Niche Sales Strategies
Selling to Drilling and Boring Equipment and Supplies Businesses
As the market recovers, drilling and boring equipment and supplies businesses are gradually bouncing back from the Great Recession and are starting to reinvest. For companies that sell to drilling and boring equipment and supplies businesses, the upside is that a strong selling approach can lead to rapid customer acquisitions in this market.
B2B sales can be challenging. To succeed in this environment, you need great ideas and perfect execution.
Leveraging the strength of the market, entrepreneurs are knocking on the doors of the marketplace, eager to earn their share of the profits. Competition can be tight, so new businesses have to be careful about the way they approach drilling and boring equipment and supplies businesses.
Know the Competition
Companies who sell to drilling and boring equipment and supplies businesses face a fiercely competitive sales environment.
Although it may not seem like it, there are many other businesses that sell similar product lines. Subsequently, drilling and boring equipment and supplies businesses are regularly targeted for prospecting and tend to be very knowledgeable about their buying options.
By researching the competition, you gain the ability to create an effective value proposition. Although there are many ways to research your competitors, discussions with drilling and boring equipment and supplies businesses themselves may be the best source of information.
Reaching Prospective Customers
Prospecting transforms contacts into qualified leads.
Networking can fine tunes prospecting performance and closing rates. However, it's important to make sure your sales force isn't so focused on conversation that they miss the point of prospecting, i.e. the identification of likely buyers, key decision makers and high value industry contacts. In other words, the type of people you meet is just as important as the number of people you meet when prospecting for drilling and boring equipment and supplies businesses.
Lead lists are advantageous because they narrow the field for your team. Third-party lists from reputable vendors (e.g. Experian Business Services) provide a database of likely conversion targets, making it easier for your company to balance the quantity and quality demands that are prerequisites for effective prospecting.
How to Evaluate Sales Staff
Periodic staff assessment is essential for companies that sell in this industry. Businesses that achieve significant market share recruit the cream of the crop and routinely evaluate them against performance goals and benchmarks.
Although annual reviews may suffice for other business units, sales units should be evaluated quarterly with monthly or weekly reviews of sales totals. Training, coaching and sales incentives can be useful for boosting sales and employee morale. In some instances, it may be appropriate to team underperforming sales reps with reps that have more experience selling to drilling and boring equipment and supplies businesses.
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