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Home | Why It’s Time to Embrace Remote Selling

As industries change gears to succeed in their rapidly changing business-environments, one thing has become clear. Remote selling is here for the long-term, and to succeed is to adapt.

Remote selling means exactly what it sounds like – buyers and sellers make a deal without meeting in person. For some sales teams, this often means attracting and initiating contact with prospective customers remotely before closing a deal, while for others this means remote relationship nurturing and staying on top of their customer’s needs to ensure those needs are met remotely in a timely manner.

The success of remote selling relies heavily on technology – like inside sales, remote selling usually involves making contact via phone or internet rather than sitting in a board room or a golf cart.

While remote selling can have its challenges, it also brings great benefits. These include:

Reduced costs

Think about your business’ overhead expenses, from office space to equipment, salespeople’s travel expenses and more. When your sales team is working remotely, these costs are drastically reduced.

Increased efficiency

Remote selling means less time spent traveling, which allows more time for qualifying leads, making new connections and refining your sales strategies and processes.

Farther reach

When your team is selling remotely, all they need is a mobile device or computer and a reliable internet connection and they can connect with new partners and customers all over the world.

Happier team

When your sales team is empowered to choose their work environment and no they longer have to deal with the stress and pressures on their personal lives of work-traveling, they are happier. Happier employees are more engaged and motivated. A study out of Stanford University reported that remote workers are 13% more productive.

The year 2020 has taught the business community important lessons about agility, innovation, and flexibility, and the success potential of remote selling is one of the clearest examples of these lessons.

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Home | Pricing Strategies Based on Data

Using relevant, accurate information to inform your business’ pricing strategy is key to its success. Proper data analytics as the foundation of your strategy allows a company to see how pricing fits into the bigger picture and helps you determine which factors influence your pricing and when it’s time to make a change.

There are three common pricing strategies:

Cost plus pricing

This simple pricing strategy sets prices as a percentage above costs. A company adds up all the costs associated with providing that product or service, adds the profit margin that they’re looking for, and they have a pricing strategy. Not much data analysis goes into this strategy.

This strategy is challenging to manage as a company grows, because costs rarely remain static. If the cost of one supply that’s necessary for business to continue increases, the profit margin decreases. Adding a solution that includes data analytics would help with this as it would alert the business owner as soon as profit margins drop below a pre-set level.

Competitor based pricing

This involves setting a pricing strategy based on the pricing of competing products/services. This strategy can use data analytics for modelling to help determine the volume of product/services they need to produce in order to receive the preferred rate.

The problem with this strategy is that is ignores the unique needs and benefits of your company. Creating your own strategy independent of your competitors’ helps you focus on improving your offering and adding value for your customers.

Value based pricing

This strategy involves looking at customers rather than competitors and setting prices based on how much they are willing to pay. It involves a deep understanding of your customers’ wants and needs and offering top value and a low price. Gaining this understanding is largely based on data analytics.

This strategy helps companies increase their prices as they innovate their products, because they already know what their customers are willing to pay for added features/improvements, but it also takes a lot of time and research to gain intimate knowledge of your customer-base.

Using data to decide

Data analytics helps companies increase their profits by setting ideal pricing strategies that help them bring in more business and provide unique value. Using analytics to set a pricing strategy helps empowers leaders to use data to learn and analyze every factor that impacts a company’s profits, whether those factors are internal or external.

ERP Advisers can help your company leverage data analytics to set a pricing strategy and increase profits. Click here to set up a call.

Home | How to improve your business operations and bottom line

All small and large scale business owners are constantly presented with various opportunities to improve their business processes, get more customers, become more visible, and increase productivity. Improving your business processes also helps you save a lot of money and run your business more effectively.

Here are 6 ways to improve business operations and bottom line:

• Plan your day: Before stepping to your business premises on a daily basis, it is imperative to create a time when you could jot down your plans for the day and review what your activities will look like. Write down your marketing strategies, product lines, new projects that you intend to embark on, details on how to expand your business, names of your competitors are and strategize on how to stay ahead.
• Review your business plan: It is also vital to review your business plan monthly. So many business owners tend to forget about their business plans a few months after establishing their firm, some even digress towards other areas. That is why it is essential to find your business plan, review it, and get it updated. Look at the changes you must have introduced into your business since its inception and get them included in your business plan.
• Make use of the latest technologies: At present, there are so many technologies that can help improve your internal systems and communications. Making use of various technologies in your firms helps to automate tasks, simplify processes, and make things easy for your employees.
• Engage with your customers: What keeps businesses running are the customers, quality of products, and customer satisfaction. Therefore you must engage with your customers on a daily basis: get their phone numbers, emails, contact information from your database and send them messages reminding them that your business is ready to serve them better. Remember to ask them to leave feedback about your business.
• Get your employees involved: Employees are an essential element in every business. You must make your employees part of your business; help them understand their role, review your relationship with them, and find new ways of getting them motivated to avoid any form of friction.
• Review your business performance and pricing: It is also vital to set up new metrics that can be used in reviewing your business performance at least twice in a year. Take stock of all aspects of your business operation and write down the areas you will like to initiate some positive changes. In addition, try to know the prices of goods set by your competitors and ensure that yours isn’t too low or high; before increasing your prices, ensure that you get your customers informed ahead of time.

Finally, as a small or medium scale business owner improving your business operations and bottom line can help increase productivity, save you lots of money, get you more customers, make your business visible and keep your employees motivated. Using the steps listed above can help you stay ahead of your competitors while improving your business processes.

Home | Simple Rules to Making a Successful Business Introduction

In today’s world, introductions have become more important both in our personal and professional lives. But many of us think that introductions are not everyone’s cup of tea. However, this notion is completely false, and you must take the leadership role to make your brand and business prosperous.

In business, there is nothing more powerful than a compelling introduction. This is a thing that you need to take care of with utmost professionalism. Here are some effective measures you can take to make any business introduction more effective:

Double opt-in works the best:

Single opt-in introductions can come as a surprise to both or either of the persons, and it is lazy as well. Double opt-in is the best and non-lazy way of introducing two people to each other. You give other people a choice and a solid reason to meet the other person. And they both can benefit from each other’s experience.

Consider the rank:

A business introduction is a social act, and you have to consider the ranks, professionalism, and power of both the parties. For a higher ranked professional, you have to write in more of a requesting tone. For a person having low rank, it becomes more of a duty to attend the conversation.

Make it simple and real:

Do not make the situation complex by adding too much data. Write to the point and only talk about business. When it comes to deciding the time for the meeting, give them 5 to 6-time slots in a week or month to choose from. Again prefer the time suggested by the higher ranked person, respect the rank and you’ll surely find success. Don’t make them do the work. Don’t ask them to suggest times, don’t ask them to pick a time off of your online calendar tool.

Show gratitude:

Thank your colleague for the introduction.  If a conversation develops into something more, be sure to re-thank the colleague who introduced you to keep them in the loop and aware.

Business introductions are the single most powerful way to make new connections and have them turn into real opportunities.  Treat them with care and respect they deserve.

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