We all have come across the word, ‘Sales.’ It generally means selling a product or a service to a customer. But in reality, the word means so much more. So what are the types of sales?
Big companies employ thousands of sales representatives, divided into several departments. The goal of a seller is not just only selling but resolving issues concerning the customer. That helps to build relationships with the customer and encourage other potential customers to do the same. Bonding with the customer and resolving their issues satisfies them; that leads to a successful relationship.
For that matter, the definition of sales tends to change.
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Ten types of sales you need to know:
1. Inside sales – Sometimes, sales teams remotely engage in prospects and customers. In those matters, they follow an inside approach. That means they are selling from their companies. Phone brands, internet, TV services follow this approach. The representatives work on the customers’ needs, provide solutions accordingly, and bring a new business.
2. Outside sales – Salespeople often deal with their prospects face-to-face to discuss their product. This method is called the outside sales method. This method requires door-to-door prospecting and a field approach. As the team mainly works from outside, they need to develop their marketing strategies. Fields such as medical equipment and pharma require this broker-seller approach.
3. B2B sales – The acronym stands for ‘business-to-business.’ There are businesses that sell products to other companies and businesses rather than selling to an individual customer. For that matter, they operate at a higher stake and are responsible for the buyer’s business operation. B2B method typically works between enterprises and small to medium businesses.
4. B2C sales – This method is a Business-to-Customer method and is different from B2B sales. For that, B2C sales strategy and the process is less complex than the latter. As they sell to individual customers, the deals have a lower value, making the transaction quicker. The company can deal with multiple customers at the same time. The moving companies come in direct contact with the customers, which makes it an effective method.
5. Agency sales – This method involves making a client interested and signing them for an agency’s service package. The typical agency sales cycle operates between 31 to 90 days. In that period, they bring one to three new clients. These sales operate in two methods.
A project-based sale focuses on bringing new clients while existing consumers use the service for a limited period. On the other hand, the retaining method means interacting with customers daily, focusing less on new clients.
6. Business development sales – This method is a crucial aspect of any transaction. Business development managers generate new business and qualify new leads for the company. After that, the sales representatives interact with the lead and generate new business.
7. Ecommerce sales – eCommerce sales had grown by at least 27% in 2020. In this method, the customer can research your product and determine where they want to buy by comparing prices. The entire process happens online without engaging with a sales representative. This method is effective for companies with less staff and generates targeted sales.
According to Statista
“Amazon was the most visited e-commerce site in the United States, recording approximately 2.45 billion monthly visits.”
8. Account-based sales – Businesses with large enterprise accounts tend to go with this method. The account-based sales method helps the sales team build a stable relationship with a long-term enterprise and generates higher LTV.
9. Direct sales – This selling model involves the seller interacting directly with a customer outside a typical retail environment. The seller earns a commission by selling the product. This direct approach is effective in network marketing and real estate agencies.
10. Consultative sales – This approach primarily focuses on the client’s relationship and understanding their needs first. After that, they recommend products highlighting the benefits. This method creates a better buyer-seller connection, and a satisfied consumer will most likely use their other products.