Explain how a sales executive creates a sales approach for a product . How does
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Question
Explain how a sales executive creates a sales approach for a product . How does the sales approach differ from the marketing strategy?
Explain how a sales executive creates a sales approach for a product . How does the sales approach differ from the marketing strategy? 2) Explain the concent of customer lifetime valuo)What are some examples of products services for which the customer's lifetime value is very close to the value of a sngle purchase? What are some examples of products or services for which the lifetime value far exceeds the value of a single purchase?
Explanation / Answer
The sales executive creates a sales approach for a product in the following ways.
1.Identify the goal - A sales exceutive gets familiar with the goals that is needed to be attained. How many products needs to be sold? Who are the potential buyers? What is the time frame which is needed to sell the pre-decided number of products? These are the main key points that a sales exceutive ponders upon before he begins the process of selling and profit making.
2. Process of selling - Once the initial step of identifying the goals is resolved, the process of selling the product initiates.It is crucial to reach out to buyers who are interested in buying the products.By creating and curating high quality content while selling, listening to the customers requirements and their constructive feedback , the probability of finalising a sale increases. The process of selling demands inbound sales technique where it is important to interact with consumers who are willing to hear about the quality content of the product , rather than meeting buyers who aren't interested in buying.
3.Customer care and feedback - This is the last step conducted by a sales exceutive. Feedback and reviews from the customers is crucial for building brand loyalty and customer satisfaction. Feedback about one's own selling ability should be analysed as well.What are the projects that are easily negotiated and closed successfully by the sales exceutive? What are the areas where negotiation is selling becomes difficult for the sale exceutive? These feedback about one's sales strategy is important, along with the feedback from the consumers.
Sales approach is different from Marketting stratagy . M arketting stratagy is a process of mass advertising your products to the potential buyers and clarifying the benefits and incentives of consuming your products, instead of others. Sales approach , on the other hand deals with strategies that are implented to increase customer orders. While the maketting strategist uses communication such as advertisements,public relation, brand imaging to educatethe customers about their products ; the sales approach is more individual oriented. It relies on one on one meeting with the potential buyers for selling the products. However, both sales and maketting stratagies are dependent on each other. A successful marketting stratagies increases sales and the increasing number of sales and agreement to purchase the product in future, thereby, generating revenues.
Answer 2. Customer lifetime is a basically a prediction of all the revenue and value a business will acquire from their entire relationship with a customer. Since , it is uncertain as to how long the relationship with the customer might last, hence, customer lifetime is stated as a periodic value and not an affirmative chronic value. It is the most important factor in determing the business present and future success. Customer lifetime value can be calculated and analysed by taking into account the following.
1Recency- it refers to the last time customer made a purchase
2.Frequency - How many times a customer has made a purchase in a given time frame.
3.Monetary value -It refers to how much money has a customer spend in that given timeframe.
For example, if a customer has purchased a piece of clothing for $20 , six times in the past eight months, the customer lifetime value would exceed the value of a single purchase. On the other hand, if a customer buys a piece of jewellery for $20, twice in past eight months, the customer lifetime value woukd be close to the value of a single purchase. Hence, CLV can be calculated by analysing the recent purchase behaviour, purchase frequency and monetary value.
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