Sales excellence in the new reality

Sales excellence in the new reality

In this blog article, we discuss how agencies can apply a demand generation process for the retail industry to grow fullistically. Furthermore we will outline an easy step by step guide of how to define a demand generation and sales process for retailers in your agency.

What you will learn from this article:

  • Growth needs to be planned from your purpose and vision to actionable OKRs
  • For service brands, such as agencies it is important to review your current client structure and your existing human capital
  • A growth definition cycle should be conducted in Q4 and ready to start working on in beginning of January 
  • It is important that you understand that growth in agencies is four-dimensional
  • It is crucial to set a clear focus on either new acquisition or client development 
  • To know when you have to innovate a new service package to reach different client groups’ needs
  • The sales process has four phases: prospecting, lead management, client onboarding and client retention
  • The more digitized data is used in your prospecting phase the better your scaling will work

The more precise your offering is outlined within the lead mgmt. phase the higher will your hit rate be

To explain the most important points in detail, we divided the content into the following points: 

  1. Your agency growth needs
  2. Acquisition vs. Cross Sales 
  3. Demand generation for retailers
  4. Execute prospect & lead generation
  5. Increase your conversion rate (Hit Rate)

1. Your agency growth needs

First of all, you need to understand your current growth traction. Did you grow mainly because of  existing clients or because of new clients you were able to acquire?

Tip: To analyse your growth traction we recommend to fill out an easy template to  clearly visualise your findings for the whole team.

Based on your findings, we recommend to develop an easy and  sufficient growth plan for 2021, which could look like this:

In order to reach the goals of your growth plan, you should start to work with the right strategic Objectives & Key Results (OKRs), that need to be reviewed on a regular basis. To do so, we recommend to make use of an OKR Cycle:

2. Acquisition vs Cross Sales

On the basis of your client service map analysis (for help please click here), you will be able to figure out your clients white spots and thus the growth pillars you will need to focus on. Usually, we use the Ansoff Matrix to evaluate with our clients whether to acquire new or existing clients:

Depending on your evaluation of your client development potential, you have to set the strategic focus on “New Acquisition” OR “Cross Sales”. E.g. If you want to primarily offer new services to existing clients, you should focus on a so called Cross Sales Strategy.

3. Demand generation for retailers

It is more difficult to create trust in the virtual world as in reality, because we only develop oxytocin, the neurotransmitter of trust, if we have physical contact with people. 

Thus, it is necessary to find engaging ways in order to strengthen the relationship with e.g. retail clients when speaking to them on remote. Our tips are:

  1. Explain the principles of oxytocin
  2. Grab a virtual coffee together
  3. Ask everyone to switch on the camera
  4. Ask more questions
  5. Present with two voices

When it comes to demand generation, we recommend to:

  1. Understand how to generate demand in general 
  2. Tell a real storyline 
  3. Talk with the help of engaging slides

Demand generation process

4. Execute prospect & lead generation

We divide a sales process in four phases (1) Prospecting (2) Lead Management (3) Customer Onboarding (4) Customer Retention:

Furthermore, a good prospecting process is based on a clear definition of your desired customer segment and offering:

A good lead management process on the other hand has five different stages supported with digital tools:

In order to assess the performance of your sales phases, we recommend defining the right KPIs in order to track your success. Possible KPIs, mapped to the individual sales pages could look like this:

As a result, an exemplary approach of KPI setting and tracking could look like this:

5. Increase your conversion rate (Hit Rate)

Based on our experience the hit rate can be significantly improved by following these 5 steps: 

  1. Digitalise your pre-sales process with a flow of activities and client interactions 
  2. Develop a diagnostic before you offer. This creates trust but also your signal if the client is suitable for your service
  3. Provide your clients modular offerings to choose from
  4. Investigate negative feedback with a quick survey or a call
  5. Evaluate your outcomes on a monthly bases

If you have any questions or need help on specific topics, please don’t hesitate to contact us at any time.

Your Amaze Growth Team 

Retail opportunities in the new reality

Retail opportunities in the New Reality

In this blog article, we discuss how the “New Reality” accelerates digitalisation needs in the marketing and sales funnels of retailers. Furthermore, we outline how agencies can offer specific new services which retailers need & how to scale offerings with a retail service map.

What you will learn from this article:

  • A good understanding of the marketing & sales funnels of retailers
  • Digitalisation of retail business models
  • A tool to segment your customers to read retail signals in your CRM
  • How retailers fight for customers and their data 
  • Agencies can support retailers to find the right customers at the right moment within the customer journey
  • All agencies that want to be leading have to switch from a channel perspective to a funnel perspective

 

To explain the most important points in detail, we divided the content into the following points: 

  1. Marketing & Sales funnels of retailers
  2. Digitalisation of retail business models
  3. How to read signals as agencies
  4. Digital marketing needs of resellers and consumer goods manufacturers
  5. How to use a service map as an agency

1. Marketing & Sales funnels of retailers

A Marketing & Sales funnel is normally based on a marketing and product strategy:

Hence, the nature of Marketing & Sales funnels varies between three different types…

A: Retail 

B: Lead Generation

C: Business & Industrial Markets

With underlying branches. Please Note: In your country there might be different retail branch associations – check it out to get in touch with them!

Tip: Sit down with your team and evaluate your current customer portfolio with a quick analysis

This will help you to get more insights about your own portfolio as well as to derive future measures based on your results.

2. Digitalisation of retail business models

In retail we differentiate between a Consumer Goods Manufacturer and a Reseller. 

A: Reseller: Buy several brands and re-sell them <70% of own brands

B: Consumer Goods Manufacturer: Develop several products & brands >70% of own brands

In recent years, the digital transformation has emerged 6 different position strategies among retailers:

In short – The sales channels of all four business models vary, as illustrated in the following example:

Which means that each retailer is developing its own positioning to strive for a higher profit margin in their segment. Furthermore, the strategic positioning of the diversification of the sales channel is the indicator how to set up the digital marketing strategy.

3. How to read signals as agencies

Agencies can only become smart if they first of all, understand the system of their agency. According to Leyla Acaroglu, there are 6 major tools that help you to understand systems:

In order to get an overview of how your agency really works, we recommend starting to build a retail pipeline overview in order to derive valuable insights about your own system, including your own business model and the major branches you serve.

Tip: Present your results in a form like this, to be able to discuss your conclusion with the whole team in order to derive the appropriate future measures:

4. Digital marketing needs of Resellers and Consumer Goods Manufacturers

The most important objective for any CMO is to reduce the overall Customer Acquisition Cost. In order to be able to do that, customer insights and data are getting more and more valuable. As a result, digital marketing agencies should approach three services in their service map 2021 as retailers fight for customers and to own their data.

Furthermore, the changed placement network during lockdowns forces consumer goods manufacturers to communicate more directly.

5. How to use a service map as an agency

We recommend to implement all your services into one single service map, which can be adjusted to the needs of your customers (Ecommerce, Omnichannel, Consumer Goods Manufacturer) in order to not only get an overview for yourself but also to be able to analyse up- and cross-sale potentials for your customers.

If you want to get advice on any of the mentioned topics or if you want a template for our service map, please don’t hesitate to contact us at any time. 

Your Amaze Growth Team