How to sell services more profitably – you may have an established firm that yields a reasonable range of profit margins. Then, when you want to provide value-added benefits to customers, hoping that your business progresses, you may end up losing out on the same. The cost of providing value-added products can eat up your existing profit margins. To offset the losses, you may have to retrain your sales force, start one more unit else get into the complicated nitty-gritty. You need to have the know-how on how to sell services more profitably.
You may have a business site or official site with which you communicate. You communicate with your vendors, support staff, consumers, and stakeholders and even with regulatory agencies. By making your presence felt online, this is what it means. Take to social media channels. You can promote your range of products via Facebook, Twitter or Linked In. Your digital marketing sales personnel can utilize newer techniques for promoting your company’s niche on products or services. You can include video campaigns, online-based road shows, and webinars to improve consumer awareness. They need to sense the value of products or services you are giving them on a platter. This way, even if you increase the cost of your products by 10% your customers won’t mind paying the additional cost.
You can conduct exhibition expo events in two ways. The first way is to have one done using web platform means. Take Amazon for example. It recently launched its Indian Fashion sale online. Added discounts and freebies were put up via online pamphlets. The sales turnover doubled up. They launched it during the festive time so that people are interested in buying clothes, Diya lamps, and other home-décor products.
The other one is to hold an Exhibition-Symposium event in a physical ambiance. You allow your consumers to try and test your products. You can also offer free samples of Fast-moving consumer products at leading shopping malls. You can allow them to complete survey forms. Even a non-interested member would vouch to buying your product. This is because he/she tries your product on the spot. Conducting online or offline exhibition events can improve consumer awareness. You can thereby improve your sales turnover, using this technique.
You may be promoting a host of products without letting customers know about the value of the products you are hosting. Include blogs or tutorials on how the products can be used. Say you are starting a printing and stationary equipment, along with a product description, include an e-book on how to operate one.
In the case of commonly occurring problems or omissions, you can include an FAQ section. Provide clear cut and easy solutions. This way, your troubleshooting team will not be disturbed with too many calls. You can train the force for handling customer based grievances at their homes. This way, service technicians can earn $100 per field visit instead of remotely handling calls. Revenue generating services need to be garnered more efficiently over the free range on services.
You can include blogs or e-books on how to use skin care products. This will save the company millions of dollars in terms of conducting actual free demos with the products. The technique gives you a better insight into how to sell services more profitably.
You need to make a clear demarcation between the sales team and the service delivery team. In particular manufacturing concern, this has beautifully been illustrated. Sales personnel are called hunters. They just go out and out in order to fetch new customers for their production equipment.
Service delivery exponents are called farmers. They liaise with the customers and over the trust and goodwill they earn over the years, they upsell or cross-sell value-added services that are rolled out by the respective company. This demarcation benefits the firm in ways more than one. The customers do not blindly go with your products or services. They know the value of the product you have been delivering over the years. As service personnel develops a personal touch between the company and the customers, you as a company are able to win the goodwill or trust of your consumers. This goes a long way in helping you achieve scalable sales targets and much more!
Business analysts are professionals who analyze the latest trends in the markets. They can help your company diversify on the existing product range. A cosmetic company which was only into selling lipsticks, do sprays and nail paints have now introduced multi-vitamin pills. And protein-based energy drinks. This is due to the awareness of people in wanting to take care of themselves and have a healthier diet.
When does this happen? When business analysts give you inputs on what is happening in and around your industry? What other value-added products do people prefer? These professionals conduct surveys online or across pamphlets. You can award discount vouchers or sample coupons to members. Again you generate valuable sales leads by conducting surveys. You ask the concerned groups to leave behind their email addresses and telephone numbers. You can then follow up on the leads to convert prospects into real-time customers.
Again, quite a lot of start-up entrepreneurs do this particular blunder. They want to give everything free. It is not always the free mania customers are enamored with. Again, you need to charge prices for your actual products. And charge a separate fee for service-related grievances. You create awareness of what they are paying for. Say a remote call handling team deals with these kinds of queries without charging the customer. But difficult solution based queries will be charged at a miniscule fee of $10 per call. Again, you cannot give away the service maintenance costs absolutely free. Who will then pay for your overheads? Making a clear demarcation between products and value-added services will go a long way in helping you sustain your brand. At the same time, you educate customers on what they are actually paying for.
The above mentioned are the 6 top-notch techniques on how to sell services more profitably.