A survey has been conductedthat determines the top 5 challenges that salespeople face today in closing sales. They are namely:
1. Long decision timeline
2. Competing with a lower-priced competitor
3. Too many competitors
4. Little interest from customers about product/service
5. Getting through to the decision makers
Very often than not, salespeople are so focused on pitching the sale and closing the deal, they fail to read and understand their consumers. This leads to them lengthening their own sales cycle and not be able to tell if prospects are giving them a false objection. Thus it is vital to understand consumer behaviour to implement more effective sales and marketing strategies.
Consumer behaviour is the psychology of marketing that studies the way people purchase, use, evaluate and dispose services and products. Understanding consumer behaviour helps one determine why consumers choose a particular product or service over others. Consumers seek and purchase products to attain maximum satisfaction. Needs and wants exist if a customer is dissatisfied.
Why understanding consumer behaviour is important in business?
Through the study of consumer behaviour, we will be able to understand our consumers better, and thus be able to implement more effective marketing and sales strategies, targeting each consumer more effectively. When the marketing strategies and consumer behaviour are aligned, one can expect success in their sales and higher profit margins in the market place.
Renee Tan, the writer, is a consultant and ACTA-certified trainer for corporate organisations and educational institutions who specialises in the following: 21st Century Skills, Personal Mastery & Peak Performance, Communication Skills, Innovative Thinking, Entrepreneurship, Design Thinking, Personal Branding, Problem Solving & Decision Making, Service Excellence, Effective Networking, Public Speaking & Presentations, Team-Building & Cohesion, TetraMap®, Profiling, Career Guidance, Interview Skills, Sales Techniques, Negotiation Skills, and Brain-Based Learning.
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