sales plan before, the task might seem daunting. Fortunately, it is not complicated. If done right, it can help you take a more strategic, big-picture approach to growing your business

A sales plan can be made effective by understanding 4 key points. 

Goals 

Start by deciding what you want to achieve. The targets can be anything, jot down whatever that comes to your mind. Dream big at this stage. 

It is important when writing a sales plan to have a clear image of where you are as an organization and where you would like to be at the end of the year. 

Allocate resources 

With goals and targets in place, you now need to consider what is feasible. Consider various options and choose the best. Also, take stock of your tools and systems. You need to invest in a customer relationship management (CRM) system and in other kinds of marketing materials you need to support your sales team. 

Communicating your sales plan 

i)With the sales team 

The success of your sales plan rests on your sales team. Your sales team cannot accomplish your sales plan targets unless they totally understand the plan. Your sales plan ought to describe how you will communicate the plan to your employees and the way you will train them to implement your plan’s actions. 

ii)With the customers and suppliers 

It is also necessary to consider any impacts your tactics can have on your customers or suppliers. Understand the shopping patterns of your customers, supplier’s delivery and production methods and make a plan that helps you in communicating the changes to them.  

Monitoring sales plan 

Your sales plan will assist you to monitor your sales performance and make improvements. List your marketing objectives and establish the results you expect you are promoting to attain. These results are measures will act as indicators of whether you achieved your goals or not. For example: 

After listing your objectives and measures, establish in your sales plan how you’ll monitor sales results, who will record and check results and how frequently. This data will enable you to visualize your sales performance over time and modify your techniques to improve your sales. 

Planning is often an activity that happens on top of regular business. To keep moving forward, spread the planning process across a week or so, focusing on one section of your plan at a time. The key is to just keep working. Start off small and build a concrete plan eventually.  

Tips to Build Good Customer Relationships

Tips to Build Good Customer Relationships

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Building relationships is key to learning your customers’ needs. You can gain more returning customers, referrals and net income in the process. If a business does not know the likes and dislikes of their customers it becomes a tedious task to grow your business. 

Here we will describe a few ways by which you can improve your relationship with your customers

Connect with your customers 

An age-old way of making human contact has been to find a common ground, a shared interest, or anything that shows you can empathize with them in some way. This helps you to build trust with the customers. 

Communicate 

Like any good relationship, communication has a major role in building customer relationships. Communication is not just a series of emails. Try to analyse the customer and understand how you can customize and create a personalized message for your customer. Example: From a bit of analysis from past data you can know what products the customer is interested in and then customize your messages to that. 

Not all of your communication should be about your company trying to sell something. Have communications reminding customers about special features that you have noticed which they are not utilizing. Let them know about developments in your industry. Create a personal relationship. 

Exceed Expectations 

The key to a better and stronger relationship with the customer lies is going above and beyond their expectations. Giving customers more than what they expect will delight them and make them come back to you. Make sure they walk away fully satisfied. Listen to your customers, acknowledge their concerns and resolve any problems they encounter. 

Feedback 

Feedback is a great way to understand your customers. Invite customers for surveys and ask them to share their opinion. You can identify the specific needs of your customer and find the best solutions to their problems.  Offering unique and personalized solutions will ultimately help your business prosper. Always pay attention to the comments and feedback and respond promptly.  

Show appreciation 

Reward loyal customers with special discounts and offers. Retaining customers is the best way to boost revenue. Build a business that offers the best customer service. Make sure that your products and services are always available.  

Customer relationships are more important than ever in today’s digital age. In an era where customers can easily give their views and opinions it becomes highly important that a company maintains a good relationship with its customers. Just like any relationship, strong customer relationships require work but the payoff to your businesses’ bottom line is worth the efforts.