What is important about the Product Based sales strategy is that it focuses on the promotion of a specific or existing product emphasizing its’ features, functionality and benefits.
6 questions you should ask to determine if a Product Based sales strategy is right for you:
#1– Is your Go to Market Plan highly effective and efficient?
#2– Is the product usage and solution it provides obvious?
#3– Are the features of the product apparent to the purchaser?
#4– Is the product functionality demonstrated with little or no guidance?
#5– Does the product require little to no sales intervention?
#6– Can the product be purchased by E-commerce or telesales?
If you’ve answered YES to a majority of these questions, a Product Based sales strategy is probably right for you. This doesn’t mean your sales force is expendable and should immediately be fired.
Depending on your product, the buyer may only be able to get to a certain point in the purchasing process on their own. Knowing where that point is and how to educate your sales force is critical. Product Based sales strategies rely heavily on the sales consultant being able to demonstrate the not so apparent features, tie the features to benefits, build value and make it easy to purchase.
Once your sales force is properly educated and trained your sales organizational resources and sales process should be one step closer to being aligned and ready to successfully engage and move your buyer along.
In addition, Product Based sales strategies win by having a very efficient go to market strategy. Therefore, focus on how to reduce costs, increase revenue per head, generate more inbound inquiries from marketing the product and have a solid enough win rate that you don’t feel like you are leaving opportunities on the table.
Next -A look at the Solutions Based Sales Strategy.