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How to Penetrate the Market with a New Product in the Oversold Market

Technology has immeasurably changed the sales market. It seems that everyone is connected to the Internet at all hours and wherever they are. A 2015 report from ICT Data shows that

  • There are more than 7 billion cell-phone subscriptions
  • In the developed world, 82% of people use the Internet
  • Mobile broadband subscriptions are above 86% in the developed world

Given that 97% of cell-phone owners open their messages within three minutes of receipt, it is not surprising that organizations are increasingly spending on SMS marketing efforts as they seek how to penetrate the market with a new product. Email accounts are also bombarded with the same marketing messages.

Mobile marketing spending has been growing at above 50% for several years. This may be about to change, however: marketing spending on mobile efforts is expected to grow at numbers decreasing down to 14% by 2019. Organizations are finding that current saturated market strategies are cutting conversion rates and decreasing ROI. Target customers are becoming bored of the impersonal nature of selling in the oversold market.

The 21st century will see a return to more traditional sales tactics

The evidence is that people want and expect a more personal, traditional approach to the sales process. They want to talk to sales persons with excellent product and service knowledge, yet at the same time are time constricted. Companies need to respond with ‘new’ saturated market strategies.

Excelling in the sales side of the business requires a unique set of skills. The sales person needs to usher the customer through the sales process at speed, simultaneously using old fashioned tactics as he or she seeks how to penetrate the market with a new product. We are moving through the cycle of the customer buying the product and returning to the customer buying the person. Years of benign inflation have closed the value proposition gap in favor of the personal approach.

Relationship building using the art of emotional intelligence

While customers want to be in and out fast, the onus will be on the sales person to build trust. Product knowledge is one thing, but people knowledge is the competitive edge that will push sales to and through strategic objectives and forecast targets.

Key to the positive sales experience will be emotional intelligence that encourages and enables:

  • Self-awareness
  • Self-regulation
  • Social awareness
  • Relationship management

With a high degree of emotional intelligence, the sales team will be equipped with saturated market strategies that include:

  • Communicating effectively, empathizing with the customer to build trust
  • Managing stress
  • Creating meaningful internal and external relationships
  • Managing the emotional response of the customer
  • Managing resistance in the buying decision making process

Customers will expect high degrees of follow-through. They have a right to expect a personal service, with a value added proposition empowered by brand, and aligned company values and beliefs. Sales persons will blow through targets by selling to the person and their needs: this is how to penetrate the market with a new product.

Know your customer to identify new markets

Customers buy because they have a problem that needs solving. Deeper understanding of the customer is the key to identifying saturated market strategies. Emotional intelligence is the key to unlocking this awareness. By extrapolating the knowledge of your existing customer base, and understanding the features and benefits of the value proposition that customers buy into, the sales team will discover new market segments that will be responsive to the sales lead generation process. They will have solved the conundrum of how to penetrate the market with a new product.

The sales process has turned full circle. In my next article in this series, I’ll look at how mindsets determine sales success.

In the meantime, for details of the Forward Focus Integrity Selling Course contact us today and discover how emotional intelligence will provide your sales force with the competitive edge for the 21st century.

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