Enhance your personal selling skills for product quality

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foreign [Music] .com we are your digital Aid and we provide free courses on the subject of business and marketing in this video we are going to take a brief stab on the topic of selling skills along with live examples and case studies let's start with the first one in this video we are going to cover the topic on personal selling the focus on Salesforce let's start with the introduction field sales call is the age-old and the most authentic form of direct marketing many industrial companies depend majorly on professional sales forces or the higher manufacturers representatives and agents to track down prospects grow them into customers and expand the business direct selling personals force is used by many successful companies like Avon Merrill Lynch Amway Tupperware and Mary Kay looking at the example of A1 M1 had roughly 5 million average active Representatives as of December 31st 2019. it constitutes a number of Representatives handing in an order in a sales campaign adding up for all campaigns during the year and then splitting it by number of campaigns representative profit by buying products directly from M1 at a debated price from a printed brochure in selling them to the end consumer of the products moving on sales representatives cover six positions first deliver a salesperson the responsibility or delivery of a product second order taker the one who takes orders inside or the one who takes orders outside missionary someone who does not undertake orders but create Goodwills or educates the existing of future user for technician A salesperson with extreme technological proficiency fifth demand Creator A salesperson who finds creative methods to sell tangible products or intangible products and finally solution vendor A salesperson who is an expert in solving the problems of a customer frequently with an arrangement of the products and services from the company now moving on to the example of the Indian direct selling Association ing to Chetan bharadwaj the head of the Indian direct selling Association the direct selling industry in the last four years recorded a cagr of 16 with almost 5.7 million at XLR the industry is valued over rupees 13 000 crores that's roughly about 2 billion dollars bhardwaj said that direct selling is one sector which due even during economic downtrend since the person does not require funds to join direct selling more people come to this industry during downturn we are telling our members that once we are out of the current restrictions we have the potential to outgrow our past numbers moving on to the next example Yvonne Avon's partnership to deliver Global training platform for independent sales representatives to create Global training platform the globally recognized leader and direct seller of beauty products everyone announced a partnership with fuse Universal leading provider of Next Generation learning technology under the company's business strategy to open up one of the element is partnership through which it intends to set free the true potential of the brand as everyone revolutionizes into a digital first social selling fast Beauty brand the new training platform will transform the way the representative experience the training representative attention and their earning potential will increase as a platform will deliver fresh content to the representatives an array of topics from beauty tutorials and Skin Care science to sales skills and marketing will be included in the training that will be delivered through the platform and final example on Tupperware the company's products are primarily dispensed worldwide via the direct to Consumer method which means the products are sold to Consumers outside conventional details store locations by an independent sales force by December 2018 worldwide there were almost 2100 Distributors 110 000 managers and 3 million dealers in the company's distribution system in over two decades Tupperware created a place for itself and millions of Indian households the brand has more than 70 000 women as it did XLS over the last 24 years the Brand's Vision to inspire women to enrich their life nourish their families and power communities around the world has resonated deep within them and continuous to this day so that's it folks this brings an end to the topic on personal selling with a focus on Salesforce these are some of the sources and links referred to for the content in the video in this video we are going to cover the topic on selling skills let's start with the introduction selling skills are required for every form of selling risk is required are different for different situations and they entail the following first communicating skills second listening skills third trust building skill fourth negotiation skills fifth problem solving skills and sixth conflict management skills let's look at each one of them briefly starting with the communicating skills the ability to communicate is a very basic requirement in business especially in selling sales people should communicate daily with intermediaries such as Distributors retailers customers Etc to have successful sales achieving sales is the objective with which communication process begins the salesperson should use Easy language and avoid double talks to prevent miscommunication during the communication process if a salesperson uses technical language he or she should make sure that the customer understand what he or she means moving on the communication checklist communication checklist should be used for proper development of communication by the salesperson the checklist should have questions that A salesperson asked himself to make sure that the communication is moving forward in the right track the checklist can be as follows am I finding it difficult to start a conversation do I disagree or agree with what other people say is my behavior annoying people am I respecting other people's time and interest and is the language making me conscious the attitude discipline approach and bias in the communication process of the salesperson reflects through these questions moving on to the next one listening skills good listening skills are very crucial for a successful conversation too much talk of sales during a sales process might leave a negative impression on the customer since it shows the eagerness of a salesperson to convince a customer without solving their problems apart from patiently listening listening skills also refers to the capacity or ability to remember the content of the communication moving forward following process should be followed during listening first attention it is the initial step in which customer reacts to a salespersonal presentation offer Etc the sales person should note it down or pay attention to it second interpretation interpretation assigns the meaning to the customer's words the person tries to understand what the customer says third remembrance when the customer or the salesperson stores messages on content for future reference and follow-ups it is called remembrance fourth evaluation the overall perception of a customer is evaluated by the salesperson through opinions interest queries Etc and finally response it is when a salesperson reacts to a customer by expressing his opinion accepting the company's price making an offer conveying the date and planning for detailed sales moving on to the third aspect of trust building skill trust between a customer and salesperson is important in selling relationship and Trust go together special skills should be developed by a salesperson to build the customer's trust the following factors affect the development of trust between a seller and buyer first the competence of a seller to develop trust since it reflects upon the capability of a salesperson the knowledge of the product and the company's disposal and finally the commitments made by a salesperson along with the credibility of communication establishes the truth in the salesperson's words moving to the fourth negotiation skills negotiation is a specialized skill that is common in the business of industrial products at both a global and National level the various strategies of negotiation moving on negotiation to success depends on the ability of the people negotiating both strategies and skills are required for the same next problem solving skills the solution of a problem must be found for which problem solving skill is needed the seven habits that can help become better problem solvers are first being proactive instead of being reactive and having a positive attitude instead of having a negative attitude next initiatives should be taken with new Solutions and ideas third while beginning the end should be in mind fourth the aim should be clear fifth the priority should be given to emerging problems sixth think of a win-win situation instead of a winless situation and finally the best in everyone should be brought out and finally we move on to the conflict management skill conflicts are unavoidable in sales organization a disagreement of objectives targets and priorities can make the cause of conflicts arising types of conflict and sales are first task conflict this is a kind of conflict that arises due to the disagreement between the managers about the content of the job it might be between the managers at different levels second process conflict this is a conflict that arises due to this agreement about how tasks can be performed best that is a choice between Alternatives third relationship conflicts these are common among seniors subordinate peers and managers fourth functional conflict this refers to a professional class between different operations of functions for example between finance and marketing and finally dysfunctional conflict this refers to the negative conflict that has an influence on functions performance and operations and finally let's look at the methods to resolve conflicts there are seven methods the first being lumping this is a lack of Desire or inability of one person to pursue a complaint here the relationship continues without the problem being solved next avoidance it is the exit from the relationship between two people third coercion it refers to one party imposing the decision on another fourth negotiation negotiation is when the role of both the parties are recognized during the settlement of conflicts here the issues settle through a solution that is satisfactory and acceptable by both parties fifth mediation a third party resolves a conflict between two parties and each is a settlement sixth arbitration a third party is appointed by both the parties and mutual consent and his decision is accepted by both the parties and finally adjudication it refers to the settlement of a dispute through a legal process the decision of an adjudicator binds both the parties so that's it folks this brings an end to the topic on selling skills these are some of the sources and links referred to for the content in the video in this video we are going to cover the topic on methods of closing a sale various methods are used to close the sale the prospect's behavior towards buying and the nature of the content of the sales presentation influences the applicability of these methods depending on the product quality characteristics features of the buyers circumstances of the same must be considered by the salesperson to decide on which method to use while closing a sale any one of the methods mentioned can be adopted while closing a sale depending on what is appropriate now let's look at the methods briefly starting with the first one simply ask for the order the easiest and most straightforward method to close a sale is for the salesperson to ask for orders immediately after the presentation the question asked by a salesperson should lead the buyer to a decision the answers might be positive if the salesperson is good second summarize the presentation and ask for the order in some situations A salesperson cannot ask for orders straight away after the presentation in such cases when the opportunity arises the selling points mentioned in the presentation must be highlighted and then the order should be asked for or in a courteous and convincing manner third narrowing down the choice the variety of choices might be a reason for this indecisiveness by the customer in such cases elimination techniques should be used by a skillful salesperson to reduce points and in turn to make it easier for the prospect to choose the salesperson may start by offering a range of varieties initially due to the nature of the product the salesperson observes the situation of indecision that is a problem of decision making during the presentation process the salesperson can skillfully eliminate certain options by after thinking of prospects by saying sir ma'am this may not match you or this may not be of your liking the elimination of certain options will help narrow down the list of options provided to the Prospect and hence decision making will be easier fourth action agreement in some cases it becomes impossible for salesperson to ask for an order or summarize a presentation if the range of product is not large narrowing down the options given is also not feasible neither can the sale be closed due to the nature of the product nor can it be closed after the first presentation and interview action agreement is entered in such cases which culminates later or matures into a close these action Agreements are generally required for pharmaceutical and Industrial Products since Industrial Products are expensive and buying them will involve a lot of money most of the time the decision to purchase is not taken after the final presentation many issues need to be sorted out moving further in such cases salespeople do not close a sale in hurry the sales people or the team responsible for the sales gets into an action agreement with the potential buyers and both parties agree to take some steps to do certain things before the next meeting this is the case in many pharmaceutical products in case of pharmaceutical products the Doctor Who prescribes the medicines and the sales person get into an action agreement timely follow-ups to pursue and persist in and is what contributes to the Final close sales should be closed at the appropriate time as many evaluated criteria as possible should be scored by the salesperson next the objection close in this method an objection by the prospect is used to close a sale by the salesman the stimuli for the decision to purchase a product comes from the answer to the objection when the presentation is progressing smoothly and the prospect asks the question that might hinder the whole presentation the situation needs to be handled tactfully next in line is the concession close this is more commonly used and is the most straightforward approach for closing a deal a final concession is given to close a deal the concession acts as an inducement to buy the product it is also called as inducement close price discount is a very common concession method moving on deferred payments free home delivery guarantee or extended warranty credit with attractive rates Etc can be forms of concession moving forward to suggestive close sometimes appealing suggestions given by a salesperson May induce a buyer into placing an order example a client may want to buy a window air conditioner the salesperson might suggest a split air conditioner instead of a window air conditioner the benefits of a split conditioner could be that it doesn't block any window and it is completely noiseless moving on to the eighth method site close sometimes buyer and seller don't agree on various points after the sales presentation these points or side issues might include delivery size color payment schedule Etc in such cases the sales person realizes that the side issues are hindering the closing of the sale hence inviting questions on the basis of the different issues are asked the sale may be closed after coming to an agreement about the side issues and finally alternative close extension of the site close is similar to and also be called as an alternative close when a prospect is indecisive about a few points like features delivery quality Etc but is willing to buy the product this method is used the salesperson gives the prospects two options to choose from in order to lead the decisions on these points the prospect is confused and pushed into an indecision if too many options are provided selecting one of the Alternatives out the two might lead to closing the sale this is a very commonly use method which makes the buyer feel like he or she got the alternative Choice he wanted so that's it folks this brings an end to the topic on methods of closing a sale these are some of the sources and links referred to for the content in the video in this video we are going to cover the topic on reasons for unsuccessful closing every salesperson work towards successfully closing all their sales but they are not successful every time in reality the following are the various reasons for unsuccessful closing of failure the first being wrong attitude the attitude of stance of a salesperson is very crucial to the failure or success of a close just like positive attitude helps successfully closing a deal a negative attitude can be responsible for the closing of a deal to turn SAR the misinterpretation or misunderstanding of positive remarks can also have an effect on the outcome the next reason could be incomplete presentation another fact that might lead to an unsuccessful Clause is an incomplete presentation of preparation unprepared speeches and cursory preparations by sales people reflect on their presentation the stages of selling process namely presentation demonstration handling objections introducing or prospecting Etc are to be planned and executed in a standard and well thought of sequence the third reason external Interruption due to external Interruption there are chances of lapse or discontinuity creeping into a sales presentation this might happen even after a salesperson progresses smoothly into the presentation and to the extent of being near closing but it is interrupted by a friend or relative to the prospect this might change the prospect's mood for closing and in turn might ask the salesman to come some other time this could result in the sale falling through fourth misinterpreting the prospect the prospect is sometimes misunderstood or misinterpreted by salesperson during the sales presentation or talk questions asked by prospects or their observations and statements must be looked at with the right perspective example if a salesperson takes comments by the prospect like we can consider your offer or your proposal is interesting as an approval or a yes for the pitch it is a wrong interpretation and if this happens at a critical part of closing the sale may fall through fifth eagerness to close the desperate need to close a sale might sometimes be the reason behind misinterpretation some salespeople lack the perseverance and the patience to close the sale all the way through the presentation the salesperson might Hari the closing at the slightest positive response if the prospects end up feeling like the decision is being forced on them or rather being a pushy salesman this eagerness to close the deal might backfire moving further untimely close sometimes a delay close might be an untimely close some well-informed prospects who are clear in mind might want the sale to close quickly but delays by the salesperson who thinks that the presentation has to be thorough might end up making the prospect feel like it's a waste of time because the salesperson lacks the skill to close at the right time now let's look at an example of how Tesla faced the wrath of a pushy salesman billionaire Elon Musk responds to an unhappy Tesla customer on a Friday night an unhappy customer posted a complaint tweet mentioning Elon Musk saying a terrible experience with a very pushy sales guy from Tesla Stanford shop while shopping for model X to which musk responded that was certainly not okay and he had sent out a reminder to Tesla stores that people should look forward to the next visit as customer satisfaction was their primary goal so that's it folks this brings an end to the topic on reasons for unsuccessful closing these are some of the sources and links referred to for the content in the video in this video we are going to cover the topic on selling strategies let's start with the first one hard and soft cell strategy the focus in strategic selling is either on the customer or the company since the whole objective of selling is to serve the company emphasis on the customer eventually leads to the emphasis on the company the two different strategies over approaches for selling are either focusing on the company or focusing on the customer since the main purpose of selling is to serve the interest of the company focus on the customer leads later means focus on the company emphasis on the companies called Hard Sell strategy it includes doing things which seem to push the product and therefore is more like a push strategy whereas focusing on the customer the Soft Cell strategy it includes things that are done to make the customer ask for the product and is hence more of a pull strategy key differentiation between the both heart cell strategy is as said earlier is concerned for the company whereas soft soil is concerned for the customer heart cell aims at pushing the product therefore push strategy Soft Cell aims at persuading the customer to buy the product hence full strategy heart sale is a one-way presentation Soft Cell is welcoming questions heart cell is talking over listening where a soft cell is listening over talking heart cell narrates the features of the product whereas soft soil resents benefits of the product hard sales is advocating without acknowledging Soft Cell is about acknowledging needs therefore in order to create a winning combination companies try to unite Hard Sell and Soft Cell strategies moving on to the next one client-centered strategy this strategy assumes that the customer is supreme this strategy is used in the case of Industrial Products where all clients are individually identified and some of the clients are large buyers large buyers need to be given constant attention from the seller for dispatch delivery of goods new orders after sales service or maintenance services payment related issues ETC the sales executive or the company has to give constant confidence to the buyer or the assurance that they are always available for whatever Services they are required for the strategy or approach in conventional selling is product Centric whereas this approach is client centered moving on to the next one product price strategy in this strategy the price of product increases with the increasing quality of a product or the price decreases will decrease in quality of a product products like Omega watch Mercedes car Ray-Ban sunglasses are priced High the higher prices are paid by customers for premium quality products on the other hand low quality will come in low price products in selling customer value is maximized or created by most successful companies but for the customer what is value creation this quality your price form customer value creation thus the lowest price or best quality make for maximum value most of the time it is neither the lowest price that is unacceptable quality nor the best quality which could be unaffordable price acceptable quality with affordable price is a basis for optimal value in both consumer goods and industrial goods or services the golden rule for acceptability and affordability applies to vast majority of buyers this forms the product price combination which is the right strategy moving on win-win strategy a win-win strategy is created by the product price combination customers feel satisfied if enough values catered for them the sales person and Executive also becomes happy by making a sale with a desirable profit or margin this provides both parties satisfaction which is a win-win strategy win-win situations do not easily occur in real life selling because it is not easy to find the ideal product price combination moving on to a negotiation strategy in the case of industrial products at both National and Global level negotiation is common strategies based on negotiation are of different kinds the success of negotiation in business and the success of using particular strategies depends on the skill of the members in part in the negotiation it requires both strategies and skills given below are some of the negotiation strategies the first being accommodating here the relationship between two parties must be maintained in any cost This is highly prioritized the outcome of negotiation is given second priority next collaborating here both parties achieved their corporate or personal roles through the proper management of negotiation by maintaining interpersonal relation this Cooperative approach implies achieving a win-win situation third compromising this approach as humans are teaching Amendment situation is not possible here the compromise made by one party results in the success of another party fourth controlling in this strategy the power of aggression is used by one party to achieve its objectives over another party and finally avoiding avoiding is done when interpersonal relationships are not maintained or personal or cooperative goals are not met avoiding includes simply withdrawing or diplomatically diverting an issue postponing it for a more convenient time so that's it folks this brings an end to the topic on selling strategies these are some of the sources and links referred to for the content in the video in this video we are going to cover the topic on negotiation skills now let's start with what are negotiation skills negotiation is a procedure by which individuals resolve differences agreements or compromises are reached by this method while sharing clear of quarrels and discussions reasonably people try to get the best result for this situation or the body they speak for in case of disputes effective results are led by the idea of fairness and by pursuing connections and shared benefits examples of situations where certain types of negotiations are utilized are the ones related to domestic relationships government industrial disputes International Affairs Etc moving on to the stages of negotiation these entail planning talking over it making goals clear negotiation to gain a mutually beneficial outcome agreeing and finally executing a plan of action let's look at each one of them briefly starting with planning the place and time of meeting to discuss issues and who the attendees are need to be decided before commencing a negotiation disagreements can be stopped by establishing a restricted time scale in order to make one's position clear in this stage all relevant facts relating to the situation need to be known planning before talking over the disagreement can avoid wasted of time unnecessarily and steer clear of further disputes next talking over it in this phase people's understanding of the circumstances is shared with the rest clarifying listening and questioning are the primary skills needed during the course of the space taking notes during this phase to document the discuss points and can be helpful in case further clarification is required it is very easy to listen less but say a lot during disagreement therefore it is very crucial to listen each party must get equal chances to put forward their cases making goals clear there's a need to clarify both parties perceptions interests and aims during a discussion listing these elements based on priority can be useful Common Ground can be recognized or established often through such clarifications in a negotiation process clarification plays a vital role misunderstandings may arise which could hinder the process of attaining a mutually favorable outcome next negotiating to gain mutually beneficial results the main focus of this phase is to gain a mutually beneficial result this involves both parties feeling like their viewpoints have been considered in addition both parties feel like they have attained positive results through the negotiation mutually beneficial results are generally the best outcomes that should always be the end goal even if it is not always feasible through negotiation suggestions of other compromises and strategies need to be taken into consideration during this phase next agreeing comprehending the point of view and interest to both parties and taking them into consideration can help everyone reach an agreement to attain an acceptable resolution it is important for everyone involved in the negotiation to have an open mind and finally executing a plan of action a plan of action has to be decided upon and executed to follow upon the decision made as a result of the agreement for both parties to be aware of the discussion agreements need to be made crystal clear moving on to benefits of negotiation first develops a relationship long-term relationships are formed when negotiation skills help arrive at a solution and shift focus on a value and Goodwill even after the variation in opinion next disputes in the future are avoided since a joint resolution is agreed upon by both parties the probability of disputes in the future is minimized considerably next provide outstanding Solutions resolutions to disputes that are not momentary are insured by good negotiation abilities long-term resolutions aim to be aimed since both parties agree upon compromises only when the resolution is acceptable and finally develops a background of business success a setting of business success is developed as good negotiation abilities achieve business goals the probability of business transactions in the future also increases due to this and finally tips to improve your negotiation skills first be ready for the negotiation one must know what they want and how they want to compromise in order to reach a solution before entering the negotiation keep a clear mind and positive attitude towards negotiation is warranted from both the parties entering into a negotiation next prepare to compromise reaching a mutually beneficial agreement is not possible without compromising one must not let ego hinder the negotiations at their workplace and must be prepared to compromise on the most appropriate terms next establish a time frame negotiations without a time frame established may continue for years or months by establishing a time frame parties involved in negotiation are encouraged to compromise within the time frame next provide many solutions suppose a dispute can be solved in many ways in that case it is reasonable to provide multiple Solutions in the initial phases of the negotiation this increases the chances of parties going with one solution with favorable outcomes and is also time saving next speak confidently more than being about what a person says negotiations are about how a person says it hence talking confidently is crucial to convince the other party that one solution being beneficial next learn to acknowledge failures arriving at a compromise can be challenging when the requirements of both parties are extremely difficult despite failure with respect to the negotiation one must never take it personally instead one must acknowledge and analyze the negotiation to find ways to build on the efforts next Once weakness must be worked on negotiation abilities are always complemented by the ability to resolve problems listen persuade communicate and plan hence honing this skill is important negotiation abilities must be improved by working on weaknesses like not listening to others or not having the skills to persuade people and finally rehearse negotiation rehearsing once negotiation is a great way to hone negotiation skills this can be done by making up mock negotiations situations and rehearsing with friends or family once negotiation skills improve as much as they practice so that's it folks this brings an end to the topic on negotiation skills these are some of the sources and links referred to for the content in the video in this video we are going to cover the topic on upselling now let's start with what is upselling convincing consumers to update their product or buy an improved costlier version is called upselling it is the process of pursuing consumers to buy a better and more expensive version of the product in comparison to the desired option ongoing subscriptions in place of a single purchase higher more advanced versions of the product extended warranties Etc are offered to customers while upselling advantages of upselling first more revenues created for the company NeXT can hike profits for the company third makes the customer experience more intimate fourth increases customer loyalty and improves customer experience improves the lifetime value of a customer for the company and finally helps retain customers and encourages them to spend more next difference between upselling and cross-selling first upselling is a process of convincing consumers to buy a more developed product than the one in hand whereas cross selling is a practice of offering complementary or related products to the customer for example french fries with Burgers next even though they are confused with each other they both have unique advantages and can be very successful when used side by side if practiced in the correct Manner cross-selling and upselling can be useful to each other without the recurring costs of various marketing mediums they help hike revenue and improve the customer's value next let's look at upselling examples in this first example canva as we can see canva offers a free version then a pro and another version for Enterprise and the cost being from zero dollars to 12.95 up to 30 dollars for an Enterprise version next McDonald's has a new upsell strategy Dynamic yield a tech firm bought by McDonald's in 2019 enabled it to provide its customers with a dynamic menu board thus increasing the sale of purchases McDonald fused this technology into its acquired stores immediately based on the time of day whether an items already in customers orders McDonald's offers consumers suggestions of what they might want the number of people visiting McDonald's has increased after that next Amazon as we can witness in the picture year there are many options of the iPhone given there starting from the right from the cheaper option of iPhone 12 mini moving onto iPhone 12 iPhone 12 Pro and iPhone 12 Pro Max grammarly again offering three versions First the free one then the premium option and finally the option for businesses next example of Spotify Spotify offers a premium version which is ad-free and also a version for the family moving on what is upselling in a hotel there are many options here first room upgrades offering room upgrade turns prospective into business next packages the value provided to customers can be improved by customizing packages depending on audience groups third food and beverages this can be in the form of complementary breakfast dinner for two accompanent suggestions by waiters cocktailers Etc next in room extras some good options for compliments can be movie rentals strawberries covered with chocolate to wine bottle or a premium minibar option next minimum bookable lengths Sixth and seven nights in a premium room for a guest who has standard room scissor for five nights promotional offers and campaigns can be featured around this as well next minimum bookable rooms this is similar to the cable lights except for the upselling being based on the number of rooms that are reserved upgrading rooms for a group booking of 10 rooms for a minimal price can be excellent way to improve various guest experiences next long stay discounts room upgrades can be marketed to Leisure Travelers or corporate guests who stay in hotel for weeks by using their extended stay as an opportunity mineral charges should be levied for room upgrades offered while booking Comfort is focused more by long-term guests than tourists which can lead to a successful upsell and next shoulder nights this is a very widely used strategy for reservation used by hotels they try to attempt the guests to stay a few extra days by making their inventory ambiguous example let's say a guest wants to make a reservation for a deluxe suite for two nights a Tuesday and a men's day the hotel front desk realizes that this is a great opportunity for the hotel to upsell as mid-weeks are when they get least amount of reservations so in order to increase the number of reservations they implement the shoulder knife strategy the front desk staff gets in touch with the guest saying that they will not be able to honor the booking for that particular room type for those exact nights unless the booking included a day or two before or after the staff would of course add that they would offer the additional nights at a lower price than what the guest was to pay originally the guess normally would accept the offer and agree to add an additional light or two as it works out to be a good deal for them too moving on to upselling techniques first side by side comparisons parallel comparisons of different versions of the product you sell can be a strong upselling tool this is mostly used for electronics that have the various models with different Provisions next extended service period an extended contract can be used instead of a product for upselling improved deals can be provided for an early renewal this is the most useful for software Services next product protection protect your product is another preferred upsell technique on both online and offline mediums it convinces customers to extend their warranty in order to safeguard their products for longer example screen replacement warranties are offered for newly purchased phones next personalize your upsell recommendation following recommendations are comparatively more successful polling factors help in personalizing recommendations being aware of purchase history purchase history being the basis of the recommendation and finally addressing customers by their name next use urgency limited opportunities like limited quantities or limited periods must be emphasized in promotion this could also lead to upsell and finally upsell after the purchase even though a product or its price is a focus on many upselling strategies upselling can also be done after a product purchase is done for instance extending the warranty on your automobile or a smartphone so that's it folks this brings an end to the topic on upselling these are some of the sources and links referred to for the content in the video in this video we are going to cover the topic on cross-selling now let's start with defining cross-selling cross-selling is a strategy of selling a different productive service to a current customer this helps in increasing the sales value cross selling is used to sell off similar products to Consumers who already have some products or is purchasing one the purpose of cross-selling is to generate greater revenue from a customer another goal is to maintain a relationship with customers moving further what is cross-selling cross-selling is different from the acquisition of a new business there is a level of risk attached to it this is because already existing relationships with customers can be disrupted this is why it is important to add value while selling services and products to Consumers they need to get value from the organization big firms use both upselling and cross-selling methods to raise revenue cross-selling versus upselling cross-selling is done by giving the consumer the option of buying a similar service to product whereas in upselling an upgraded version of the service of product is offered moving further barriers to cross-selling first it can be annoying cross-selling can annoy customers if the pitch fails in this case it doesn't end up increasing sales this happens when things aren't planned out properly which is fail when the information is wrong The Firm shouldn't try and sell products that don't make sense for the consumer this could push them away example trying to sell winter clothing to Consumer who has already purchased a bathing suit next it can backfire at times consumers can at times put pressure on the sales team they might cancel a purchase of or return many services or products they might also stop putting money into other areas in order to spend on cross-sold products there are too many options for purchasing a firm shouldn't end up giving too many options to a lot of consumers they will end up losing sales they need to have a well thought out strategy in place for cross-selling next advantages of cross-selling first purchase made on impulse it allows the firm to put together cheaper products a consumer might want to buy these purchases are made on impulse next experience can be improved cross-selling can be good for the consumer they get the products that they're looking for and it adds value to the experience next increases trust it increases trust between the business and the consumers this is done by catering to the needs of the customers by offering them the right products next improves customer value over their lifetime cross-selling or upselling increases initial profit after making a sale to the customer there is value to be made in the long term as well it consumers overall value over the lifetime also increases next balances growth between current and prospective customers there should be a good balance between already existing and newly added customers this helps a firm increase its profits getting new customers on board is always a good idea but it is equally important to maintain good relation with current customers next cross-selling builds Customer Loyalty cross-selling allows a firm to address the problems of consumers this increases and loyalty in the long run now let's look at cross-selling strategies first reach customers with drip emails it's not a good idea to celebrate the service immediately after a new customer comes aboard rather a business should give it a few days of weeks before making another offer a drip campaign can be used to reach out to customers automatically this is better than using email next wait it out till you can score a win one method is to help a customer with their project for a while the goal is to get results that are measurable this can be done clients would be happy to invest more third provide additional Services a tactic that can be used in cross-selling additional services to a client example take the case of a business that sells software the business may wish to give their customers additional services and vice versa next offer items on a complimentary basis of bundle sales pooling sales together is a popular method of completing a cross-sell campaign Amazon employs this tactic in their frequently bought together segment moving further use data to come up with suggestions information about a customer's purchases and interactions can be gathered from the website this can be used to make future sales next offer promotions if there's an ongoing promotion for services then that is a good time to cross-sell a product to a client this makes it look like the firm wants to draw attention to a sale this reduces the risk involved and next demonstrate to customers an employee can show additional products are used while purchase is being made moving further make use of inbound marketing campaigns inbound marketing campaigns can be used to Market supplementary Services into Ducks example suppose a firm sells luxury cost or target audience it can also sell car accessories through its blogs it can use product description to increase cross sales and finally be a sales consultant rather than a Salesman a firm can gain expertise and customer needs in this way a firm can do more just than sell a product to a prospect the consultant can talk about how other goods and services can meet customer needs the firm should have a grasp of customers business it should understand how it will help their interest now let's look at some cross-selling examples first Amazon Amazon has stated that up to 35 percent of your Revenue comes from cross-selling as witnessed in the picture next apple apple has created an ecosystem and there are people who use an Apple iPhone along with airpods an apple Smartwatch and finally a Macbook or an iPad and the best example for cross-selling is McDonald's most people do not walk into a McDonald's to just get rice they are there for something hot here like a burger or to try a new menu items that have been seen advertised around town but with a simple question would you like flies with that the company has been able to sell 9 billion pounds of rice every day globally so that's it folks this brings an end to the topic on cross-selling these are some of the sources and links referred to for the content in the video in this video we are going to cover the topic on flash sales let's start with the definition of flash sales promotions and discounts given by an e-commerce store for a brief duration are known as flash sales the quantity is small as a result the discounts are more significant or more important than the usual promotions next what are flash sales a flash sales takes place where an online store gives out used discounts or promotion this happens for a brief duration there is a limit products aren't fully available this convinces customers to purchase on the spot which is also known as impulse buying there are few aims of the splashtail strategy some of these are to sell Surplus stock increase short-term sales urge online Shoppers to impulse buy Etc how does class sales help first increases brand awareness flash sales offer a great chance to promote brand awareness glass sales can make one get noticed by blocks and deal sites across the internet this increases the visibility a lot next increases NPS and revenue glass sales are considered to be a blessing for a business it can help achieve goals rejections and increase profits in NPS despite its short run time it is possible that there is a lot of website traffic and increase sales in this period next disposal can be difficult older inventory can be quickly removed thus enabling the task of disposal fashion plans do this regularly since their inventory intake is seasonal the new products come every few months next create space for new inventory specialty and seasonal stock take up more time to stock out in comparison with standard products and finally break even on overstocked and items that don't sell well flash sale is an excellent way to sell off items these items can mean inventory for a long stretch of time in large quantities backend cost like the cost of inventory and operations are lowered who are selling and Overstock products also spend a lot of time on the shelves thus flash sales does come handy to clear the stock and Achieve Breakeven moving on to flash sale advantages first join new customers last sales can be a way for consumers to try out products without spending much if they are happy then the firm earn the loyal customer who will keep purchasing many times next create fear of missing out a fomo sometimes stock and time window are limited people who couldn't buy it first might want to make a purchase later due to the induced fomo they would surely keep track of future promotions and also sign up for the email list next soaring Customer Loyalty attractive flash sale discount is a way of rewarding loyal consumers when consumers really like a business they're likely to purchase from it later on next selloff extra inventory Sometimes some great products might not sell as well as planned a flat sale can clear out the inventory and make space for products that are in demand flat sale disadvantages first draw in the wrong type of customer a flash sale can draw in one-time purchases post purchase they never return to the business marketeers who are flash selling have to be careful on such Pirates if they wish to attract new loyal consumers next damage his reputation a flat sale can damage repetition if there's lack of clarity when running the sales additionally if the business doesn't serve the customers well post purchase it affects the reputation and finally chances of decrease in profits it is important to keep track of profit earned per sale sometimes profits are decreased by 25 to 50 percent The Firm has to calculate how it will affect the business in the short and the long term blood cell strategy first high margin products with enticing discounts a good deal on a product with a high margin can boost profit but there are better ways to earn money after drawing in traffic the aim is to get consumers to put in additional items to the cart a threshold for shipping can be kept this can encourage buyers to spend more an upsell offer can be developed strategically next make it live briefly flash sales depend on the consumer's fear of missing out that's why they shouldn't last long the idle time span is between 3 hours to 24 hours glass sales that are three hours long increase open email rates by 59 more than average shorter sales time makes consumers more emotional as a result transaction rates are high next it should be worded right the criticality and the context have to be kept in mind the phrase saved rupees 99 on a rupees 500 purchase will not join many consumers the offer should be framed in a way that guarantees optimal reach next remote the sale in advance announcing an advance builds up high for the flat sale it creates crucial exposure that can make the sale successful Shoppers can be made aware through exciting promotional emails and social media countdowns this helps expand the reach greatly next deliver fulfillment once massive orders are received post self-fulfillment is the most challenging thing to get right this is where a flash sale goes wrong late deliveries can lose consumers one must prepare in advance for Mass delivery and shipping this gives customers a great experience from beginning to end next offer to ship for free the flash sale can run more attention if a free shopping policy is added to it if emails mention free shipping the engagement goes up by 72 percent obviously a minimum threshold for free shopping can be kept this encourages customers to purchase more to qualify and finally make use of exclusivity it should be marketed that the stock is limited this creates an urgency for consumers a small notification like harion four products left can encourage consumers to buy the product immediately moving on to flash sale examples first the one by one plus eight Pro OnePlus 8 Pro sale in India ended in minutes after stock runs out on June 20 2020 OnePlus 8 Pro sold out within minutes next xiaomi in April 2015 China's largest smartphone maker xiaomi sold over 2.11 million phones in a 12 hour period setting a Guinness World Record for mobile phone sales in the process the company said it sold 2.11 million handsets in a 12 hour flat sale held to celebrate its fifth anniversary and finally an indicative list of some famous flash sale sites namely Beyond the Rack climb dog loot Fab guilt and group deals so that's it folks this brings an end to the topic on selling skills do subscribe to our Channel where you'll witness such videos daily thank you and stay tuned for more videos