Change the way you do business - Next Level

 




The way business has been done 2 decay ago has changed and is changing very fast. We need to adapt to the new methods of acquiring or maintaining new and existing customers.  Mostly all would have heard about how vacuum cleaners were sold 20 years before. The market leader was having a sales team for door to door campaign and fix up demo with customers and convert sales from there. After that, there is an installation team and after sales support team to maintain the customers. Have you seen these door-knocking salesman in the last 5 years, all have changed. 

We will go through the top 5 changes which have evolved in the last couple of years 

1. Digital Marketing: Earlier lead generation was through print or other commercials on TV and other platforms. Cold calling was there in all companies. Now sales team gets ready-made leads through all digital marketing platforms. Thanks to social media where they track all our activity and generate leads for the companies at a very low cost. Pay only for the leads that are getting generated

2. Platform for sale: Ecommerce has changed the way business was done 20 years before. Today when we buy a vacuum cleaner or any household items we just see an online demo and buy from any platform. The overhead cost has reduced for acquiring the customers and once we have a customer we can market for after-sales and related consumables.

3. After-sales: Most of the manufacturing companies has started producing products that are simple to use and self-explanatory. Customers are ready to use good products for a shorter span of time. Unlike earlier the warranty is limited and mostly the after-sales service is outsourced or managed by a support call centre where they resolve basic complaints, Lot of videos are available how to do self-support and installation for most of the products.

4. Recurring Revenue: Currently there are not many restrictions on the geography for selling the products or services. Due to this margins has reduced, so most of the business has moved to volume transaction and where they can get recurring revenue from the customer. Margins from each transaction might be less but they will have a run rate business.

5. Collaboration: A lot of business houses has moved to the concept of collaboration. If you have a  customer and want to have a tie-up with another company and sell their products to your customers that will open another revenue generation with less cost of acquiring the customer. You need not be an expert in all the area. Utilise your strength and try to get other business from other companies.

Next-generation business is survival of the smartest with less cost.


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