Cost/Price Sensitivity of Customers
Price sensitivity can be defined as the consciousness of the customers to cost windows or range within which they make dealings. All the customers are always cost sensitive and concentrate basically to buy products on cheap rates. However, cost sensitivity of a customer substantially depends on condition of the market. For example if a product […]
Stages in Consumer Decision Making Process
An individual who purchases products and services from the market for his/her own personal consumption is called as consumer. To understand the complete process of consumer decision making, let us first go through the following example: Tim went to a nearby retail store to buy a laptop for himself. The store manager showed him all […]
Measuring Acquisition Equity
Acquisition equity is the potential monetary value of acquisition for the organization. It provides the stage for customer equity data to be encapsulated in the financial database of organization. Measuring acquisition equity is indigenous and simple process to implement, the only hurdle is the collection data before this calculation is made. Computation comprises of following […]
Big Data and the Power to Predict
Is Big Data a Magic? We often hear the term Big Data being used to describe how online retailers as well as mega corporations are targeting the consumer behavior by having the power to predict, sense, and intuit future consumer decisions. Indeed, Big Data is talked about in hushed tones with a sense of awe […]
The Significance and Impact of Corporate Behavior
The corporate behavior tends to have a direct or sometimes an indirect impact on the economic state of the countries and communities they operate in. The very recent examples was the economic crisis in US, Brazil and Asia in 1998 and hard to forget ever continuing financial meltdown of the current times. Any lack or […]
Sales Management refers to the art of achieving the sales targets within the stipulated time frame through effective budgeting and meticulous planning. Sales management enables the sales representatives to close sales deals in favour of the organization and eventually earn revenues for the same.
Communication plays an important role in sales management. Sales professionals need to be good communicators for the desired impact. In simpler words, communication is the backbone of sales management. It is absolutely not possible to close a sales deal without effective communication.
There must be healthy communication between the sales professionals and the customers as well as amongst the sales representatives.
Keep your sales pitch simple and precise. Complicated sales terminologies and jargons confuse the customers. It is important for the customers to understand your products for them to believe in them and eventually purchase the same. The sales professionals must be well aware of the benefits of the products.
Sales professionals must be very careful about their tone of voice. Never be too loud or too soft. Be polite. Make sure you are audible to the customers. Don’t ever be rude to them.
While addressing a group of customers make sure even the individuals sitting on the last bench can hear you properly. Don’t just speak for the front benchers.
One should never interfere when the second party is speaking. Wait for your turn to speak.
Don’t play with words. Convey exactly what your product offers. Fake promises and wrong commitments lead to problems and confusions later on. Transparency is essential for a long term relationship with the customers. Avoid telling lies to them.
Make sure your sales presentation is interesting.
While speaking to the customers over the phone, make sure you are not chewing or eating something. Don’t put the customers on long holds. Never avoid customer’s calls unless and until there is an emergency.
Understand the needs and expectations of the customers and suggest them the best solution.
The customer can ask you any question under the sun and it is your duty to clarify his doubts. Make sure you are well prepared. One should never lose his temper while interacting with the customers.
Include warm greetings in your conversation for a personal touch.
The sales manager must communicate with his sales team on an open platform for everyone to participate and give their valuable inputs and suggestions.
Transparency must be maintained at all levels for healthy relationship amongst the sales professionals. The sales representatives should be aware of their targets and incentives from the very beginning to avoid confusions later on. Make sure the targets are realistic and achievable.
All important information should be circulated through emails. The related members should be kept in loop for everyone to get the same information. Do not communicate with individuals separately in closed cabins. It gives a wrong message
Each one should have the liberty to express his/her views and participate in decision making process of the organization
The roles and responsibilities of sales representatives must be communicated to them well in advance. They must know what is expected out of them.
Effective communication is instrumental in closing sales deals and maintaining healthy relationship with the existing as well as potential clients.
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Customer Relationship Management – Meaning, Need and Steps in CRM
February 12, 2025
