Basic Strategies of Selling a Product

Introduction:

The plan or method designed to achieve a desired goal or objective, in the long run, is called a strategy. You have to be really careful while making a strategy that it can be effective to attain your goal or aim of selling a product or service. Planning and implementation of effective selling strategies are crucial for any business whether big or small. When an owner and his sales team don’t have the required skill to sell a product, the company or business is sure to lose money and its existence will be at a stake. Whatever you sell your effective selling strategy will affect your clients’ decisions whether to purchase your or your competitors’ products.

Basic Strategies of Selling a product:

There may be several strategies of selling a product but we will only discuss the basic strategies among them. These are as follows:

• Educating Yourself about Your Product
• Showing instead of Saying
• Understanding Your Target Clients
• Getting Referrals
• Competitive Pricing

The basic strategies are discussed below:

Educating Yourself about Your Product:

One of the best strategies of selling a product is educating yourself about your product. You will be unable to reply the questions of customers or give solutions to their problems if you are unaware of the features and qualities of the product. You can read the marketing sales letters and brochures, test the product or service and ask the marketing manager about the product to know clearly about it.

Showing instead of Saying:

Though consumers or clients want to know about the features and qualities of a service or product, they enjoy more when they can actually use the service or product and experience the difference. If you are selling beauty soaps, you may offer free samples; if you are selling management programming software, you may offer trial packages of the program. Customers will have a clear and better concept of the product or service after using it which will help them to make a purchase decision in the future.

Understanding Your Target Clients:

Customers are different according to their needs and want which make them attracted toward particular services, products or companies. You have to have proper knowledge of your target consumers or clients to identify and fulfill their needs and wants. Every business has a target customer segment to which they want to appeal. You can target the customer or market segment on the basis of income level, education level, age, marital status, interests, geographical locations, hobbies and so on.

Getting Referrals:

A business becomes profitable if it gets repeat customers but a business can achieve a different growth and reputation when it gets referrals. You can make programs of customer retention as well as referral programs by calling existing customers or sending messages or emails to them to encourage them to refer their friends or relatives to the business so that they can enjoy discounts, gifts or other advantages. This will help the business to maximize profits.

Competitive Pricing:

Competitive pricing is charging the price of a product or service on the basis of the price of the competitors’ product or service. As pricing has an important role in customers’ decisions to make a purchase, the selling strategy should include competitive pricing. You should have proper knowledge of the regular sales prices of your competitors’ products and services to set the price of your product on par or lower than your competitors. You can then charge a slightly higher price later depending on some factors like the superior quality of the product, superior customer service, lifetime guarantee or extended warranty, etc. You must monitor sales volume after establishing the price to evaluate whether the strategy is working or not. 

A business owner whether of a big or small business should have a proper and clear knowledge about these basic strategies of selling a product.