The WBSRocks e-commerce round table features industry experts sharing their perspectives on issues critical to manufacturers’ e-commerce journey. In this issue, we ask you: How to plan online sales strategies to reach your sales goals.
If you are selling through traditional channels and have recently started your D2C or e-commerce journey, you might have a hard time understanding how you are going to reach your numbers. While the fundamentals remain the same in both modes, the strategies may differ slightly.
However, if you understand the nuances of e-commerce, this channel can be much easier to scale and provide a real competitive advantage. This is because you no longer have to depend on find good sellers who can hit the numbers through their connections.
Sam Gupta, Senior Consultant, ElevatIQ
In the traditional model as a VP of Sales, if you were to generate $ 10 million in sales, you would probably hire ten guys with a $ 1 million quota and design territories accordingly. You will then begin to measure and use several tactics such as compensation, discounts and promotions to improve the performance of non-performing territories. To establish a quota for the year, you can review existing customers, assign expected revenue for each of them, and perhaps add a quota for expected net sales targets.
On the other hand, ecommerce planning can seem overwhelming because it’s not that straightforward, but you have a lot more data for each SKU and its channels. For example, you might want to segment each customer group by SKU. Then you might want to go back to estimate the additional traffic you need to reach the net sales figures. You may also need to analyze whether you are sure you are getting the same numbers from your existing customers this year. Otherwise, you have to take the variability into account.
When it comes to running in the traditional model, you might have monitored a lot less KPIs like lead count, quote count, deal size, and lead count. closed. On the other hand, the new world requires you to monitor metrics like number of visitors, number of conversions, abandoned cart, and average order value. Just like you would with customers with past quotes and opportunities when you run out of numbers in the traditional model, you need to do email campaigns with customers with abandoned carts to get them back into the funnel of the new model. .
The more you analyze the world of ecommerce, the more opportunities you will find to meet your numbers and introduce new products and services to create that revenue engine that may not be as easy in the traditional model.
Kristina Harrington, President, GenAlpha
When it comes to B2B e-commerce sales strategies, we need to start with the fundamentals of a good e-commerce site. First, you need to identify your customer personas and map customer journeys. Next, you need to reduce the friction in the buying process, as B2B buyers are looking for a faster, safer, and easier way to do their jobs.
Over time, you will collect information on products, buyers, promotions, returns, and channels, in both scenarios, whether each is performing well or not. This information can help you understand whether you need a better inventory plan, different price, better content, or improved product promotions. As you continuously analyze customer buying patterns and behaviors, your ability to predict and execute your selling strategies will improve.
Eric Landmann, e-commerce division manager, Interactive Terran
When it comes to sales strategies in the ecommerce world, start with data and analytics. Next, you need to research your target market and build a suite of tools for you to market to your customers.
To make sure you achieve your goals, you need to make sure you’ve invested in inbound marketing, thought leadership, documentation, videos, and self-help information. Once you have mastered your online sales strategies, you also have the option of using a chatbot or live chat, product configurators, and custom product request forms. They will all help you drive your prospects to the right sales funnel.
Steve Rice, Founder, Dotcomjungle, RS Consulting, The conscious world leader
The easiest way to increase sales in the CPG world is to expand your product line. If you offer multiple sizes, styles, or colors for non-performing products, you can dramatically increase your chances as consumers ask for options. And the most common reason consumers don’t buy is a lack of options for their preferred size or color.
If you put those extended lines in the hands of your salespeople, it gives them the means and tools they need to sell not just a product, but an entire line. Also, putting these products and themes in the hands of good sellers will help sellers stand out and increase your business results.