Contact Us
×

Tag: sales and marketing online training

7 Essential Aspects Of Successful Sales Training

Posted on by Imarticus Learning
Reading Time: 2 minutes

The importance of effective sales training

Sales training is imperative for professionals looking to excel in the field of sales. With the right sales techniques and strategies, individuals can enhance their skills, boost confidence and achieve outstanding results. A study has identified that sales training has positive impacts on productivity and with different types of trainings the impact on businesses also differs. In this blog, we will explore seven essential aspects that contribute to the success of sales training programmes.

1. Customisation for targeted outcomes

Effective sales training should be tailored to meet the specific needs of the participants. By understanding their industry, products/services and customer base, a customised training programme can provide relevant content. This approach helps learners apply new skills directly to their roles, leading to improved performance and increased sales.

2. Interactive learning experiences

To ensure maximum engagement and knowledge retention, successful sales training programmes incorporate interactive learning experiences. These experiences can include role-plays, simulations, case studies, group discussions and practical exercises. By actively participating in these activities, professionals can practice various techniques in a controlled environment before implementing them with actual customers.

3. Ongoing coaching and support

Sales professionals benefit greatly from ongoing coaching and support throughout their careers. After completing a training programme, participants should have access to experienced coaches who can guide individuals on challenges they may face in the field. Regular feedback sessions help reinforce learned concepts and fine-tune selling strategies based on real-world experiences.

4. Emphasis on building relationships

Building strong relationships with customers is crucial for long-term success in sales. Effective sales training programmes emphasise relationship-building skills such as active listening, empathy and effective communication techniques. Professionals are taught how to form deep connections with clients by understanding their pain points and offering tailored solutions that address their specific needs.

5. Integration of technology

Technology has revolutionised the way we conduct business today, including sales processes. Successful sales training programmes leverage technology tools such as customer relationship management (CRM) systems, sales automation software and data analytics platforms. By integrating technology into the training curriculum, participants learn how to use these tools effectively to streamline their sales processes and enhance productivity.

6. Continuous learning and skill development

Sales techniques and customer expectations are ever-evolving. Therefore, successful sales training programmes emphasise the importance of continuous learning and skill development. This can be achieved through workshops, webinars, industry conferences and networking events. Encouraging professionals to stay updated on the latest trends and best practices ensures they remain competitive in a rapidly changing market.

7. Measurable metrics for success

To gauge the effectiveness of sales training programmes, it is essential to establish measurable metrics for success. Key performance indicators (KPIs) such as revenue growth, conversion rates, customer satisfaction scores and average deal size can help track progress. By regularly monitoring these metrics, organisations can identify areas that need improvement and refine their training strategies accordingly.

Creating a successful career map by acquiring effective sales training 

Successful sales training programmes encompass various crucial aspects. Customisation for targeted outcomes, interactive learning experiences, ongoing coaching and support, relationship-building emphasis, technology integration continuous learning and skill development opportunities are all key components of effective sales training initiatives.

If you’re interested in enhancing your sales skills further or looking to pursue a career in sales, consider enrolling in a comprehensive sales training programme offered by Imarticus Learning. Our courses provide a structured framework for developing technical proficiency in various industries. Read more about the courses here.

Pricing Strategies and Decisions: What is Dynamic Adaptive Pricing?

Posted on by Imarticus Learning
Reading Time: 4 minutes

The COVID-19 pandemic has disrupted the global economy and created a highly volatile environment where the revenues of some industries are declining, and surging for others. In such a situation, businesses are having a hard time keeping a tab on costs and their capacity to cope with fluctuating market demands.

It is here that dynamic pricing strategy becomes relevant, because it makes use of multiple price tabs for a product, depending upon a number of factors, but mostly supply and demand. In this article, we will discuss more about dynamic pricing, its types and its implementation in industries. We will also talk about how you can master dynamic pricing and become a Chief Business Officer in a reputed firm.

What is Dynamic Adaptive Pricing?

As mentioned above, dynamic pricing is flexible and is set according to the demands of the market and other crucial information about consumers. On the other hand, adaptive pricing is about adjusting the price to meet certain demands in order to make a profit even at the time of less demand.

While the definitions might seem largely similar, the difference lies in the fact that adaptive pricing is broader in scope and the fixed pricing may change only at certain times as opposed to dynamic pricing where the pricings can change any number of times, and are slightly volatile. Combining the two leads to dynamic adaptive pricing, that is, adjusting prices as flexibly as possible, to ensure maximum profit at all times.

Types of Dynamic Adaptive Pricing

The absence of legal implications surrounding dynamic adaptive pricing has led to multiple businesses adopting this pricing strategy, bringing out several varieties and methods of marking the prices. Some of these have been listed below:

●  Group-oriented Dynamic Adaptive Pricing

As the name itself indicates, this kind of pricing strategy is implemented differently for different groups, the differentiating factors being the nature of the device used, location, and demographic data. Some targeted demographic groups, such as public workers and senior citizens are also offered discounts on some products. Price sensitivity becomes a crucial factor here, and consequently, promotional offers are given based on price elasticity. For instance, the price of a commodity searched from an expensive smartphone at a high-end location will be marked at a much higher rate.

●      Time-based Dynamic Adaptive Pricing

Much wider in scope than group-based dynamic adaptive pricing, this pricing method increases or decreases in scope with respect to time and demand. In industries where the demand for a product or service fluctuates throughout the day, the prices can vary accordingly. However, the demand can be controlled by the companies by offering incentives to encourage interest in a product, such as lowering the cab fares for hire services at night or offering discounts on obsolete, or last-season stocks to clear them out.

●      Cost-plus Dynamic Adaptive Pricing

When a business adopts a cost-plus pricing method, it sells the commodity for a higher price than the original unit cost. One of the most common pricing strategies, it has been tried and tested and proven to be easily implemented and effective as well. One simply needs to add their desired profit margin to the cost price to determine the selling price in this method. Manufacturing industries heavily rely on cost-plus dynamic adaptive pricing because the cost for the produced goods usually has a fixed rate, making it easier for them to decide the revenue rate.

●      Competitor-based Dynamic Adaptive Pricing

In this kind of costing strategy, businesses mark the price of a product or service depending upon its competitive market value, that is, what the competitors are charging for the same product. Any kind of marketing competition can fall under the ambit of this dynamic adaptive pricing strategy, from product design to targeting niches with low competition.

●      Value-based Dynamic Adaptive Pricing

Also known as price elasticity, this pricing strategy depends upon the customer’s perception of the commodity’s worth. It can be called “customer-based pricing” as well because the final markup of the product or service is based on how much the target consumer base is willing to spend for the said product. It gives the seller an external perspective on the market and helps establish trust with customers through constant communication with them.

●      Price Skimming

Price skimming is a kind of dynamic adaptive pricing method that charges the highest price acceptable in the market, also known as “maximum product entry price”, and then gradually decreases the price over time. It is called skimming because in this strategy, the seller “skims” off the topmost market segment of the target customer base, meeting their requirements while also making a maximum profit in the very beginning. Once the highest strata of buyers have been secured, the company can now penetrate the lower rungs of the customer base, especially the ones looking for budget-friendly products.

●      Bundle Pricing

In the bundle pricing strategy, as the name suggests, the seller categorises the products into groups based on a specific factor, and sells the entire group for a fixed price. A very popular strategy for retail stores and e-commerce sites, bundle pricing not only offers a higher value for the price but also boosts the sales of the products.

●      Penetration Pricing

As the name suggests, this kind of dynamic adaptive pricing strategy is adopted by companies trying to enter highly competitive markets and gain a foothold there. It is primarily an acquisition strategy that companies use to lure customers away from their competitors by offering to sell at much lower than the usual market price, thus gaining a substantial market share.

Some Instances of Dynamic Adaptive Pricing

Ride-Sharing Services: In the app cab services, the prices might have a fixed rate, but they also vary according to weather and rush hours. Companies often make profits from these environmental conditions or special slots.

Flights: While flights usually have a few restricted price points, dynamic pricing strategy is adopted for flights booked at the last moment.

Hotels and Bed and Breakfasts(BnBs): More revenue is generated by the hospitality industry when they use dynamic adaptive pricing during busy seasons, especially during holidays and around events.

E-commerce shops: Many e-commerce companies spontaneously adjust their prices in order to gain an edge over their rivals, stay afloat during certain seasons, or respond to market rates. 

Conclusion

Learning how to accurately implement dynamic adaptive pricing is a major skill one has to master in order to become a Chief Business Officer (CBO). To get hands-on training in pricing strategies, and other such marketing and sales strategies, join Imarticus Learning’s Executive Management Programme in Sales and Marketing Leadership, offered in collaboration with the Indian Institute of Management, Lucknow.

This cutting-edge sales and marketing leadership program is known for its next-gen CBO-oriented framework, exclusive masterclasses and on-campus networking prospects. Sign up for the course by clicking on the link provided and achieve your dreams of being a CBO in only 11 months!

7 Inspiring Reads to Become an Impactful Marketing Leader

Posted on by Imarticus Learning
Reading Time: 3 minutes

Reading can open up new avenues and foster growth and innovative thinking, especially for marketers set to create ripples in the marketing world.

Take up marketing leadership courses today to accelerate your marketing journey! We have curated a list of seven best-sellers that offer insight into the different marketing strategies exhibiting how the marketing industry works. Keep reading to learn more.

Epic Content Marketing: How to Tell a Different Story, Break Through the Clutter, and Win More Customers by Marketing Less by Joe Pulizzi

best sales and marketing course from iim lucknow

‘Epic Content Marketing’ talks about the most happening marketing trends of the time. Joe Pulizzi’s book shares some of the most talked-about marketing briefs in the industry. His main motives remain the same —tell others about being a successful content marketer, share practical tips, and initiate practical actions. The writer argues that the essence of marketing lies in applying strategies thoroughly, thereby transforming the current scenario.

Key Observations

  • Offers actionable strategies for attracting customers
  • Talks about a wide range of subjects ranging from blog posts to social media
  • Elaborates case studies and examples from successful brands

Permission Marketing: Turning Strangers Into Friends And Friends Into Customers by Seth Godin

Written by Seth Godin in 1999, this book remains a classic and highly sought-after guide for digital marketing. When looking for instant guidance on how to become a marketing leader, this is the bible. It explores building long-lasting relationships with customers by asking for their permission to sell products and services to them.

Key Observations

  • Modern ways of approaching clients
  • Focuses on earning the trust of the customers in retaining them
  • Mentions different marketing mediums like websites, and in-person interactions

Selling the Invisible: A Field Guide to Modern Marketing by Harry Beckwith

‘Selling the Invisible’ emphasises the popular marketing strategies in the service industry, ranging from emotional elements to more solid perspectives needed to sell a particular product. The book also offers practical tips on using invisible services to stand out.

Key Observations

  • Teaches a strong brand identity
  • Utilise storytelling to build an emotional connection with the client
  • Suggests introducing the value in the product apart from the benefits

Social Media ROI by Olivier Blanchard

Olivier Blanchard, an expert in social media return on investment (ROI), talks about the most sought-after aspects of social media marketing. Through his book, he carefully explains that ROI isn’t merely about financial returns but also about the value of social media activities. Blanchard maintains that one can achieve it by using the right metrics and aligning social media accordingly.

Key Observations

  • Measuring ROI is vital to any social media campaign
  • Social media and business objectives go hand-in-hand
  • All activities, including customer service, sales and strategies, work towards an ROI

The Anatomy of Buzz by Emanuel Rosen

‘The Anatomy of Buzz’ explains the benefits of buzz marketing in controlling successful marketing campaigns. One can become a marketing leader by exercising a few tenets in this book, like capturing customers’ attention through certain buzzwords. This word-of-mouth campaign works wonders when employed in a specific manner.

Key Observations

  • Real-life examples and case studies
  • Importance of influencers in enhancing buzzwords
  • Provides helpful strategies for businesses

Influence: The Psychology of Persuasion by Robert B. Cialdini

Cialdini’s book emphasises social media’s influence in building individual behaviour. He says social media significantly influences mass behaviour, compelling them to purchase a product or service. He also highlights six principles of persuasion, namely reciprocity, scarcity, authority, liking, consistency, and consensus, which play a vital role in persuading potential buyers.

Key Observations

  • Focuses on human behaviour and psychology behind purchasing activities
  • Offers insight into influencing people’s behaviour based on multiple principles
  • Highlights the strengths and weaknesses behind active persuasion

The Brand Flip by Marty Neumeier

In ‘The Brand Flip’, Neumeier discusses the changing dynamics of brand marketing and management. In the digital age, Neumeier says, the evolving dynamics result from the change in control and consistency, which are ever-changing. In saying so, Neumeier introduces the concept of “brand flip”, which brings forth several changes to the existing campaign.

Key Observations

  • Talks against traditional marketing campaigns and instilling modern approaches instead
  • Importance of being original and transparent in the modern era
  • Focuses on shifting power dynamics between companies and customers

Conclusion

With changing times, new techniques and tools evolve to influence a marketing campaign. These seven inspiring reads allow users to make informed decisions regarding their companies and services. From understanding customer behaviour to mastering flawless communication, these books cover every possible aspect of marketing.

Take digital marketing leadership courses to establish a successful sales and marketing career. If you’re looking for a more hands-on approach to marketing, enrol in the Executive Management Programme In Sales & Marketing Leadership by Imarticus. This programme will equip you with the latest developments in the marketing world and boost your learning experience. 

Top 10 Inspirational Marketing Leaders to Learn From

Posted on by Imarticus Learning
Reading Time: 3 minutes

Global marketing leaders succeed in the industry by devising innovative theories and performing marketing experiments, as there is no universal secret to acing this profession. As a marketing leader, keeping up with the latest trends is imperative. A sales and marketing leadership program may help one learn the ropes in this field.

best sales and marketing course

Learn about the top 10 most influential and inspirational marketing leaders to motivate yourself to work harder in achieving marketing success. 

Top 10 Inspirational and Influential Marketing Leaders

The only common thing among these top marketing leaders is their love for learning and indulging in new things. The following are the most popular marketing leaders:

1. Nemanja Zivkovic

Founder and CEO of Funky Marketing

Nemanja Zivkovic has developed unique ways and strategies of conducting B2B marketing activities which have grown popular and proven immensely effective in today’s marketing world. According to Nemanja’s ideology, the best way to keep up the marketing game is to rethink, refocus, and revive current marketing techniques constantly. 

2. Sydni Craig-Hart

Inclusive Marketing Strategist

Sydni Craig-Hart is a big name in the marketing industry as she helps big and multinational corporations connect with small businesses, minority-owned businesses, women-owned businesses, etc. She is an Inclusive Marketing Strategist who helps product designers and marketers devise ways of connecting deeply with such businesses.

3. Bozoma Saint John

CMO at Netflix

Bozama has worked with renowned companies like PepsiCo and CPG Giant, Apple Music, Uber, etc. Impressed with her track record, Bozama was appointed as the CMO of Netflix in June 2020. Her marketing strategies, especially at the time of the coronavirus pandemic, were successful in creating a huge customer base for Netflix. 

4. Lola Bakare

Founder, CMO Advisor and Inclusive Marketing Strategist of be/co

Lola Bakare is a well-known face in the world of marketing and advertising. She is the founder, CMO Advisor of be/co and a talented Inclusive Marketing Strategist. Her powerful writing has created an impact and has been featured in Business Insider, Marketing Brew, Adweek and HBR. She has popularly collaborated with famous organisations such as PepsiCo and Dell.

5. Michael Barber

Freelance Marketing Strategist and Brand Consultant

Michael Barber has impacted all marketing spheres, including agencies, colleges and famous companies like Johnson & Johnson. Michael is a popular marketing consultant who can build elite teams that generate unique and unforgettable client experiences. He is also an energetic and entertaining keynote speaker with incredible ability and knowledge as a brand consultant.

6. Mayur Gupta

CMO at Kraken Digital Asset Exchange

Mayur Gupta is an engineer-turned-marketing leader regarded as an all-rounder. His unique perspective and marketing skill set have allowed him to become a CMO at a young age. He has used data science and brand marketing excellence to leverage companies like Spotify, Kimberly Clark, Freshly, etc. Mayur has also been listed in Forbes’s Top 50 Most Influential CMOs.

7. Jacquie Chakirelis

Director of Digital Media at Cleveland Magazine and Quest Digital

Jacquie Chakirelis has emerged as a notable marketer in digital media, and she has touched various facets of the marketing world with her depth of experience. She possesses immense knowledge of GTM strategies, value positioning, content marketing and audience development. Her impact is visible in the actionable insights recognised after implementing Jacquie’s marketing strategies. She was also invited as a speaker at the recent Content Marketing World.

8. Beverly Jackson

Vice President Global Brand and Consumer Marketing at Twitter

Beverly has extensive experience working at institutions like Grammy and Yahoo. Currently the Vice President of Global Brand and Consumer Marketing at Twitter, she possesses dynamic qualities that help maintain and produce high-performance marketing results. She develops new and innovative ways of digital marketing to build a large community and drive brand loyalty.

9. Stacey Danheiser

Founder and CMO of SHAKE Marketing

Stacey is a master planner and developer of marketing strategies. With over 20 years of experience, Stacey focuses on preparing marketing strategies based on customer feedback reports, taking into account customer demands. 

10. Michelle Ngome

Founder of the African American Marketing Association

Michelle Ngome is a prominent voice in the field of diversity marketing. She is exceptionally creative and unique in her approaches to diversity marketing and has also created a DEI card game known as ‘Be Inclusive’. It is a short facilitation deck responsible for improving communication channels and increasing a sense of belonging in the marketing sphere. Ngome’s marketing approach emphasises increasing empathy and trust and building necessary people skills.

Conclusion

 A sales and marketing leadership program allows individuals to learn the various marketing strategies and techniques that can pave the way for new milestones in the marketing world. To become a successful marketing leader, consider signing up for the Executive Management Programme In Sales & Marketing Leadership, IIM Luknow by Imarticus. Take this course to accentuate your leadership skills and excel in marketing.

10 Things to Learn from Sales and Marketing Leaders

Posted on by Imarticus Learning
Reading Time: 3 minutes

In the realm of business, sales and marketing, leaders play a pivotal role in driving success and growth. Their expertise, experience, and innovative approaches serve as a guiding light for aspiring professionals and entrepreneurs. Whether you’re looking to launch your venture, climb the corporate ladder, or simply enhance your skills, there is a wealth of knowledge to glean from these influential individuals. 

By analysing their strategies, understanding their mindset, and embracing their key principles, you can unlock valuable insights that will empower you to excel in the dynamic world of sales and marketing. 

In this article, we will explore some essential lessons that can be learned from visionary leaders and sales and marketing leadership programs, ranging from the art of persuasion to data-driven decision-making.

Top 10 Things to Learn in Sales and Marketing

Sales and marketing skillsets come with invaluable expertise and experience that can inspire and guide professionals in this field. Here are some valuable lessons that everyone in sales and marketing should be familiar with:

  • Know the buyer

The key to successful sales lies in comprehending the buyer’s needs, but it encompasses more than mere identification of the buyer. It involves recognising the specific experience the buyer desires while contemplating a purchase within your market. With a deep understanding of the experience the buyer seeks, you can surpass them effectively. 

  • Sell in a buyer-responsive manner

By comprehending the buyer, salespeople can engage in buyer-responsive selling, offering what they desire when they desire it. For instance, if a buyer requires a brief trial to evaluate a product, provide a hassle-free, user-friendly free trial that demonstrates its value within a few minutes or less.

  • Work smarter, not harder

In the world of sales, working smarter, not harder, is a key to live by. You can tap into the power of technology and leverage various apps and resources available to simplify your life. You can also optimise your daily routine by delegating mundane tasks to efficient tools and utilising them at their best.  

  • Communicate succinctly

The presentation of information holds greater significance for buyers than the information itself. A valuable guideline to follow is to communicate a broad length of information within a few words. Adhering to this rule ensures that your message remains focused, concise, and impactful. This approach lets you capture the buyer’s attention effectively, maintain clarity in your communication, and leave a memorable impression. 

  • Demonstrate subject matter expertise

Salespeople must grasp the buyer’s needs, challenges, and desires during the purchasing journey. They require in-depth knowledge of their product or service and the industry. Demonstrating subject matter expertise involves staying updated on industry developments, conducting thorough research, and staying abreast of emerging trends. By being well-versed in their field, salespeople can effectively address customer questions, provide insightful recommendations, and offer tailored solutions.

  • The art of persuasion

Learning ethical persuasion is invaluable in all aspects of life. Striking a balance between pushiness and persuasion is a skill effective leaders deeply possess and exhibit in all spheres of life. Understand client needs, showcase product value, and empower prospects to make informed decisions.

  • Become great copywriters

Becoming a skilled copywriter is another valuable asset for sales professionals. Effective copywriting allows salespeople to craft compelling messages that resonate with their target audience, elicit emotions, and drive action. By becoming great copywriters, sales professionals can create persuasive content that captures attention, establishes credibility, and boosts sales performance.

  • Be socially active with target buyers

Social media has revolutionised sales, giving birth to social selling. Engaging on platforms like Facebook, Twitter, and LinkedIn is now considered a valuable sales skill. Top salespeople leverage tactics like hosting buyer dinners to build relationships, focusing on connection rather than direct selling.

  • Personalised interactions

Buyers seek personalised messages, not generic pitches. Tailor your sales efforts by incorporating buyer-specific demographics, such as industry examples in B2B or age/gender considerations in consumer sales. Referencing recent events in their personal or professional life enhances personalisation and fosters meaningful interactions.

  • Dealing with rejection

Sales provide essential lessons on navigating rejection and cultivating resilience that extend beyond the professional realm. Letting go and mastering sales objections build psychological skills applicable to various life situations. Developing a thick skin enables handling rude responses and focusing on broader goals. Aspirants hoping to pursue leadership roles are highly suggested to hone this skill. 

Conclusion

In conclusion, mastering the above skills is crucial for sales and marketing professionals aiming to excel in their field. Understanding the buyer, leveraging technology, personalising communications, and demonstrating subject matter expertise are key components of successful sales and marketing strategies that many leaders have implemented and reaped value from. 

To further enhance your sales and marketing leadership abilities, explore specialised courses like the Sales & Marketing Leadership program offered by Imarticus. This program equips aspirants with advanced knowledge, practical skills, and industry insights to thrive in the dynamic world of sales and marketing.