Imbibing Technology into the art of selling
The ultimate aim of every company is to succeed in selling their products and services in local and global market. It ultimately weighs down to how much a company sells no matter what goes into achieving the target. When technology provides the credible data and analytics, it improves the overall performance of the workforce which invariably includes the sales team also. The real-time sales data and the graphic reports can easily project the existing cost of sales and how effective it has been in achieving the targets. Any variations can be quickly highlighted to take remedial actions immediately when required.
How does technology help in Sales?
Selling is an Art. Be it a product, service, space or concept is selling anything requires an inherited talent which cannot be externally acquired. So how does technology help? When it comes to B2B sales, what matters is the facts and figures and not the fancy ways of selling. These facts and figures, if extracted from an automated system, will be very more accurate and up to date. Without automation, the numbers would be merely a guess-work based on the last filed details which will never be accurate. There is a chance that new elements or products would be missed out or overlooked. Inaccurate data results in a weak sales pitch which reduces the chance of closing the deal with the clients. If the sales team have accurate real-time data, they would be more confident in their pitching.
Moreover, what sells, where it sells, who buys it more often, what aspects are the most admired etc. are some of the factors that help the businesses improve their products and services. It is important to know what sells so that the manufacturer can concentrate more on the product which is in demand rather than on items that are no longer required in the market. Similarly, what aspect of the product is admired more can help in improving the quality which will make it more admirable. The location where it sells more aids the organization in focusing on the specialties and nature of the market. This would also explain the disliking of product in other markets. The answer to the “Why not in other locations?” would help in customizing the product so that it sells in 10 more locations, thereby boosting the sales. The consumer behaviour is another important aspect which opens up 2 areas; one to concentrate on similar customers in other areas and the other to know why the other customers do not prefer the product. With an ERP, the business can easily get analyze all possible scenarios. Business intelligence reports, being the main features of the ERPs, can help the organizations find out what sells and where it sells more. The ERPs also gives projections on the expected sales volume which helps the organization to increase or decrease production based on the prediction.
Can the SMEs afford it?
The large organizations can afford to install an ERP for business automation which gives them the leverage of real-time and accurate data to flaunt before the clients. But the SMEs, who have to fight fierce competition, find it more difficult as they cannot afford an ERP, because it may cost more than half their capital. With the shared ERP concepts catching up in the market, now the SMEs also can leverage from real-time data for their organizations. The SME sector has to face the most competition in the overall global market. The large players have the money to invest in marketing and moreover, they are already established. The SMEs are probably start-ups, slowly penetrating in the local market or directly making it to the global market. Whatever the case may be, there is a lot of competition in this sector and hence having real-time data and technical backup for the sales pitch can be a huge advantage for the SMEs. Subscription based ERPs that share the software (SaaS), platform (PaaS) or infrastructure (IaaS) can help the SMEs improve their overall business process. This allows them to do cost-control and even cost-cutting wherever and whenever required. The more fund they can save in the process, the more they can invest in their marketing and other beneficial processes. The major advantage these systems give to the SMEs is to meet the client and answer their queries with real-time data in their hands. This will project the company’s technological compliance and increase the chances of winning the bid.
Moving on to the Global Market
What sells in one place may not sell in another! In other words, what does not sell in one place may be a huge success in some other place. Aiming at a global market is always anticipated as quite easy at the present scenario. With real-time digital data, an organization can easily infiltrate into the global market using the Internet. Also, the availability of Internet Marketing services like social media marketing and SEO, have opened up the world market to many organizations. Earlier, only the large organizations could afford to get into the global market. Now, with shared ERP solutions, any SME can easily market their products online across the globe. An ERP integrated with an eCommerce portal and multi-currency module is all that is required for an organization to go online. If the organization is new to dealing with multiple currencies and online marketing, the ERP solution provider can easily integrate both modules with the existing subscription that too without disturbing the marketing budget considerably. In return the organization earns global recognition and multi-fold sales!
A consolidated package ERP that integrates CRM, Production, Inventory, Marketing, Sales, Accounts and Finance can get the organization a complete picture of how effective various activities are in achieving the ultimate sales targets. CRM gives the marketing team more information about the target customers and their behaviour patterns, Production and Inventory provides the stock levels and their cost, Marketing leads to Sales which in turn leads to the organization’s turnover. Accounts and Finance finally quantify all these efforts and report to the management how effective the team efforts have been.