The role of omnichannel strategies in driving customer retention and increasing lifetime value.
Many business owners measure success as continuous sales growth, increased market share, and flourishing customer relationships. Expansion of these “top-line” factors can help you stay competitive and increase profitability, whether you’re running an established brand or a nascent start-up.
Although growing your sales might initially feel daunting, there are a number of strategies to help you increase your market share and build better customer relationships. Business owners who use successful sales growth strategies and techniques can often take advantage of opportunities and leverage increased revenue to expand into new products and service areas.
The simplest way to drive sustainable sales growth is to start with the basics, like understanding why a growth strategy is essential for you. Then, adopt strategies that align with your goals and your customers’ expectations, most of which will require a shift to e-commerce.
1. Understand the importance of a sales growth strategy
A robust sales growth strategy can help you supercharge your business. But, before diving in and implementing a new approach, you must assess your target market and customer needs. Understanding your audience is central to defining SMART goals (Specific, Measurable, Achievable, Relevant, and Time-bound) and creating a successful sales growth strategy. It allows you to tailor your messaging and product offerings to resonate with potential customers better.
Some upfront time to define whom you’re selling to, what they need, and why they should buy from you will save considerable effort and expenses.
2. Develop an effective e-commerce strategy
E-commerce has become a vital aspect of any business. Even brick-and-mortar companies can benefit from an effective e-commerce strategy that allows them to tap into a larger online consumer market and streamline the purchase process for local customers.
However, businesses must adapt to consumers’ changing expectations and shopping behaviors. Every interaction must be accessible and intuitive, from browsing to purchasing and delivery.
3. Integrate your online and offline sales channels
Success requires more than a simple online presence; it also includes creating a seamless online shopping experience that meets customers’ needs at every step. An omnichannel approach integrating online and offline sales is crucial to providing an enjoyable, comfortable, and consistent customer experience.
Implementing the right technologies can streamline processes and improve efficiency while merging online and offline experiences. One such technology is the customer relationship management system (CRM), which can help track customer interactions across channels and personalize their experience. Marketing automation is another powerful tool for making marketing tasks more efficient.
Investing in the right technologies ensures that your customers have a positive experience with your brand, regardless of where they choose to engage with you.
4. Leverage supply chain management to enhance the customer experience
The customer experience starts when they enter your store or website and continues long after taking possession of your products. Logistics is an essential yet invisible aspect of serving your clients when business is running smoothly.
However, supply chain hiccups can be incredibly frustrating to customers. Imagine ordering something online and waiting for the “shipped” notification only to receive a merchant message stating the item is on backorder and will ship in four weeks. Incidents like this will drive your customers to order from somewhere else.
Effective supply chain management, including inventory and delivery management, is central to providing a positive customer experience even during times of increased e-commerce demands. No one wants to receive their order late or not at all.
Fortunately, with the right tools and technology to manage inventory levels and enhance the overall customer experience through efficient reverse logistics, you can avoid many common pitfalls.
5. Case studies: Learn from examples of successful sales growth strategies
In the ever-evolving world of sales, examining the successes and failures of others can help you gain valuable insights about which sales growth strategies work, and which ones don’t. There are countless ways to improve your sales strategy, whether by studying successful brands’ marketing campaigns or learning from sales professionals’ experiences.
For example, in 2018, Shopify reached the $1 billion revenue milestone faster than any other SaaS business before it. They achieved this growth through what some might consider unconventional methods. While the staff is a critical component of an effective sales strategy, instead of seeking superstar sales team members, Shopify hired based on personality traits and trained the team to become great at sales.
Further, instead of viewing sales as an art, they took a data-driven approach and treated sales like a science with KPI tracking and systematizing CRM activities. By focusing on KPIs like calls per rep per day, length of sales cycle, and average deal size, the sales team could hone in on areas that needed attention and drive their massive growth.
Amazon is another successful company that took advantage of the global shift from brick-and-mortar retail to e-commerce. Amazon also operates over 500 physical stores with plans to open many more, giving customers a fully omnichannel experience. Innovative customer service, flawless user experiences, and intuitive features like Prime and Alexa have enabled the e-commerce giant’s massive growth, even through the pandemic.
In conclusion
By following the best practices shared here and taking pages out of the playbook of those who have gone before, you can confidently implement proven sales growth strategy techniques that drive increased sales.
Defining your goals, assessing how to integrate e-commerce with your overall strategy, and managing your supply chain will lay the foundation for a robust omnichannel business. These actions and monitoring your progress will help you see what’s working and enable rapid pivots while growing your sales.
FAQs
How can businesses adapt their sales growth strategies to the changing market conditions caused by the pandemic?
Companies can adapt by focusing on e-commerce, enabling omnichannel customer experiences, revisiting marketing strategies, diversifying product offerings, providing flexible payment options, and taking care of customers.
What are the critical components of a successful e-commerce strategy for driving sales growth?
Key elements include:
●An easy-to-navigate website
●Effective product displays and descriptions
●Secure payment options
●A streamlined checkout process
●Personalized customer experiences
●A seamless return process
How can businesses effectively integrate online and offline sales channels to provide a seamless customer experience?
Utilizing omnichannel marketing, creating a unified inventory system, combining loyalty programs, and offering the ability to order online and pick up in-store helps integrate online and offline sales channels.
What are some best practices for managing supply chain and customer experience in the context of sales growth strategies?
Best practices for managing the supply chain and customer experience include:
●Developing solid relationships with suppliers
●Investing in technology to improve supply chain visibility and efficiency
●Maintaining open and timely communications with customers
●Personalizing the customer experience with tailored promotions and targeted messaging
What are some best practices for managing supply chain and customer experience in the context of sales growth strategies?
Beyond our post about implementing a controlled growth business strategy, several other helpful resources include authoritative blogs like Hubspot Sales Blog and Zendesk, books like “The Challenger Sale” and “Spin Selling”, and online courses like those offered by Coursera, Udemy, and LinkedIn Learning.
References
https://www.datacenters.com/news/why-ecommerce-is-vital-for-businesses-of-all-types-and-sizes
https://www.netsuite.com/portal/resource/articles/inventory-management/reverse-logistics
https://www.marketingsherpa.com/article/case-study/furniture-retail-chain-uses-omni-channel
https://www.barilliance.com/amazon-omnichannel-strategy
https://stimulead.com/growth-marketing-case-studies/
https://www.barilliance.com/amazon-omnichannel-strategy
https://www.moengage.com/blog/7-brands-who-mastered-omnichannel-marketing-campaigns/
https://betakit.com/shopify-reaches-milestone-surpassing-1-billion-in-total-revenue-in-2018/
https://blog.hubspot.com/sales/challenger-sale-summary
https://blog.hubspot.com/sales/spin-selling-the-ultimate-guide
https://www.zendesk.com/blog/sales-strategy/
https://blog.hubspot.com/sales
https://blog.hubspot.com/sales/sales-strategy#sales-strategy-examples