Sales management comprises the sales force, operations and practices to make the business reach its target sales. Altogether, the management keeps up with the changing business trends of the industry to stay ahead of the competition.
Sales Management Get Involved in the Pricing
- Identify market trends like what is selling the most
- Know what the competitors’ prices
- Affordability of the consumers
- Review old accounts to keep track of accurate pricing
- Inform guidelines to find the best customer pricing
- Educate sales force with value-based pricing and negotiations
- Analyse contracts and provide recommendations
With every sales transaction, businesses’ are generating crucial data on customer purchases. Including the ability to highlight the hottest item today. Taking into consideration what’s going to be popular to shoppers tomorrow. Also, what’s not working so well. Additionally, this helps the pricing team and sale manager plan any price changes for new products and launches. What’s more, it keeps the sales manager up to date on performance charts, pipeline and monthly sale goals.
A sale pipeline is a tool used by sales. In other words, it’s a progressive line of communications and actions to monitor and track different customers along a sales process: i.e., from the initial prospect to final sale. The pipeline helps sales to understand what the buyer wants. In essence, pipeline stats such as quote to book or won or lost sales help the pricing team understand what prices are converting and what prices customers are rejecting.
- Observations and inputs of the sales manager on customers’ habits and feedback can be a valuable tool for the pricing team to plan any future pricing strategy or structure for new and existing products.
- Field sales input gives the pricing team a much better picture of the market which they then use to improve price positioning and new product pricing.
- Understanding the parameters that influence the buyer’s decision to buy from the business can help the sales manager and pricing team set optimal prices by product and segment.