3 Most Important Points in the Psychology of Selling

If you want to be successful at sales, you must know how your customers think and act.

Convenience and Exclusivity Rules the Day

Customers often decide emotionally, and justify their decisions with logic. That is why convenience and exclusivity appeals to customers’ emotion and are the top points that make people buy.

Convenience is the key of user experience. In the mobile commerce world, if your app takes more than a few seconds to load, users may simply close your app out of impatience.

Exclusivity motivates potential customers to fight for the special privilege. Taobao, an online shopping titan originated in China, took exclusivity to a new height when it launched a 30-min special offer, and sold more than 100,000 units in 10 minutes.

 

People do not Think Like Computers

Customers may not be rational in picking their best choice. We may see customers as “thinking like children”, who have short memory span and like to be coaxed. We will need to coax, please, and never fail our customers.

 

People are Naturally Suspicious

This is where most salespeople fail, especially for those from big companies. We see that customers choose to mainly trust even bigger name, even though (or especially when) their prices tend to be more expensive.

The solution is simple: win people’s trust by doing the right things for your customers, consistently.

 

(Modified from Andy Ng’s article, the Straits Times, 18 may 2017)

Loyalty Program in Singapore: Card-Based Rewards or Digital Membership?

Loyalty systems not only encourage customers to come back to retailers’ stores but also provide valuable information about customer buying habits. From a report of the Center for Retail Management of Northwestern University, although only 12% to 15% of customers are loyal to a single retailer, this minority generates 55% to 70% of company sales. Additionally, according to Nielsen’s Global Loyalty Sentiment Survey, over 70% loyalty-program participants agree that loyalty programs make them more likely to continue business, and two-third (67%) agree that they shop more frequently and spend more at retailers with loyalty programs. Once customers realize the benefits of a loyalty system, they will actively seek out opportunities to use it. Therefore, loyalty system is an important tool for business development.

The Process of Building a Loyalty Program

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1. Build a Solid Loyalty-Strategy Plan

All elements of the program should be prepared and structured clearly in this step, including timing, branding, value-proposition, attractive incentives and rewards, loyalty currency and marketing channels. Companies also need to build a calendar of events and timetable to effectively manage the plan. In case of using outsourcing card-based reward, the companies need to talk to your card vendors and suppliers to align the plan.

2. Embrace a Loyalty Mindset

Once the plan is in place, there is a need of philosophical change in the company views of loyalty for your employees, vendors and customers.

3. Set up ​Customer Relationship Management

At this stage, companies need to ensure that a management system is in place to effectively run the loyalty program. In fact, there are many tasks to consider, including the process of enrolling, identifying and tracking your loyalty customers. Therefore, the enterprises might want to utilize flexible software in order to efficiently set up promotions, run reports and add or delete program options at their preference.

4. Market and Launch Loyalty Program

After putting the pieces together, it is time to promote and launch the program. With the rise of popularity of mobile devices, companies now have to choose between a traditional card-based loyalty and using a digital membership to implement their loyalty strategy plan.

What are Loyalty Cards?

Loyalty cards come in many different types, such as stamp cards, which is the simplest form. Besides, the most popular version resembles a plastic credit card or a key chain fogs containing a bar-code or magnetic stripe that can be scanned at the point of sale (POS). When a card is scanned, the information about customer’s purchases is captured into a database that tracks what has been bought and what rewards the customer has received. The information in the database is used to help the companies understand and influence their customers’ buying habits. Based on the process of building a loyalty program, in order to issue loyalty cards, the small enterprises in Singapore usually need two kinds of collaboration. The first collaborator are loyalty card vendors who print and issue loyalty cards such as Vistaprint and GoGoPrint . The second partner is CRM software suppliers who help the enterprises manage information from customer loyalty card transactions, create advertising and marketing campaigns directly targeted to the audience such as Ascentis and Edenred. These kinds of collaboration in running a loyalty card program not only consume a lot of time in implementing and managing the plan, but also cause difficulties if the enterprises want to make changes of their executive plan. In addition, from customers’ point of view, nowadays, with so many businesses offering loyalty cards, cards can easily get lost in shuffle.

What is Digital Membership?

Businesses directly digitize the loyalty cards into mobile apps or mobile wallets, which will help customers and the businesses immediately keep track on their rewards and customers’ data respectively. Digital membership makes loyalty program execution become seamless and more convenient to both sides, because the enterprises only need one partner or one system for the whole loyalty program, and the customers also get rid of burdens of carrying or losing membership cards

Which Loyalty Option is Better — Loyalty Card or Digital Membership?

From Global Retail Loyalty Sentiment Report in 2016, digital tools are particularly appealing in Asia-Pacific with high percentage loyalty-program participants who feel attractive with stores using loyalty mobile apps (69%), having digital payment systems (78%) or using third-party apps that consolidate loyalty-program information (63%). Furthermore, mobile features are highly desireable by 69% of loyalty-program membership. In fact, they are more likely to use a loyalty program if it is on their smartphone. Therefore, having a loyalty program within their own app or in a separate app enclosed with store digital coupons could help enterprises reach out more green consumers, especially young consumers.

Neilsen also points out that flexibility and personalization are the most two important features that appeal both millennials and boomers in a loyalty program in the future. In fact, with a digital membership program, customers could earn rewards regardless of whether a purchase is made in store, on a website or on a mobile device without any manual input or adjustment. With the help of Artificial Intelligence and Data Analytics technologies, digital membership softwares could also help enterprises automatically personalize promotions based on past purchases and offer customers opportunities to earn bonuses by doing some specific activities. On that account, digital membership potentially becomes the future of customer loyalty strategy.

For these analyses, Loyalty Program is a crucial element for maintenance and development of all business. It appears digital membership with supportive smartphone apps are the most convenient and beneficial choice of loyalty program for companies looking to implement their own system, particularly, if thier customers are young and digitally-savvy people.

E-Commerce and Durian Delivery: King of fruits delivered fresh as more sellers go online

Durian lovers no longer need to trek to Geylang or Balestier to hunt down the best deals.

The king of fruits can now be delivered fresh to your doorstep at the click of a button, with more sellers turning to e-commerce to beat the competition.

Durian sellers are listing their products on e-marketplaces such as Qoo10 or setting up their own websites to drive online sales.

Mr Tan See Thong, who runs Durian Plantation in MacPherson Road, said the company started listing its products on the Qoo10 platform last month and has since sold close to 1,000 durians online.

Online customers select their durians based on weight. The fruits are then de-husked and packed into boxes for delivery. Prices online are similar to those in-store.

“The (online) response has been good even though it’s now a smaller harvest and prices are about two times higher than usual,” said Mr Tan, who speaks mainly Mandarin.

“A traditional industry like ours needs new ways to grow, and e-commerce can help us reach out to new customers. We need to be faster than others to get ahead.

Another company, Fruit Monkeys, also recently started listing its products on the Qoo10 platform.

Co-founder Bernard Tan declined to reveal sales figures but said business has “picked up really fast”, with online sales now contributing about 40 per cent of total takings.

But the e-commerce market comes with its own set of challenges, durian sellers said.

“It was tough initially – we had to perfect the packaging and make sure we deliver good durians to customers within a short time,” said Fruit Monkeys’ Mr Tan.

Durian Plantation’s Mr Tan said there have been some hurdles, including issues with maintaining the quality of delivered fruits.

Mr Raymond Ng of Lele Durian said the company first dipped its toes into e-commerce two to three years ago but subsequently took a break from online sales.

“We had to do our own deliveries, so it was tough to manage,” said Mr Ng, who is helping his father with the business.

He recently decided to get back into the online game, but limits online sales to 20 per cent of his stock while keeping the bulk for regular customers who visit his store in Ghim Moh. He also makes use of a delivery service offered by Qoo10 which picks items up from sellers and delivers them to buyers.

“This is a fruit, so there will be taste differences. Some durians are more bitter and some are more sweet, so we have to take that into consideration when selling online,” said Mr Ng. “Initially, there were some complaints from customers that the taste wasn’t what they expected, but slowly we built up our reputation.”

But some still prefer to shop for durians in-store, said Fruit Monkeys’ Mr Tan. “Durians are not like other fruits. Some customers still want to engage with the seller and build a relationship.

“They want to talk to you, ask you what’s good, see you open the durian… There are different types of customers and we have to cater to them accordingly.”

Qoo10 Singapore country manager Cho Hyunwook said there are now six durian sellers on the platform, who have sold more than 4,000 durians in total since March.

“The main pull factor for these merchants – who have mostly never ventured into online commerce before – is the large database of customers that we have at more than 2.5 million registered users.”

Instead of using e-commerce marketplaces, other durian sellers have opted to set up their own websites, including Durian Culture which has brick-and-mortar stores in Sims Avenue and Upper Serangoon Road, as well as 227 Katong Durian which operates in East Coast Road.

Admittedly, setting up their own durian selling website may not be so easy. This is where SmartCommerce comes handy. SmartCommerce is created to help SME generate sales. The product portfolio includes CRM with lead gen engine, Digital Membership on mobile and DIY E-Commerce with automated search engine optimization (SEO).  In additon to mobile-optimized website with modern design, the software solution suite also uses artificial intelligence (AI) and data analytics to harvest the internet and social media for targeted sales leads. Interested to find out more? Click me.

 

(This article is extracted from http://www.straitstimes.com/business/companies-markets/ding-dong-its-durian-at-the-door-king-of-fruits-delivered-fresh-as-more, with edition.)

Top 5 SME Business Trends in 2017

1. Subject Matter Experts Become The New Rainmakers

Subject matter experts who understand and can help guide the sales process drive growth in top performing B2B companies.

Consider three different buying personas: an order taker, a salesperson, and a subject matter expert (SME). The order taker merely takes an order, and provides a price and delivery schedule. That function can be easily performed by Amazon (often with better results).

Of the remaining two personas, which one would you want to encounter as a customer? Would you want the person with a mission to sell something to you, or the expert who you might be willing to pay to meet with because of their deep expertise?

When I present these options to executives, they often resist the notion of meeting with a salesperson, but would willingly meet with the SME to gain insight.

Whereas you can hire new salespeople right out of college, SMEs can be harder to scale. However, most organizations have a stable of SMEs who currently do not play a role in growing revenue. The best organizations offer integrity-based sales training to build a sales culture within the organization and empower the SMEs as keys to growth.

Businesses used to throw bodies at sales goals, and accepted that most of the people would fail. With SMEs, businesses place a premium on proper lead qualification and narrow focus on the right opportunities to make efficient use of scarce, yet highly effective resources. SMEs won’t tolerate wasting time pursuing bad opportunities.

 

2. Sales And Content Marketing Become Fully Integrated

As customers and buyers continue to do more online research, top performing organizations continue to integrate sales and content marketing. The goal is to ensure that when customers search for risks, challenges, and implementation strategies associated with your solutions, they will find your content to address their questions.

When I purchased my Tesla, I did research online, and scheduled my test drive the same way. The Tesla consultant coordinated the test drive and helped me select the right options (in many cases talking me out of features I didn’t really need). I then completed the purchase form online using a tablet in their store in a shopping mall. Ultimately, I placed the final order via Internet browser, from home.

Tesla provided articles and videos to help educate me as a consumer, and build trust surrounding the purchase. Through its marketing, Tesla established an innovative brand that helped me conclude that they have a long-term vision and position for the company.

As Marcus Sheridan teaches, top companies engage their front-line sales teams to identify topics for content marketing, and the content marketing team helps sales professionals to effectively use content in the sales process.

The people at SalesMango also have an interesting take on this concept.

 

3. Brick And Mortar Stores Without Expertise Disappear

Brick and mortar stores that merely offer merchandise without expertise or curation will continue to suffer.

Nordstrom gives fashion advice. Home improvement stores like Lowe’s and Home Depot offer education. But why does Costco work so well? Costco customers have come to believe that the retailer curates a narrow set of the best products at a great price and stands behind them with exceptional service. If they offered 15 alternatives for a given need, they’d fail. By curating quality and delivering value, they build trust.

Brick and mortar retailers that let you find things on your own will continue to lose market share to Amazon and others. If you have to discover the products on your own, it’s easier to do so online. USA Today reports on vast numbers of traditional retailers closing stores. If you look at the stores listed, they all fit the model of retailers that offer products without expertise. The Balance shared similar information.

 

4. Subject Matter Experts Get Sales Support

With a shift in subject matter experts (SMEs) to grow revenue (Trend #1), organizations understand that SMEs might not have the ideal professional or interpersonal skills to drive the buying steps for customers. Without proper support and training, SMEs could miss opportunities. However, customers still prefer to work with SMEs over traditional salespeople.

Top organizations recognize that SMEs often have broad roles in the organization. Their time is valuable, and you cannot afford to have them work inefficiently. This means three key components drive SMEs’ success:

1. Build and reinforce skills to understand the sales process to better appreciate how customers make decisions and how to “sell” with integrity;

2. Deploy sales support professionals who manage proposals, track details, and ensure continuity with clients who are primarily serviced by SMEs; and

3. Implement automation tools to keep important tasks from falling through the cracks and ensure focus on the right opportunities.

The sales departments will evolve to support SMEs. Top organizations surround SMEs with resources and tools to help manage follow-through, assign tasks, and track progress. This support network prioritizes follow-through based on rules, and ensures that the organization can be responsive and proactive at the right times. Tools like Salesforce, Contactually, and Infusionsoft provide dashboards and notifications to ensure nothing slips through the cracks.

 

5. Recurring Revenue

Companies continue to shift from single, up-front payments for products to recurring revenue for a service. Financial markets reward predictable, recurring revenue. Whether it be monthly or annual, smart companies recognize that recurring revenue with a high renewal rate demonstrates perceived customer value. High renewal rates become an incredible marketing message.

Look for innovative vendors to waive long-term contracts and put their money where their mouth is. When sellers either feel a need to lock you into a long-term agreement or get payment up front, they are implying that you might find a better alternative. If the vendor assumes the risk of delivering and maintaining value by not requiring the long-term commitment, then the customer will reward the seller with more trust.

Just look at what John Legere did with T-Mobile. They went from being on the verge of disaster to thriving by removing contracts and listening to customers.

If you give your client the choice to renew or leave every month, then you’ll have your finger on the pulse of your market.

 

(Modified from: https://www.forbes.com/sites/ianaltman/2016/12/06/top-10-business-trends-that-will-drive-success-in-2017/2/#1124bf74349b)

 

What Is Real Estate CRM And Why Do You Need It?

Real-estate-CRM

 

Recent studies in the real estate sector have confirmed that the out of  entire flow of visitors to sites of construction companies only 10% decided to buy after registering on the site and acquired housing within six months. The remaining 90% of potential customers continued to look for the best option. Under such circumstances, consumer behavior require the real estate agents to quickly establish a contact with the potential customers and clearly define their needs in order to stay ahead in the competition.

To do this, many companies are implementing automation systems that can effectively organize the entire range of the company’s internal processes and help close deals faster.

CRM-system – is not a new tool for the real estate market but some of the leading players in the market are eager to change to more customized and tailored solutions. The introduction of automation technology allows you to optimize the entire sales team and maximize operating, saving internal resources of the company.

 

What are the advantages of automation in real estate?

CRM for Real Estate helps build the perfect process of interaction with the customer at every stage of its “journey” from the moment of the application before making their purchase decisions. This way you can keep the remaining 90% of leads and most of them turn in real buyers. The system automates the process of placing advertisements on real estate at specialized sites.

An important point: the processing speed of a single application can be increased through the automation of the search client contacts arranged in a single database. And the information on real property can be provided to customers much faster with the help of the automated selection of real estate listings. This also applies to the transaction phase – save time on paperwork and makes the process of selling property more efficient.

In specialized systems such as CRM Realty or, as they are called CRM real estate, rent CRM, there are many software manufacturers. First of all, they are for real estate business: buying, selling various types of real estate and its rent. The system is integrated with all necessary information about the customer, provided the tools necessary for the analysis of the collected data, including marketing activities, sales and service.

 

Such systems provide automated processes following:

 

  1. The formation of a database of all real estate objects;
  1. Accepting applications for the purchase or sale facilities;
  1. The records of transactions for the purchase, sale, lease of real estate;
  1. Maintenance of documentation for various transactions with real estate.

 

Property CRM system helps to ensure the automation of virtually all processes in the company. This includes the conclusion of agreements with contractors, customers and the search for sellers of real estate, support of all transactions and the final analysis of successful and not successful negotiations with customers.

Generally, CRM system for the real estate market is one of the most effective solutions for the professional sphere. Many companies are working for quite a long time are using this service.

Some manufacturers offer such services as rental CRM systems. In this case the user does not buy directly the program itself and takes it out for a certain period.

However, a tailored system is always better as it perfectly suits your unique processes. We at PureLogics have been working with real estate clients for the last many years and have worked with many big players in the market. You can call us for advice or consultation and our technical team will be glad to help you out.

 

(Article extracted from: http://www.purelogics.net/blog/what-is-real-estate-crm-and-why-do-you-need-it)

A revolution for E-commerce Entrepreneurs?

How to start with the concept of Smartcommerce, just now that this idea will make your life easier to create and manage digital business. The concept is simple to understand; it is a package who will manage your research of new customers with a revolutionary algorithm, who will, according to your criteria find right possible consumer for your products.

Smartcommerce is more than that, it is a package, in plus than the CRM, it will also facilitate your marketing campaign on social media adapting your campaign to the different websites. With this you will touch different communities on different social medias and save a lot of times to develop your projects.

Furthermore, the SEO tool seems really interesting and intuitive to use, it will help people, who maybe are afraid to develop business on internet because the tools are too difficult to use and this one got a plus. It can adapt your website on smartphones because the digital market evolves rapidly as the consumer’s habits and have your website readable on smartphone is mandatory now. The membership rewards will help you to know the feedbacks on your products to adapt perfectly to your customers’ needs.

Finally, the service proposed by Smartcommerce is interesting for start-ups, new online entrepreneurs and small companies facilitating them online implantation and helping them to manage easier than before. Maybe with this product some peoples who were afraid to start online business will do with the help of Smartcommerce. The company give 30 days’ trial to convince companies, so try it and see be yourself the results on your business.

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