If we were to think about how people purchase stuff nowadays and how they used to do it ten years ago, we would find that things have changed quite a little bit. Because of the technological advancements that were made so far and thanks to the Internet, people who are looking to buy things online are now doing extensive research before even contacting a sales representative – and this means that every sales team is required to adapt accordingly, just like people started to research interview questions to be hired before even applying for a job in their fields of work.
Why Are Inside Sales the Future
The first reason that comes to mind is, clearly, the improvement of video conferencing and the fact that it will change the way we do things in the future. There are several available tools, such as Skype, Zoom, and WebEx, that give sales representatives the option to communicate easily and quickly with their customers without the need of being physically there. This can cut huge costs that are required for traveling, such as time and money.
For example, just think about the effort and the time that is invested in scheduling ten meetings with people in ten different locations around the country. Fun fact: Scientists have estimated that, in the future, around 85% of the buyer/seller transactions are expected to happen in an online environment, via video calls and social media. Video conferencing is the future, and the number of people joining this movement is exponentially growing from month to month.
Internet meetings will be a mandatory skill for any salesperson, as Internet meetings will slowly replace the typical face-to-face meetings, in which the salesperson delivers his speech and tries to sell his products/services to a potential client. Internet meetings have many pluses, such as:
- the time spent in traffic will be eliminated
- people from all over the world will be able to connect with each other in a matter of minutes
- traveling costs will be eliminated
- more free time for the employees, as they will be saving all that time spent commuting
In this scenario, technology plays an important part in enabling the sales team, as it can give them an edge by allowing the team to be more productive and efficient than their counterparts, that are on the field. This is one of the many reasons why inside sales have a massive momentum right now, as virtual meetings are starting to slowly replace the face-to-face classic business meetings. You can say goodbye to those long lunches and the rounds of golf that usually happen afterward.
You Will Find the Best Candidates in a Different Way
Even if we like it or not, the corporate world is going through some changes, and we will have to adapt, as businesses nowadays are starting to find the best candidates through different methods, and the traditional way of standard working hours will change towards more flexible people. Salespeople are starting to close out deals on their phones, even outside working hours. In this movement, the rise of inside sales has been an important part of supporting the change, ultimately resulting in a happier sales representative and an increased satisfaction factor for the customers.
The cost savings are increasingly substantial, as it has been observed how the average cost of sales has seen a significant drop of 50-90% in comparison with the traditional way of sales field. It is no wonder that inside sales teams are expected to replace the traditional way by the end of this decade. If you check this website here, you will be able to discover new methods, through which you can get emails and help your inside sales team to find the appropriate leads, and follow through with them.
Inside sales have a long list of pros that can speak for themselves, and if we were to look from a sales rep perspective, it is a more convenient method in comparison with the old-school field sales. It helps them focus more on their customers and less on travelling and commuting. This ultimately brings much happier sales reps that will be motivated to achieve their goals without wasting any time on unnecessary things.
Behaviors and Preferences are Changing
The buyers of today have the tendency to do exhaustive online research on the product they desire, and only afterward, they will contact a sales representative, meaning that they will already have most of the product knowledge. As a matter of fact, it is known that buyers are already at 60-90% of the buying process before even engaging a sales rep. With that in mind and the fact that your customers are probably facing a very busy schedule, it’s pretty easy to digest the fact that almost 70% of the customers are choosing to work with an inside sales team.
The way salespeople find contacts, has changed over the years, as social media profiles have become a gold mine when it comes to finding out their prospects’ areas of interest or requirements. As a result, you will be able to have personalized discussions with your prospect and increase the chances of building a stronger relationship. Now, to back this up with some statistics, we will have you know that a whopping 72% of the sales representatives have updated their sales process and added “social selling” in their repertoire.
The sales methods field has always worked so far, so we cannot discredit them and give up on them, as there is still a place and a time for the traditional methods. The fact that face-to-face business meetings have the ability to help you strengthen your relationship with a customer is undeniable, and it will surely contribute to the success rate of sales teams, bringing them closer to their business objectives.
Tips For Small Business Owners
This article talks about the tips for small business owners. Here you will find advice from successful business owners like how to adapt to adversaries, getting a Contract Management System, and delegation.
Their tales of triumph would always begin with, “It all started with a dream.” Blah blah blah. I am sure that you have heard of all those cliched stuff that makes for a great inspirational story. However, what they do not tell is that it is not a black-and-white story. There are multiple factors that affected their success.
Here we have compiled a list of advice from business owners that have achieved success. Take note that there is no perfect formula and these are just advice that majorly helped these companies.
Set a Clear Mission and Vision Statement
Before you set forth with creating your company, one important thing that you have to do is to set a clear mission and vision statement. The vision and mission statements of a company has a lot of uses. The purpose of your organization and its future endeavours are all dependent on the goals that you’ve set.
First of all, it will provide you with the purpose that your company will need when it faces adversary. Your Mission and Vision statement would also play a crucial role for your decision making.
As a business owner, your main task will be to make the big decisions. Use your Mission and Vision statement to help you decide which avenue to take. Always ask yourself as to which action would help you accomplish your goal better.
Research Existing Competition
Go around your local area and check whether you have any competition. Take note of what they are doing and ensure that you do something better. There is nothing wrong with getting ideas from your competition as long as you don’t exactly plagiarise their tactics. Just get the general gist and tweak it to your advantage.
Most of the companies in the Fortune 500 list achieved their success because their products/services were able to fill a void in the market. They re-invented the wheel so to speak. You don’t necessarily have to come up with an entirely new and original idea. You can take existing ideas and then give it a dash of creativity.
One thing that you have to know is that the market is very volatile. It will experience a lot of changes. You don’t necessarily have to keep up with all of the shifts but you do have to know how to adapt to these market changes.
Perhaps the best example of this would be Blockbuster and Netflix. Blockbuster used to be a mega-company that dominated the Video Rental agency. For a small fee, you can watch any video that you want. It was the norm for anyone to pass by a Blockbuster store to borrow a film to watch for that night. However, the rise of popularity of the Internet and streaming sites spelt out its demise. Without adapting to the market, it has become a warning sign to businesses that adaptability is key to staying on top.
Netflix, on the other hand, went the other way of Blockbuster by changing its business format and became a streaming site. Today, the annual gross income of Netflix is a whopping 16 Billion Dollars.
Invest In A Contract Management Software
You need organization in your life. No matter how small or huge your business is, you need to organize your systems. One important aspect that you have to take care of are your contracts. It is an important asset for your company.
When you have a Contract Management Software in place, you will have a full visual of your contracts and their performance. This means that you will most likely have a better grasp of how to manage your company. It will also allow you to mitigate the risks that you might otherwise take.
Learn To Delegate
You can’t do it on your own. You need to trust your employees with some of the key processes of your company. One mistake that new business owners often make is that they do not give specific tasks to each person which leads to chaos and miscommunication. Having a proper organizational structure will allow you to improve the accountability of everyone in the office. You will also be able to pinpoint any non-performing members of your organization and make the appropriate action.
Trends You Need to Know About in Business Education
Business is a fast-changing world, with quantum leaps in technology and globalization making yesterday’s “next big thing” rapidly obsolete.
There are few fields in which educators need to remain so informed of the latest trends and technologies, in order to provide their students with an education that is up to date and relevant to the constantly moving target that is today’s business world.
Here are five top trends in business education that are happening now.
1) The Workplace Of Tomorrow Will Need Soft Skills Like Creativity, Communication And Problem Solving.
Advances in artificial intelligence, robotics and computing will replace many workers in the near future. Yet they will also create a demand for skills unique to humans, including creativity, critical thinking, communication, problem solving, innovation, collaboration and adaptability.
Technical skills will always be needed and shouldn’t be overlooked by any business student, but the coming trend in business is big thinkers with the skills to harness the powers of human creation.
2) Digital Learning Platforms, Online Education And Hybrid Formats Will Become The New Normal.
The days of getting a traditional four-year bachelor’s degree followed by a two-year MBA at a brick-and-mortar university are in decline. While there is undeniable value in a broad-based foundation in business education, rising costs have burdened students with enormous student debts and led many to question whether the return on this investment makes it worthwhile.
Also, the rapidly changing business climate has raised many doubts about whether a one-time education is adequate to equip business grads for the changes sure to come in the years ahead. Online education, continuing education, digital learning platforms and hybrid formats that include both classroom and remote education are widely seen as the wave of the future.
3) Expect To See More One-year Mba Degrees — And More Hiring With No Degree At All.
Fast-track MBAs for working professionals are another growing trend, in which people with a given amount of professional experience can attend courses for one year and emerge as certified business management professionals.
In addition, more forward-looking companies are abandoning the requirement for any college degree at all, recognizing that targeted alternative training and real-world job experience can be more valuable than a college diploma.
4) Entrepreneurship Is And Will Remain A Growing Field.
Apple, Google, Microsoft, Amazon and Facebook are the five most valuable companies in the world — all of them tech companies and all founded by entrepreneurs (several of whom were college dropouts).
The chances are good that all of these companies have affected your life in a personal way. They employ hundreds of thousands of people and have a combined market capitalization of around $5 trillion. And each of them was founded by a small handful of forward-looking people harnessing new, disruptive technologies.
Machines and robots cannot replace this kind of uniquely human innovation. Business schools will and must increasingly teach the skills needed to start new enterprises that can literally change the world, in big ways and small.
5) If You’re Betting On The Future, Think Ai, Stem And Big Data.
Having said all of the above about human innovation, let’s not forget that the machine-based “thinking” behind artificial intelligence (AI) — like the driverless cars that our grandchildren will someday take for granted — are a supremely important component of future business development. And someone will have to create, hone and perfect these technologies.
Studies in science, technology, engineering and mathematics (STEM) are among the surest ways to climb aboard this inevitable wave.
The same is true of “big data” — the hyper-explosion of information that is available to us all, but is too much to grasp without intelligent analytics and insightful processing. Talented professionals will be needed in the years to come to turn millions of data points into actionable business plans that will work in the real world.
Starting A Tech Company? 5 Clever Ways To Afford All the Tech You Need For Your Business
Permit fees, employee expenses, equipment, and advertising are only some of the business startup costs you should keep in mind when building your business. However, these costs may vary on an industry basis.
Don’t know how to fund a tech business? We’ve got you covered. We’ll tell you everything about your options. Read on for your guide to choose the best funding to start building your tech startup today.
Can You Get Funding You Need When Starting a Tech Company?
Most technology entrepreneurs think twice about building their startup due to lack of funding. However, affording the basic startup costs is easier than you think. Today, founders can even secure funding that won’t cost them a thing.
Don’t know what we’re talking about? Here are the top 5 funding options you should consider to start a tech company.
1. Small Business Loan
Small business loans are one of the most popular funding options for companies big and small. Before applying for a loan for a small business, you should search for lenders who specialize in funding companies in your industry. Choosing a financial institution that understands your business model will allow you to secure more funding at better terms.
2. Equipment Loan
Equipment can be one of the biggest costs tech startups face. Certain lenders offer equipment loans to cover these assets. It will depend on the type of machinery you need and your company financials.
3. Small Business Grants
Small business grants are given to startups and business owners by private companies, the Federal and State government. While it may take some time to receive a grant, these funds come with no strings attached. You won’t have to repay the institution.
4. Inventory Backed Loan
So you bought the inventory to fulfill your orders, but you need to buy equipment or other supplies to produce the items. You can request an inventory backed loan to cover these additional costs.
The lender will use your inventory as collateral on the loan. Typically, financial institutions offer 75% of the inventory appraised value or 50% of its cost.
5. Account Receivable Loan
Maybe your startup idea was a hit and you don’t have enough capital to fulfill all the orders coming in. You don’t want to turn these customers away. An account receivable loan can allow you to secure the funding you need.
Lenders offer early payment of an outstanding invoice in exchange for a fee. In this loan, your invoice will be the collateral on the loan.
The Bottom Line
Starting a tech company can be the best decision you’ll ever make. It will all come down to developing the right business plan to turn your vision into reality. While lack of funding may be holding you back, there are many funding options available.
It’s vital to do your research and choose the type of funding that fits your business plan. You may consider consulting with an expert to get a clear idea of the best approach depending on your business financials.
Want to learn more ways to turn your business idea into a reality? Check out our Business section to find more insightful articles.
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