What about Sales? Key Concepts and Types

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The term “sales” includes all the activities necessary to provide a customer or company with a product or service in exchange for money. However, the connotations of this word for companies go much further.

Companies have departments with employees especially dedicated to selling products and services.

After surveying different companies with sales and marketing departments, the 2020 Inbound Status Report published that the three priorities for sales organizations were to close more deals, improve process efficiency, and reduce the time it takes to complete a business. sale.

Many teams rely on specific monthly quotas or benchmarks to close deals and convert leads to customers, leading to career paths in this industry generally advancing at a rapid pace. The goal of companies and their sales organizations is to get prospects, connect with them, build a positive relationship, and ultimately offer them a solution that helps them grow. These efforts generally result in a sale, a satisfied customer, and income for the business.

Sales representatives contact people who might be interested in purchasing the product or service that your company sells. These potential buyers show interest in a number of ways, such as visiting the company’s website, downloading content, or engaging with the brand on social media.

The objective is to communicate with leads who have shown interest or who present a profile similar to that of your target audience, so that they can offer them a solution that encourages them to buy the product or service.

Inside sales vs. outside sales

How do you sell the different teams? Some take an inside sales approach, where the team works remotely from an office; their processes tend to be more agile and automated. Others opt for an outside sales strategy, in which sales reps meet in person with prospects and attempt to close deals.

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Whether a company chooses an inside or outside sales approach depends on its product and target market.

Marketing and sales

Where do you get leads and prospects from? The organization in charge of marketing develops campaigns and efforts that are usually the best way to generate qualified leads. Additionally, according to the State of Inbound Report, sales reps get 28% of their leads from marketing. While sales and marketing departments use different processes, the two influence lead generation and revenue for a company.

Sales Concepts

Below you will see a list of some of the terms that are associated with sales.

1. Sales representative

It is a person who carries out all activities related to the sale of a product or service. Some synonyms are Associate Sales Associate, Salesperson, and Sales Agent.

Some sales rep skills you must meet to do extraordinary work include: prospect training, active listening, resilience, and the ability to create effective sales forecasts to estimate future sales.

In addition to this, it is vital that you have extensive knowledge on the subject of cost of sales and the calculation of net sales.

2. Prospectus

A prospect is the point of contact in a company to whom the representative tries to sell the products or services throughout the entire sales funnel. To establish contact with him, the sales representative resorts to techniques of attracting prospects. These include follow-up calls, email communications, and sales on social media. If the prospect is interested in the product or service, the rep can implement different closing strategies to convert the prospect into a customer.

3. Business

The term “business” refers to the product or service that a representative wants to sell and its price. Each business consists of various stages, which can vary by company, process, product, and industry. It is possible to track the performance of a business using a CRM system. Reps can create business plans to ease the sales process for themselves and prospects as well.

4. Sales pipeline

Sales pipeline is a term used to describe all the steps in a sales process and visually represents where prospects are in the sales cycle.

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5. Sales plan

The sales plan describes the goals, objectives, and strategies of a sales organization. It includes information on target customers, market conditions, revenue goals, pricing, and team structure, among other data. Also, develop the tactics that sales teams will use to achieve their goals.

A clear process is critical to the success of a sales organization. In addition, the methods and processes that companies use to market their products and services affect their positioning in the sector.

Here are some of the sales methodologies most used by companies.

1. Selling solutions

If a representative uses this strategy, it is based on the benefits that a custom solution can bring to the prospect. This method is based on the assumption that the potential customer is informed thanks to an investigation about the product or service that he carried out before being contacted by the sales representative.

2. Inbound selling

Inbound sales is about reps acting as consultants, reaching out to prospects (wherever they are in the sales cycle), and troubleshooting their issues. During the sales process, reps complete four actions: Identify, Connect, Explore, and Advise.

3. SPIN method

The SPIN method comes from the acronym in English “SPIN” which refers to the four types of questions that sales representatives should ask their customers: situation, problem, consequence and need for a solution. Questions help identify prospect issues and help the sales rep establish a good relationship with the buyer.

4. NEAT Selling ™

This is an approach used to qualify leads. This acronym means: basic needs, economic impact, access to authority and relevant event.

5. Concept sale

Using this strategy, reps discover how prospects perceive the product and try to understand their decision-making process.

6. SNAP method

The SNAP method is one of the most effective sales techniques. This acronym in English seeks to send the message that do not complicate yourself, be essential, always look for the alignment and list the priorities.

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7. Challenger Sale

This method is based on a process of teaching, adaptation and taking control. The sales rep teaches the prospect, adapts communication between them, and takes control of the sale.

8. Sandler sales system

This methodology prioritizes the generation of mutual trust between the sales representative and the prospect. The representative acts as an advisor and asks questions that help you identify the prospect’s challenges.

9. Customer-centric sales methodology

This methodology is one of the most successful sales strategies and consists of the sales representative focusing on communicating with the main decision makers in the sales process and trying to find solutions to address the problems or challenges.

10. MEDDIC

This acronym stands for: metrics, economic buyer, decision criteria, decision process, problem identification and sponsor. The representative asks questions related to these topics to help the prospect move forward in the sales process.

The main goal of the sales area is to create customized solutions for your prospects that ultimately translate into more sales and revenue for the company.

If you want to improve the sales of your business, you will be delighted to know that with our Sales Hub sales software you will be able to bring together all the tools and data in a single platform for a complete and easy-to-use visualization and access for your entire sales team.

Having the right resources and tools will make your sales comply effectively with each stage, without friction and with less chance of losing leads. In this way, you can take advantage of each function to prioritize important tasks and improve the performance of all your sales representatives.

Jerry Gordon

About Jerry Gordon

Webmaster, nature and tech lover. Jerry manages the day-to-day operations at DigiToolsadvisor. He loves enjoying his free time, but most of all, trying new tools to master.