Thanks to the web and the ease with which virtually anyone can sell a product or service online, the market is now more competitive than ever. Regardless of what you sell or what services you offer, there are likely hundreds, if not thousands, of others out there doing the exact same thing.
So how do you make a profit in an overly crowded market such as this? It’s simple: Just find your customer sweet spot.
Your customer sweet spot is where need, value and behavior come together. It’s those customers who need what you sell, buy in the methods you sell through and offer an opportunity for profit.
As with anything, good data and analytics is the key to nailing down these potential customers. You’ll want to consider:
- Need – What businesses or clients need your products or services? Whose lives could be improved or made easier through your offerings?
- Behavior – Which customers buy through your sales methods? Do they prefer phone calls with sales reps, in-person meetings or a more DIY online buying solution?
- Value – How often do they need your products? Is there potential for a long-term relationship? Do they have the finances necessary to purchase your offerings?
Once you identify the targets whose needs, behavior and value match up with what you’re selling, it’s time to start tapping that market. Here’s how:
- Sell the solution, not the product. Any company can sell products, but solving someone’s problems? That’s of much higher value. Sure, the product is what is purchased – what earns you money – but for the customer, it’s way more than just a product they’re buying. It’s something to make their life easier, to please their clients or to help them overcome some sort of hurdle. Sell your offerings as problem solvers instead of products, and you’ll have much more success with those hard-to-reach customers.
- Educate and consult. Many of these potential customers have the need for your offerings, but they might not know it or be educated enough in your space to realize it. Instead of just outright selling and advertising, try taking a consultative approach. Train your reps to connect with potential buyers and help them identify their needs, problems and potential solutions. Shift their mindset, make them realize your products can help, and then close the sale.
- Establish plenty of touchpoints. If you want to reach these potential customers, building a relationship with them is crucial. The best way to do that? Touch base when them on multiple levels. Have sales reps reach out by phone to close the sales, assign customer service team members to check in and offer assistance once the purchase has been made, and send email updates to remind customers you’re there for them even months or years after the fact.
- Streamline your data. You can’t discover what these potential customers want, need or respond to without solid data. But more important than just having data collection processes in place is ensuring every team member has access to that data in one comprehensive platform. Try not to house your data in separate silos; it’s hard to discern trends and determine next best steps that way.
- Reward your team. Your success as a business ultimately comes down to your team – how hard they work and how much they feel driven to move your company forward. If you want them to be invested in your organization’s success as much as you are, give them a reason. Compensate them well, reward them with bonuses for jobs well done, and have incentives in place for big sales. If they have a personal stake in turning those leads into customers, they’ll be much better at doing it from day one.
Want help determining your customer sweet spot and tapping into your company’s true potential? Contact Haley Aerospace today. Our expert branding team is here to help.