Sales

Posted 10 Aug 2019, Editor's Desk

3 Powerful Techniques to Sell a Product

Introduction

  • Are you facing the following problems?
  • Stagnation in sales
  • No customer / No retention
  • No new customer / No growth
  • Customers are asking for Discounts / Schemes


Are you looking for perfect techniques to sell a product?


Whether you are an Entrepreneur or an Organizational Leader, one mistake you may have committed in your life - by trying to sell your product or service to customers outside your target audience.


Sometimes, we don’t really pay attention to the fact that every product or service has a specific (focused) customer/client base and a successful entrepreneur/ leader is the one who is able to identify it.




Here are a few powerful techniques to sell a product:


Tip #1: Identify Your Perfect Customer and Target Audience       

The first important selling technique is to identify your perfect targeted audience.


Think about your product/service you are offering.


Write about – who should be your target audience and what should be your perfect customer’s age, income, gender, economic background (rural or urban), and social status (employee, businessman, student, housewife, senior citizen, etc.) 


This will help you in positioning your product/service better and will be the first step towards ensuring that you are on the right track.



Tip #2: Identify Your Right Product Mix

Selling your product to everyone isn’t the right decision, without identifying their product preferences. 


After identifying the perfect customer, find out what is your Right Product Mix. It will help you in designing and developing products/ services specifically for your perfect customer. 


There is no intelligence in pushing a wall, it will not move and you will get tired. Similarly, there is no intelligence in making various products.  So, do not try to make everything. Focus only on what your perfect customer requires.


Sometimes, you will also have to work on Low Focus Products, which is a range of supporting product line along with the main products. 


Low Focus Products are not essentially required by your perfect customer but still are required to bind the customer so that he doesn’t go anywhere else to buy them.


No Focus Product is your dead stock. Remove it completely from your portfolio.


You can make your business strategy through RISIMIS (Ritual of Sixty Minute Solitude) method. 


RISIMIS is a method, wherein, you sit in solitude for 60 minutes every day to churn out ideas and strategies from your subconscious mind, which is impossible during the business of day-to-day life.



Tip #3:  Identify your Value Proposition 

You’ve identified your right customer and the required product. Now, you need to make the right marketing and communication strategy and selling techniques to sell your product. 


Identify what value your perfect customer will need in the product.


There are 4 quadrants in which the products/services can be positioned– Emotional | Performance | Financial | Relational. These 4 quadrants are 4 significant techniques to sell a product/service you offer. 


Emotional Value is created when customers get emotionally bound with your product. This happens if your product becomes aspirational or belief for the customer and he starts taking pride in buying the product. 


Performance Value is created when your customer is completely satisfied with the performance, quality, durability, and reliability of the product/service he’s buying.


Financial Value is created by different techniques to sell a product like discounts and schemes to your customers. The product/service may not be aspirational or best in quality and class but people buy because of the discounts and schemes that come along. 


Relational Value is created when out of your relationship with a customer, you make some customization in the product, or make the product available much before the given timeline, or create delight to your customers by adding some extra features or service benefits.

Do you have a query..?