We’re at the point where the sale has been made and now we’re executing the sale. What are the three most important things we should think about when executing the sale?
1. Make sure you have a sales execution strategy as well as a post-sales strategy
And, that they are both dynamic. As you learn more information from each customer, you can actually customise the experience in real time for each lead and increase the chance of closing a sale without missing a beat.
Your sales execution strategy should be a series of mini sales – don’t take them through these mini steps too quickly and don’t have so many steps that it becomes arduous for the customers or you will significantly reduce your chances of closing the sale. If done effectively you have the opportunity here to capture a lot of information which helps improve that sales experience for each customer individually as well as provide them value during the sales exchange. For example, what budget they have, what authority they have to spend a certain amount of money, what problem they see you are solving for them or need you are satisfying, what the timeframe looks like in needing to close the sale and access those products and services.
2. Actually get out and sell
Lots of people don’t like ‘selling’ but if you don’t believe in your product/service, why should anyone else?
3. Have a review session of your sales wins and losses
Have the courage to be wrong. Lot’s of businesses struggle to realise they were making some serious, wrong assumptions. They instead double down on them almost like they were a gambler not willing to leave the casino until they get all their money back.
‘Never hold your ego so close to your opinion that when your opinion changes, your ego goes with it’. Know when you’re wrong and capture the information that you need and learn the things you need to identify whether you’re 1% wrong or 99% wrong as quickly as you can.
What would a mini sale look like for a fashion retailer?
It could be anything. It could be access to something like ‘what your style is’ and having that information so you’re actually giving them information that helps them customise the sale to you but it also gives you something of value that tells you ‘ok, this is the sort of thing I’m actually looking for’ and they have that. It helps to build that authority and empathy we’ve talked about before.
How would we measure success in this instance?
Ensure you are capturing the right data throughout that sales execution so that you can change the sales experience mid purchase and effectively review wins and losses afterwards. What made those wins and losses? How can you, without derisking the sale, streamline that strategy further and shorten the sale cycle?
In terms of quantitative data – make sure you’re clear on things like your sales productivity – how much time you’re spending on a sale, how quickly you respond to leads, how many potential sales close (qualified leads versus closed sales), your average sales price (average of sales won and sales lost), and how all these compare to the market you’re in.
In terms of qualitative data – what insights did you capture in your engagement/discussions with each customer to find more information around their experience with you. For example:
- How they found out about you
- How they made a decision to become a potential customer
- The difference between their initial assumption of your business and their assumption now
- How you identified them as a potential lead
- How you then qualified them and why
- If and how you built rapport with them
And, if you lost a sale – any insight as to why:
- Perhaps they didn’t like the price and you need to look at more value based sales strategies
- Perhaps they like the price but had questions around the product and you may need to look at increasing your social proof
- Perhaps they are just putting off the purchase and you need to create a sense of urgency and showcase your empathy for the problem that you’re solving and your authority to solve it
- Or, perhaps they’re overwhelmed with what they need to do in order to begin seeing the value in what you offer and you actually need to look at your onboarding process
How do we know if we get pricing right?
- Work out all the costs so you know the minimum you need to sell for to be making a healthy profit
- Check out what competitors are charging for similar products
- Determine how your ideal customers value your products
How do we make the logistics process/experience better for the customer?
This comes down to the rapport you’ve built with the customer and communicating through the process. Know and keep your customers updated. Know what’s most important – time or something else.
How do we excite those customers when their package arrives?
Once you close the sale they go back to being a qualified lead unless you actually continue to foster the relationship, immediately.
Here’s where you can remind them that they made a good decision in buying from you. And, you can also save a lot of time down the road by not needing to take them through all those steps again. You can really streamline future sales.
Consider what was most valuable to them in the sales execution:
- Price – remind them of the value
- Product – share the social proof/testimonials
And you can surprise them too. In time – how quickly it’s received, how it’s packaged/displayed, or a surprise gift or feature but ensure it’s something they will see value in.
Next time, we’re talking about Upselling and Cross-selling as the next step. Can you give us a brief definition of each in this context?
Upselling is when you can move a customer to a higher value product or service to better satisfy their need or solve their existing problem.
Cross-selling is finding other items which solve other needs or problems which the current items they are buying do not.
Proudly presented by PUCTTO + BECCI REID
PUCTTO – www.puctto.com
PUCTTO virtual try-on technology lets shoppers visualize fashion on a photo of themselves. For online fashion retailers, a widget on their website increases exposure, engages customers and ultimately helps them stand out from the crowd.
BECCI REID – www.beccireid.com
I’m an Aussie entrepreneur based in LA and working with awesome people across the globe through advisory, and consulting while building my own tech startup. I understand the highs and lows at multiple stages on the journey and can’t wait to learn about yours 🙂