Konsult Whitepaper Analysis

How To Get Sales Back On Track Post Covid-19?

Covid-19 pushed the markets to shut or operate at reduced levels as a result of lockdowns observed in the various economies of the world. Affecting the sales and revenues of majority of businesses, the challenge ahead is how to get sales back on track post the effects of Covid-19.

Konsult – The Consulting Club of NIBM attempts to provide insight on how to bring the train of sales back on track Post Covid-19.

Covid-19 pushed the markets to shut or operate at reduced levels as a result of lockdowns observed in the various economies of the world. Affecting the sales and revenues of majority of businesses, the challenge ahead is how to get sales back on track post the effects of Covid-19.

Out of many ideas and solutions below are some points which sales leaders can adopt to accelerate their way back to recovery

Setting up a sales circle

According to Wanduragala, navigating the challenging times ahead will require a multifaceted task force of sorts, which he terms a ‘sales circle.’ Alongside having experts in sales, services, marketing, commercial strategy and product development, members of the sales circle should all be relatively tech savvy, in keeping with the anticipated reliance on virtual tools.

 Forming a sales circle on the basis of merit rather than hierarchy.
 Commitment, Creativity and Understanding of the business & its consumers should be some of the qualities observed to find a place in such sales circle.
 This multifaceted, talented and agile group will facilitate clear and quick decision making which will be one of the important qualities of any team/group.

Re-evaluating financial statements:

After the formation of the sales circle, it is important to revisit the sales plans from the beginning of the year, as most of them might have lost the relevance in the current market situation.

Sales strategies, targets, composition of sales, etc all are required to be reset.
According to Wanduragala, certain revenue streams will have dried up, while others will be relatively steady. With a focus on maintaining cash flow, an effective strategy would be to realign the business focus on areas that remain lucrative. For simplicity’s sake, he suggests that accounts be categorised into: surging, safe, at-risk, and unknown.

“Retuning” offerings

It is suggested now that we should examine the product offerings as the Covid-19 crisis and the lockdown has dramatically affected the consumer priorities. Resulting in many businesses finding their products to be irrelevant while many observing an unexpected surge in the demands of their products.

This can also help modify the products which can find a place in a post Covid-19 market.

A focus on pricing and payments

Pricing has always been an important factor for a consumer. We need to make sure that the product is reasonably priced i.e. not too high according to the product nor too less to force a consumer to doubt about its quality. Therefore, once the revenues and the product offerings have been realigned, the challenge is to set the right price.

Businesses will be trying to maximise the profit form the in-demand products while have to be price competitive for the rest of the products.

At the same time, terms of payments also need a revision so as to make them more appealing to the consumers. In this time of low spending terms like “minimum order values” can generate negative outcomes.

A rapid credit assessment of the customers will be a prudent practice to measure the credit risk in the coming market situations.

Boosting remote selling

According to the Kanvic Principal, “businesses now need to consider which aspect of the sales process will be shifted online.”
While there was some inertia regarding virtual sales arrangements in India previously, most businesses have now been forced to adapt to the new conditions.

One way is where the existing sales interactions are conducted virtually using video conferencing tools but with little changes in the existing sales models. While the other way is to get a completely digitalized model including the financial transaction, making a shift to the ecommerce domain.

A shift in sales coverage and incentives

To drive this shift, Wanduragala recommends a realignment of staff to put those with virtual selling expertise at the forefront. Sales incentives must also be realigned to ensure that focus is being placed in the right place.
This relates to a shift in the geographical sales strategy to one that is based on specific industries and their needs.

People management

It is always observed that non-monetary incentives have a long term and better impact on the employees, than the monetary incentives.

One such non-monetary incentive is to include the people in decision making team, honour them with the recognition, part of the organisation with a sense of purpose. This will help organizations winning the trust and faith of the employees at the same it will help in collaborating in the time of crisis.

These were some general steps applicable to all the businesses looking for a sales growth back on track after this crisis. It is implied that there is not a single solution to such challenges, above is one such effort in that direction

(Source: Kanvic: Seven ways to get sales back on track post covid-19)

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