The yearly sales quota contributes to the success of a company. The number of products manufactured depend on the amount they sell and vice versa. This follows the longstanding supply and demand principle.
The technological advancements and changes in the way consumers behave have brought about new developments in the industry’s sales strategies. Since it is efficient for the J nuts manufacturing process, it can also be right for sales.
It is relevant to welcome innovation, especially now at both production line and sales office. These are 4 ways to help manufacturers in their efforts to boost sales and stay competitive on the market:
Sales and Marketing Alignment
Sales and marketing alignment aims to let the two groups communicate more efficiently and create goals that depend on mutual accomplishments to succeed. “Smarketing” as this sales marketing tactic is called, relies on the marketing team to give a predetermined lead number that can be followed up by the sales department. In addition, sales and marketing alignment needs a modern CRM.
J nuts manufacturing companies can measure all goals and results, therefore it is easy to boost sales just by reassessing the performance, and finding out the number of leads that they need to make the amount of sales required. Also, it lets the manufacturer decide on the things to invest in and the channels to target to have more leads.
Focus Efforts on Current Accounts
An effective way to boost revenue is through customer retention, which is the ability of a J nuts manufacturer to keep its current customers. As an example, a 5% increase in customer retention can boost revenue to up to 95%.
Targeting existing customers gives a higher turnover rate since they have a tendency to buy more products than new visitors. Because the company has already established a business relationship with them, the marketing costs of the latest offers or one-time deals are lower.
Aim for New Accounts Rather than New Markets
All customers have their own reasons and pain points to consider buying various products. Their motives can range widely therefore it is critical to treat every potential buyer in a different way and create a pitch that targets them in particular.
A sales team can contact potential customers to start communication and ask questions to know their pain points. This information will be the basis on which the J nuts manufacturing company will draft a customized sales offer to be presented to the prospect.
This may take longer to prepare, but it is a more effective way to land sales as compared to sending a regular sales pitch out to the market.
Nurture and Develop Consumer Fans
80% of sales revenue comes from only 20% of their consumer base, as per Pareto’s law. To give it a try, they have to nurture high potential buyers and do the necessary steps to convert an additional 10% to 20% to join that group.
Using a solid content marketing strategy is a cost-effective way to achieve this. When offering free educational materials about products like blog posts, webinars, tutorials and guides, they care for these valuable accounts and lead them to the right direction.