Micro, small and medium-sized Enterprises (MSMEs) are being encouraged to develop winning sales strategies that will differentiate them from the competition and enable them to maximise sales of their products or services.
Sales expert and entrepreneur, Stacey Campbell, said that a sales strategy is crucial in enabling business operators to successfully achieve their sales goals.
“A sales strategy is a documented plan for positioning and selling your product and or service to your customers at a price that differentiates your solutions from your competitors,” she noted.
“It is critical because… selling the same thing that three to four persons are selling in the same way will pose some challenges as it will become a commodity item, and so the only thing that differentiates you will be price,” she pointed out.
Ms. Campbell was addressing a recent Jamaica Business Development Corporation (JBDC) Virtual Biz Zone session under the theme ‘Key Selling Strategies to Drive Revenue”.
She noted that there are various methods that entrepreneurs can employ to differentiate themselves from their competitors.
“Selling something that is different doesn’t mean a different product; your product can be differentiated by adding value. If you sell fast food, you offer something more than what is currently being offered by the competition, so maybe you offer services such as delivery if your competitor has long lines,” she pointed out.
Ms. Campbell noted that in developing a successful sales strategy it is important to identify both internal and external procedures.
“We have to look at how we build our internal procedures to support the sales of the products. You need to isolate your gross goals, key performance indicators, buyers profile, sales processes, team structure, competitive analysis, product positioning and specific selling methodologies,” she explained.
She noted that to successfully translate internal strategies to winning external strategies, business operators must know their product, market and customer.
“To be truly effective, your organisation’s internal sales strategy needs to be translated into skilfully delivered messaging and conversations that offer a distinctive purchase experience, demonstrates value for your buyers and separates your company from the competition. When you go external, you have to look at your advertisements and messaging, and once you have these aligned with all the necessary support then you will drive your revenue up,” she Ms. Campbell said.
The JBDC is the Government’s business development agency that assists in the sustainable creation and development of MSMEs in Jamaica.