As the world continues to find ways to forge on in light of the COVID-19 pandemic, many businesses seek effective sales strategies to implement. Given the current climate, this is necessary for the time being, and a safeguard and lesson should another pandemic arise. Here are eight ways to build your sales strategy...
The facts and figures speak for themselves - eCommerce is growing, and it is here to stay. Businesses have had to alter their outlets and channels. While this doesn't mean you need to close up your physical shop, it does mean that having an online offering is an essential avenue for sales. There are many ways in which a business can achieve this, whether it's through an e-commerce store, an online marketplace, or direct sales via social media platforms. Your strategy should focus on building and perfecting these channels, from your offering to the consumer experience. For instance, find and firmly establish a delivery system that works for your business and will satisfy customers. Many companies have also chosen to merge online with their physical stores by offering click and collect options. Presenting your customers with various options to suit their needs, especially during lockdown times, is the key focal point.
During a pandemic, consumers are required to adjust their behaviors and way of life to remain safe. With this comes new necessities and priorities. For example, many countries recommend that people wear masks, and as such, businesses have included a range of masks in their offering. Retailers have noticed that customers are stocking up on selected goods and thus increase their inventory accordingly. While this may be easy for some businesses, others may need to readjust their offering entirely to generate sales. To have an effective strategy, you need to consider the solution your business can provide the customer with. While you're catering to altered needs, be sure not to capitalize on this as customers see through this and will not appreciate being taken advantage of. To be effective, keep listening to what your customers need and provide them with that to the best of your ability, with flexibility and agility being the two essential traits to encompass.
Businesses also need to keep in mind that even though things have become increasingly digitized with remote working and social distancing, connections made online need to be strengthened. This includes both those with your customers and your partners. This is done to encourage loyalty and grow your online communities, leading to increased sales. Nurture the relationships you have with your online communities by staying in touch and being transparent about what your business is doing to contribute to the community and how you're keeping their best interests in mind. You should also be responsive and receptive to their engagements with your business. In terms of partnerships, consider teaming up with other companies and organizations. This will increase your brand's presence, and you can widen your sales pool when aligning with a team that shares your business's values.
Upselling and Cross-Selling
Retailers will be familiar with these terms. They're essential to keeping in mind when enabling sales. While many customers are strapped for cash, the perception and affinity for value have increased among consumers. Therefore, look for ways in which you can add value for your customers, whether it's offering additional helpful products or services. This is a traditional way to improve your sales strategy, particularly popular among new eCommerce retailers. This can encourage more online sales, where you can offer complementary products as a package deal along with free delivery, for example. Alternatively, you can down sell by offering a special discount to encourage a potential sale, which is especially useful for abandoned carts.
During a pandemic, sales strategies may change at a moment's notice, depending on the situation faced by your country. It is earmarked as a time of uncertainty, and businesses are required to make short-term plans and adjustments at a moment's notice. That being said, an effective strategy will also include medium to long-term goals for your business. By looking to the future, you can ensure your sales strategies for the moment to serve your business in a post-pandemic world. For instance, if society changes to such a degree that there is a new way of life, then your business will need to consider whether it remains relevant and how it can improve its position in the market. This kind of strategy shift will be dependent on your business and the industry you're in. The critical takeaway is to be effective by looking ahead and planning accordingly.
One of the most effective sales strategies is through leads. This is especially true in an online context. Work on increasing the number of contacts in your database through various channels using valuable lead magnets. Your business should have lead forms on your website that are easily accessible and inviting. Subscribers can also be generated using social media platforms and direct messaging. By generating and cultivating leads, you can develop effective sales strategies targeted at your growing audience. Once you have more contacts, it is imperative that you continue interacting with them in the process of lead nurturing. This is one of the best pools to draw more sales from; hence it is an opportunity not to be missed.
Account Based Marketing
During times of a pandemic, your business may be unable to focus on lead generation given a reduced team or budget. If that is the case or a well-established brand with enough leads, then having an account based marketing strategy can lead to a highly effective sales strategy. To do this, you'll need to work with the existing database of potential customers you have and devise a highly targeted plan for them. By focusing on these segments of existing potential customers, you can make direct sales. This requires a substantial amount of in-depth research on your customer base.
One of the best ways to improve your sales strategy is to focus on digital marketing. Develop specific campaigns and be active with your database to remain relevant and present. Solidifying your content strategy with the likes of videos and high-value content magnets will attract and engage audiences. This all boils down to communicating with your audience effectively. During a pandemic, this will likely require you to change your marketing messages. Advertising through online channels can also be an effective way to increase your presence and encourage more sales in a highly targeted yet cost-effective manner. Ensure your digital marketing is comprehensive and well-rounded so that you do not neglect any channels. A primary example of this is email marketing, which continues to be a highly effective way to draw traffic to your website.
There you have it, eight effective sales strategies that'll help your business during a pandemic. Depending on your company and industry, you may need to apply one or more of these techniques to reach your target audiences and close deals.
Work with an award-winning agency
We at Nexa have worked on award-winning campaigns with clients from various industries. We can help you implement the above strategies so that your business can grow during times of the pandemic and thrive in the times to follow. Book a free meeting with us to find out more.