When it comes to making effective sales and marketing decisions, things might not go the way you would like. This is why there are times when you need to avoid some very basic mistakes. Here are the most common pitfalls to avoid when forging sales & marketing strategies so that you get the results desired.
Customer Data Is Important
When we are talking about market research, strategies cannot be formed in thin air. You need to have data to work with. However, there are times when Sales Managers tend to neglect customer data. No matter if you have made a successful sale. You do not only need to learn from your mistakes but your successes as well. If you think that your sale is done and that data has no use think again? You would need this data to deal with other customers with similar needs. This data may also be very useful for future purposes as well. Therefore, always make sure to keep customer data. Also, it involves a great deal of money to get accurate customer data.
On Field Information VS Internet Research
Entrepreneurs and new-era businessmen have started relying a lot on the internet for market research. Always remember that nothing comes close to the field data that your sales personnel have collected. You may get an idea about the overall market scenarios and how things have turned up in the past. This data may not reveal other important factors to you. Like for example, if you are an FMCG trying to enter a new territory, you may not be able to find the type of incentives that your competitor is giving to the sales and distribution companies operating in that area.
Sales Only Dependent Online
An important thing to keep in mind when doing sales online is that your business’s has become vulnerable. There are thousands of examples where online businesses went down to be found nowhere in search results. Therefore, you need to have a plan B in case your website sale goes down for any particular reason. If you fail to develop an alternate plan, you are making your business exposed to changes in the Google’s search algorithms.
Not Qualifying Leads
There is another common problem that Sales people make often. This is particularly true in institutional sales. When they are delivering their sales pitch, they do not ask the question that the person in contact has the authority and money to make the decision. In case you spend your time with someone who is not authorized to make the purchasing decision, all your effort will go to waste. Therefore, before it gets really late, you ask upfront the question of authority and money.
Overestimating Sales Results
Learn the fact that all your sales in process will not materialize. When reporting about the sales progress make sure that you clearly communicate which of the opportunities will materialize. For example if you are expecting 80% of the sales to materialize, only quote that portion. It is very easy to get carried away by the thought that all the sales in progress would materialize. However, you need to proceed with caution not to expect too much out of your sales efforts.
Taking Sales Functions Lightly
Sometimes the senior Sales Managers get their eyes off the ball by realigning their focus from sales to product development only. They think of Sales function as something which would automatically take place regardless of their mental involvement. Therefore, until your product reaches the final stage of launching into the market, you must not take sales of other products lightly. Instead, it is important to spearhead the overall sales function instead of waiting for that big product to launch in the market.