Have you tried any of these strategies for increasing electrical supply sales?
Sales are a significant element in the company’s financial reporting. The sales figure indicates if the company is profitable or not. Profit margins should always be larger in order to keep the business going. In comparison to other selling equipment, the sale of electrical supplies has surged in the Indian market. This uptick is being fueled by improved manufacturing conditions.
Because of the promising potential, a large number of small and medium-sized businesses have entered the electrical industry. As a result, the rivalry is becoming increasingly fierce, and businesses are devising new business methods to attract clients. As the industry has grown, newcomers have become more tech-savvy and resourceful in their efforts to enhance their electrical products. Companies face a difficult problem in proving the quality of their electrical products in this environment. Effective business tactics should be used to improve the sale of bulk electrical supplies in order to solve this challenge.
The electrical supply industry is always changing. According to a study, electrical equipment wholesaling sales fell 7.6% in 2020 and are expected to fall much more this year due to a dip in consumer confidence and a drop in private investment. In order to secure contracts for bulk electrical supply projects in the market, electrical enterprises require data insights to optimise sales methods.
While all sections of a company have important roles to play, the sales team is ultimately in charge of turning your product into profit. There are a number of well-known sales performance strategies. While traditional techniques can be effective, electricity suppliers are gaining a significant competitive advantage by utilising data.
Let’s look at four ways you may use data to boost your electrical sales performance.
- Implement Up-Selling and Cross-Selling Strategy: How well does your sales team use up-selling and cross-selling techniques? When a customer places an order, up-selling is offering a more luxury or greater quantity of a product. For instance, instead of the cheaper version purchased, a more durable motor speed controller could be offered. Cross-selling, on the other hand, is based on the idea of recommending complimentary items to a customer. For a household construction project, you can consider including an automation control, such as a timer, with the new lighting solution.
Using these tactics can improve your customer’s shopping experience as well as your company’s profitability and profits.
- Peer-educate your sales team: A sales rep who is doing well in the selling of a certain product should teach other sales reps about the product’s features as well as the tactics he or she employs. You improve the capabilities of others and produce leaders in the team by allowing each sales person to educate their colleagues on the product of their expertise.
Peer-education can be done in a group meeting through Zoom or as a recording that is distributed among employees, depending on the size of your company. Allowing your employees to mentor and guide one another can be extremely beneficial to your company.
- Match your product offers to the market: Electrical product manufacturers, electrical distributors, and retailers frequently have products with different sales volumes between areas. Mobile thermostats and other high-end controllers, for example, may sell well in one location but not in another. This could be due to internal reasons like the efficacy of individual reps in a region, or external influences like the number of new construction projects in a region, or even weather variables that affect the demand for a variety of items.
With a few clicks, you can uncover these geographical sales trends using business intelligence. Customers may now be offered other modern and ecologically friendly products by a sales professional servicing a region with high sales of solar panelled products. To take it a step further, when sales agents in various regions with similar consumers start focusing on environmentally friendly products, they may experience an increase in sales. Needless to add, this does not have to be limited to a single product category, but could include entire product groups or brands. For your company, Business Intelligence brings up a whole new universe of possibilities.
- Re-engage customers you are about to lose: It’s difficult to tell when you’re going to lose a customer, especially when you’re dealing with a huge number of them. Reduced sales of an older version of a product do not have to be entirely negative. Customers may just be upgrading to a more current product, such as electrical outlets with safety switches rather than those without. When a consumer ceases to purchase from you, it may signal that they have found a new source. You might be able to save a customer you’re about to lose by offering a better price than your competitor if you use methods like bulk-order discounts. If you can’t beat the price on one product, you might be able to beat the price on a different product and build a package deal that your competition won’t be able to match.