Sales are the number of products or services sold within a period of time. The seller or a salesperson of the product or services complete a sale in response to acquisition by the buyer. In common law countries, sales are governed by the common law and commercial codes. Selling is the profession-wide term. Buying and selling are understood to be a transaction. Both seller and the buyer engages in a deal to consummate the exchange of values. Team selling is one way to generate many sales.
Inside sales vs. Outside sales
Inside sales involve attempting to close business over the phone while outside sales are closing the deal in person. There are a wide variety of sales agents:
- Sales broker, seller agency or agent- the traditional way to sell.
- Buyers broker or buyer leverage- the salesperson represents the consumer making the purchase
- Disclosed dual agent- the salesperson represents both parties in the scale and acts as a mediator during the transaction
- Transaction broker- the salesperson only handles the transaction
- Sales outsourcing- the salesperson is hired to represent the brand of the client
- Sales manager- aims to implement various techniques to improve profits
- Salesperson- to close a deal with a client to generate revenue
- Internet sales professionals- for ensuring immediate response to the leads through social media
Sales funnel is defined as the buying process that companies lead customers through when buying products. Below are the phases:
- Awareness phase- prospects become aware of the existence of a solution
- Interest phase- prospects demonstrates interest in a product by conducting product research
- Evaluation phase- prospects or prospect companies tests competitor’s solution as they move to deciding to buy or not
- Decision phase- in which a final decision is made and negotiation begins
- Purchase phase- products and services are bought
- Reevaluation phase- this phase is the renewal contract for the loyal customers
- Repurchase phase- a customer repurchases a product or service
To generate awareness and interest phase, you can use blogging. It can be a main source of traffic for the website. A type of lead magnet is used as a tool to generate interest for your product. Even though webinars is used as a lead magnet, they are more focused on decision stage and convincing people to take action and buy the products. Videos can be used in most of the stages in the sales funnel.
Conversion rate is the percentage of visitors who take the desired action. A form of the desired action includes sales of the products, membership registration, newsletter subscription or software downloads. A high conversion rate depends on the interest of the visitor, the attractiveness of the offer and the ease of the process. The interest of the visitor is increased by finding the right visitor, the right place and the right time. the attractiveness of the offer involves the value proposition and how good the presentation is. The visitor’s ease is dependent on site usability which includes intuitive navigation and fast loading pages.
Conversion rate is also known as the exchange rate is the rate at which one currency is exchanged for another. It is also remarked as the value of one country’s currency in relevance to another country. Exchange rates are determined in the foreign exchange market which is open to a wide range of different types of buyers and sellers and where currency trading is continuous 24 hours every day except weekends. In the retail currency exchange market, different buying and selling rates will be known by money dealers. The buying rate is the rate at which money dealer will buy foreign currency and the selling rate at which they will sell that currency.
Ways to optimize conversion rates
The goal is to keep the customer coming back to buy the products. Here are some techniques to generate sales through conversion rates:
- Blogging- due to the increasing growth of technology, internet marketing is popping all over the field. By blogging, you can write about anything related to the product or industry.
- Social networking and publishing- consumer these days always depends on the social media asking for advice, referrals and reviews. Meet your prospect customers by developing an active presence in social media.
- Pay per click campaigns- this allows you to pay websites for advertising your product.
- Traditional public relations- print publications, television commercials and newspaper ads are still very effective especially when combined with text marketing
- Landing pages- it offers one call to action. This is to capture your prospect’s contact information or make a sale.
- Calls to action- decide the action you want your customer to take and add a clear call to action many times to a page
- Forms- contact forms or comment forms are sometimes overlooked so include an option for the visitor to choose to receive an email in your form or on the confirmation page.
- Email- send an automated email to subscribers with answers to some frequently asked questions.
- Autoresponder series and drips- this is a pre-written set of email messages to customers over time
- CRM and sales floor integration- it is a software that lets companies track every interaction with current and future customers.
- E-commerce promotion- make it simple for customers to find your products and check out
- Targeted, transactional content– this is to set up automatic emails offering products to prospects who ended the drip campaign
- Social monitoring- monitor keywords related to your brand can help identify customers who are ready to make a purchase.
- Referrals- make sure to ask the customer if they know someone who can use the product as well
- Resell- resell the same product to the customer
- Upsell and cross-sell- you can do this during the check out process
- Reminders- remind your customers of the important dates related to the products
- Gratitude- don’t forget to say thank you!
Increasing your conversion rate is definitely crucial. Having a good conversion rate is the basic way to increase the sales volume.