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TECHNOLOGY AND SALES
Be it any business sector, the Sales department plays a very crucial role in determining the quantum of success of the business. Sales act as a bridge which links the needs of the potential customers with the products and services being offered by the businesses. Sales are the essence of Marketing. Just as we humans need oxygen to survive, Sales is undoubtedly the lifeline of businesses. Even if your business is excelling in a number of marketing aspects but is not being able to make the desired sales, then certainly it is on the verge of ruining your whole system. And said by Henry Ford, “Nothing happens until someone sells something”, it seems quite clear that an entrepreneur needs to lay special focus on boosting the sales by resorting to effective marketing techniques.
TECHNOLOGY-DRIVEN SALES
The sales department of any business works in the most intriguing way. It is something that Salesmen could easily connect with. Sales Department works on the basis of a target. On achieving the laid down target, due incentives are being offered to the salesperson. Incentives are just like fuels which help boost the confidence of salespersons and keep them going. With the digital revolution conveying the world to an even thrilling world that knows no limitations, the ways of performing business are also going through a major change. And why it should not be, business is strongly driven by its environment. The major environments being; Political, Social, Technological, Demographic, and Economic. If asked to chose the most vibrant, complex, and dynamic environment then Technological Environment would top the list out of no questions. Dynamism, being an integral part of today’s technology, is continuously redefining the methods of boosting sales. Businesses that succeed in incorporating the state-of-the-art technology to your system, possess greater chances of achieving not only their sales but also their overall goals with utmost efficiency and effectiveness.
CONVERSION RATE IN A BUSINESS
The Numerical Concept of Conversion Rate can easily be denoted as the number of conversions per visitors. One can compute the conversion rate by applying the formula given below-:
• CONVERSION RATE = NUMBER OF CONVERSIONS/ NUMBER OF VISITORS
For example, let’s assume that the XYZ Ecommerce store receives 500 sales in a month and the number of sales is 100. In that case, the conversion rate 500/100 i.e. 5%. Plain speaking, Conversion Rate can be defined as any desired action that you want to be taken on the part of the user. This might range from a page view to even purchases from the customers. It has been observed that a number of websites and applications have multiple conversion goals resulting in different conversion rates.
WHY IS CONVERSION RATE EXTREMELY CRUCIAL TO BUSINESS?
In order to assess the performance of the web pages and software, the Conversion rate is perhaps the best tool. The conversion rate allows us to determine the percentage of those customers who seem to nail our expectations. When you enhance your Conversion Rate, you actually find yourself closer to the sales goals.
Let us now understand how you can increase your sales by expanding the conversion rate without letting your traffic fluctuate.
Suppose you spend $10,000 on the advertisement which derives you 1000 visitors to the site. Now, if you double your Conversion Rate, you would probably multiply your ad value by means of increasing your sales. From here, we are catapulted to a new concept which is called CONVERSION RATE OPTIMIZATION (acronym CRO). CRO is the process that allows us to lay down our goals associated with conversion, compute conversion rates, and last not the least, optimizing the web and application as per the goals.
If you also want to strike the perfect balance between Sales and Conversion Rate then check out the 6 Technologies which can help your business soar.
1. Social Media Automation – Who doesn’t use any Social Networking Site? From updating one’s mood to striking the biggest of deals, Social Networking Sites are all the rage. With almost a Billion people using Instagram and 2.6 billion using Facebook, both of them have become the most lucrative and dynamic business hubs. Social Media Automation refers to the process of making the best out of Social Media by making posts, arranging and managing paid and non-paid ad campaigns, answering the questions of users, etc. Applications like Hootsuite and Iconosquare can help you manage and automate your social networking-based business. The two applications provide tools that assist you in scrutinizing your web performance.
Pros of Social Media Automation
The below-mentioned ones deal with the advantages of Social Media Automation.
1. Social Media Automation is very easy to understand and execute.
2. Social Media Automation allows you to stay consistent with your posts.
3. Social Media Automation tools like SocialBro and SocialFlow assist you in optimizing your post timings.
4. It lets you maintain direct and individual contact with your potential customers.
Cons of Social Media Automation
The below-mentioned ones deal with the disadvantages of Social Media Automation.
1. Despite being easy, Social Media Automation lacks the human touch which might yield some disappointing results sometimes.
2. The 24/7 post window doesn’t assure you of high returns. Rather it is the quality of the content which matters the most.
3. Undeliberate neglect to customers’ queries might let them down.
4. Third-party applications may not consistent with their policies.
Pricing
Almost all Social Media Automation tools have a different price policy. A common feature that can be found in all of them is a minimum two-week free trial. But the average monthly charges lie somewhere between $40-$70.
2. Big Data Analytics – Be it any business, a strong analytics system can prove out to be the most profitable asset to it. Being a significant part of one of the major technologies for increasing sales and conversion rates, Big Data Analytics has its own benefits. At each point in time, there arises the need of scrutinizing one’s SEO progress, the performance of Social Media, etc. Big Data is nothing but a means of doing the same.
Pros of Big Data Analytics
The below-mentioned bullet points deal with the upshots of Big Data Analytics-:
1. The Big Data Analysis ensures a boost in the productivity of the business.
2. It inculcates a sense of competitiveness in the business.
3. Big Data Analytics makes it easier to detect and deal effectively with errors in the system.
4. A prudent marketing strategy related to Data Analytics can guarantee skyrocketing revenue to the business.
Cons of Big Data Analytics
The below-mentioned points throw light on the cons of Big Data Analytics.
1. Big Data Collection is a very time-taking and strenuous task.
2. The investment might not always be affordable to all web-based businesses.
3. Misinterpretation of the data can be extremely problematic.
4. Mishandling of the data tools can raise a question on the credibility of the company.
Pricing
Well, the investment required in Artificial Intelligence is certainly not less. A research conducted by Amazon proved that including both direct and indirect expenses, the annual charges ranged somewhere between $20,000-$25,000.
3. Lead Scoring – One can easily manage to increase his sales as soon as he succeeds in converting website visitors into customers. Traffic is one of the major determinants of sales to be followed. Lead Scoring is the process of ranking the business elements against a scale. The resultant grade is used to decide the order of priority in the Salesforce.
Pros of Lead Scoring
Here you go with the benefits of Lead Scoring.
1. One of the best parts about Lead Scoring is that it is driven by data so there is no space for guesswork anymore.
2. Lead Scoring is way quicker and effective than the other traditional methods.
3. With an enhancement in the technology of Lead Scoring day-by-day, the possibility of growth in businesses is also maximizing.
Cons of Lead Scoring
The below-mentioned bullet points mention the drawbacks of Lead Scoring.
1. In order to give way to Lead Scoring, you actually need loads and loads of data. The collection of data from different sources can actually be a very hectic task.
2. Artificial Intelligence and Machine Algorithms driven by competent learning factors could not be incorporated into Lead Scoring.
Pricing
The price policy for adopting a Lead Scoring model differs from source to source. But the average charges of Lead Scoring sources can fluctuate between $15,000-$20,000 a year.
4. CDN – CDN stands for Content Delivery Network. As the name suggests, CDN refers to a cluster of geographically distributed networks the key role of which is to give a boost-up to the speed of content being delivered by a website. Even if you providing your customer with the best of contents and deal, a slowdown on your website can be the rain on your parade.
Pros of CDN
The following bullet points mention the pros of CDN.
1. It keeps your customers engaged in your content without any sort of hindrance.
2. CDN is a very proficient tool that has to assist your model in detecting the faulty and overloaded areas of it.
Cons of CDN
Let us now go through the disadvantages of CDN.
1. Myriad additional costs which are inclusive in CDN can make the overall cost quite high.
2. However profitable the employment of CDN in your website may sound, the former always adds a tinge of complexity to your website.
Pricing
In order to increase your sales and conversion rates by incorporating CDN into your system, then the following price policy you need to adhere to. The prices are not constant but may fluctuate constantly.
For 350TB a month, you need to pay almost 2.5 INR per GB. If you want to have 500TB a month, you shall pay 1.8 INR per GB. And for 4,000TB you will be charged approx. 1.5 INR per GB.
5. Chatbots – Dealing with baffling issues of the customers can actually be a creepy nightmare to many. The reason behind it being extremely excruciating is that you need to reiterate the same answers over and over again. A chatbot is a productive tool that can help you deal with the frequently asked questions. Using a Chatbot, your customers will get the answers to their questions and you can also be satisfied with your performance.
Pros of Chatbots
Here are the benefits of adapting Chatbots.
1. Chatbots give very fast customer service and hence laying down the grounds for customer-satisfaction.
2. Once you prefer Chatbots over the traditional way of marketing, you will witness a considerable decrease in the labor cost.
Cons of Chatbots
The following points deal with the disadvantages of Chatbots-:
1. The involvement of Chatbot starts lacking human emotions which means a lot to the customers indeed.
2. The creation process of a Chatbot is quite tricky. It demands a lot of time and effort to actually design a Chatbot.
3. The biggest disadvantage of Chatbots is that they are designed in a way to handle the basic or rudimentary problems of the customers related to the product.
4. Chatbots continue to demand maintenance.
Pricing
The cost of the Chatbots differs on the basis of the level of sophistication it can bear. On average, it can cost somewhere between $3,000-$5,000.
6. SEO – SEO stands for Search Engine Optimization. It is perhaps the most powerful weapon that you can use to make your sales and conversion rates skyrocket. SEO allows the Goggle crawler to make your website rank up by the identification of keywords.
Pros of SEO
Here are the upshots of the SEO tool.
1. It is a mobile-friendly tool that can help you generate more traffic in a convenient way.
2. It can have a long-term say on the efficacy of your business.
3. SEOs increase the chances of converting your visitors into customers.
4. They can have a huge impact on the growth of your business.
Cons of SEO
The below-mentioned points deal with the cons of SEOs.
1. The returns on investment in case of SEO is are neither assured in terms of quantity nor in terms of the respective time.
2. Generating high competitiveness through SEOs can be very expensive.
Pricing
An SEO friendly article that you might always want to update on your website, can cost you between $20-$50 each though different service providers follow a different price structure.
Concludingly, it can be said that success is a matter of choice and due work on it. Be it the aim of generating more traffic to winning customers’ trust, you can achieve all of them easily provided you make the perfect choice of respective tools for achieving it.