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Types of Sales Strategies

Instructor: LeRon Haire
The lesson will identify various sales strategies that can be used to help sellers assist consumers with making purchase decisions, including building relationships, being the product expert, hiring teachable people, and identifying the target market.

Types of Sales Strategies

Black Friday is just one example of how the correct sales strategies can be successful for businesses.
sales

One of the busiest (and financially lucrative) days of the year for retailers is Black Friday, the day after Thanksgiving. During the Black Friday weekend, there is one word that rings true above all others for businesses looking to make a profit and that word is sales. Sales are a key component in assisting consumers with making purchases.

Therefore, it is extremely important that businesses looking to profit from sales have appropriate sales strategies that are tailored specifically for them. Let's take a look at some of the various types of sales strategies, and how they can help businesses make a profit.

Build Relationships

Building relationships is a sales strategy that is mutually beneficial for the business and the consumer.
handshake

The most important sales strategy is to build a mutually beneficial relationship with consumers. The ability of businesses to successfully develop this relationship is critical as it could be the difference between a consumer purchasing the product or going to a competitor to make the purchase.

Let's assume that you are working as a salesperson in a shoe store. In one scenario, a customer walks into your shoe store and you don't greet him or her, or ask can if you be of assistance. After a few minutes of browsing, the customer exits.

In scenario two, upon a customer entering the shoe store, you immediately greet him or her with a smile and ask how you can help them. As the customer proceeds to tell you what he or she is looking for, you strike up a casual conversation about the weather.

The ability to communicate and build a positive relationship is beneficial for both parties because the seller is able to increase their opportunities to make a sale and profit, and the consumer feels comfortable making a purchase because they are made to feel at home. Building mutually beneficial relationships can be considered the most important strategy of sales.

Be the Product Expert

When trying to make a sale to a consumer, it is imperative that you as the seller become the product expert. The term product expert refers to an individual that holds mastery knowledge about a specific topic or industry. When attempting to implement a sales strategy that works, businesses must ensure that their employees are product experts for the products or services that they are trying to sell.

Imagine that you are looking to purchase a car that not only fits your budget but is also good with gas mileage. How would you feel if every time that you asked the car salesman a question, he had to log onto the computer to get the answers to the information that you requested. Would you feel confident that the seller took his job seriously enough to do his homework to become knowledgeable?

By becoming the product expert, you are showing consumers that you care enough about the job at hand to have researched the product extensively and you are well-equipped to answer all questions. When making a purchase, consumers feel comfortable working with those who know about their products and services.

Identify Your Target Market

What would happen if you accidentally recruited soccer players to play the American version of football? The results would be a bad match because you did not properly identify the types of players that would be most suitable to play American football. The same strategy applies to sales. It is critical to first identify your target market before you proceed with any other sales strategies.

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