Contact center software solutions can be of great help in facilitating communication between the company and the client. However, how the interaction fares and whether the lead is successfully closed as a deal depends totally on the skills of the agent, the strategic planning by the senior staff members as well as the quality of the product and services of the organization.
These gain even more importance in the case of an inundated area of business. Today innovation is at its peak. As a result, companies are vying for the attention of the customer. Same kinds of products are available under different brands and, as a result, the market is flooded. When this happens only the best among the lot will survive and the rest will perish. This is probably the reason why companies fear the saturated condition of the economy.
The market saturation refers to a condition when a certain product or service has reached its maximum sales volume, provided the demand levels are constant. It is determined by various factors like the economic conditions, the competition in the industry as well as the price and demand of the merchandise.
Usually, saturation is seen when the confidence of the buyers in the brand is lost or when there are products offered at better prices or alternatively because the merchandise is not adept to the changes in the technology and is outdated. Under such conditions finding new customers for the organization can be a huge task for the tele-callers.
Here are a few tips that can help you to pump up your sales funnel in the case of a market saturation situation.
1. Walk with the Change
• First and foremost, it is important that you understand why there is a level of saturation in the market and how it is affecting the business. If you do not know the reason behind this, it will be difficult for you to handle the inundation in an effective manner.
• Sometimes only altering the price can help you establish a footing in the market whereas other times you might have to take up advertising in order to make your merchandise more popular among the masses.
• There can also be a situation where the product offered by your company is already present in the market. Under such circumstances, it is better to modify the merchandise a little so that it can stand out in the market. It is essential that you identify the gaps in the business and fill them in order to gain more number of purchasers.
2. Target New Circles
• While it is true that there are specific target audiences in the minds of the agents when they start to make the sales calls, it is important that you do not just stick to them. It is essential that you keep experimenting and try looking for new buyers especially in the case of a situation like that of a saturated market. Getting positive response from the existing leads can be difficult during such times and the business will develop only when you push the envelope and look out for more prospects.
• Usually, the businesses like to exploit a consumer until his full purchasing power parity. However, if you are confined to a pool of clients that have been overexposed to your products and services or have been over attended by your competitors, the opportunities for growth will become stagnant.
• Hence, it is better to find new groups and make new connections. Integrate the cloud customer service software with the popular social networks like Linkedin. This can help you to make new professional contacts. The platform that you choose depends on the needs of your business.
• It will be difficult in the initial stages but once you have a different set of audience it will help in making your business more exciting. You may have to make few necessary changes in the way you approach the lead. Tweak the product according to the needs of the new client, look out for different demographics and you might run into an untapped lead source.
• For example, Golden Gym and Fitness Center uses the outbound calling solution in order to reach to the probable weight loss prospects. However, with the increasing number of specially crafted weight loss clinics and potions, the gym could not get a great number of customers for themselves.
• As a result, they decided to shift their audiences a bit and check the response. They introduced aerobics and zumba along with the regular fitness exercises at affordable prices in order to help the customers lose the extra kilos. With the fun element added to the business, it became simpler for them to bring in a greater number of prospects.
3. Integrate with Major Lead Vendors
• It is vital that you choose the cloud based call center solutions that are well integrated with the major lead vendors in the market. It can become difficult for you to directly approach the right customers for your products without their help. The contact information can be of even more importance in case the market is inundated with similar services as this gives you an edge over your competitors.
• Apart from integrating the outbound calling software with major suppliers like Justdial, Magicbricks etc, also, develop a network of the organizations who are serving the same target audience but with a different set of products or linked services. For example, a career counseling center can run into an agreement with the school authorities so that they can help the organization to get the contact details of the high school students. The same information can be stored in the database of the best telemarketing software and they can be contacted accordingly.
4. Referral Programs
• Getting the recommendations from the consumer can be a huge benefit in the case of market saturation. Consumer referrals are gained only by winning the trust of the purchasers and this gives credibility to the brand in the outside world. Instead of shying away from asking your clients for referrals look out for how you can do it in a graceful manner.
• Advertising and a strong online media presence are surely a great way to gather more clients. However, nothing beats the recommendations provided by the customers. They can act like a great selling tool. Your existing customers have their own network of friends who might be interested in the products offered by the company.
• Often recommendations from the personal group can convince the buyer to try your company despite the presence of better brands in the market. Same is true in the case of a saturated market. The chances of consumers selecting your company are higher when you walk to them through a trusted source. Hence, it is vital that you tap the referral strategy to its full potential.
• However, the existing clients will not give you the contact details of their social group easily. While there are few who give in the referrals once the company delivers excellent customer service, there are few who wish to be pampered. Rewards and incentives can help you in making them feel special.
• Customize the offer based on the preference of the buyer and make sure that giving a referral is not a hard task. Show them that they can send their referrals through online forms or emails. If you cannot get references, at least, ask them to rate their experience with the organization and gather testimonials of their association with the business. This can add to the credibility of the corporation which plays a big role in the case of a saturated market.
• Example: ICDB Bank uses the outbound telemarketing software in order to inform the prospects with the upcoming credit card offers and other banking information. Their website has a special section dedicated for the testimonials by the consumers where the clients can rate their experience with the tele-caller and their overall banking experience. When networking in new circles, these statistics can be of a great help in building a bond with the buyers.
5. Digital Presence
• Having a strong online presence is of paramount importance in the competitive world of today. With the same type of products available in the market, the first thing that the consumers do is to check the reputation that the brand carries in the digital world. Whether they finally make the purchase or not largely depends heavily on what they find online.
• Having a strong digital presence not only means staying active on the social networking platforms but also having an easily navigable website, an updated blog, consistent good ratings as well as having a strong positive consumer feedback. Thus, it is important that you choose an outbound call center software that is integrated with all these platforms so that you can always stay in touch with your prospects.
• Often when the buyers are confused about which merchandise to choose, they resort to reading more about the product or asking questions pertaining to its functioning. Thus, it is important that you stay active on the forums where the buyers usually pose their queries and questions.
• If you are able to successfully help them in finding the resolution, this will help in creating a positive image in their minds. Regularly write about the common uses of the product offered by you. Often, a lead can be cracked using an interesting blog. This can also help you to reach out to customers who were not a part of your lead list.
6. Create Value for the Clients
• It is important that you position your brand in such a way that it stands out among the multiple companies in the market. One easy way to do this is to differentiate your products from the other merchandises provided by other organizations. Look at what differentiates you from others and embrace and publicize that difference wholeheartedly.
• Provide variety to the customers. Making the buying process simpler can help you win an advantage over your competitors. No one likes to fill long forms or wait too long for delivery. A high quality of consumer service and excellent experience is of paramount importance. If the buyers are dissatisfied with the brand, they have a lot of options to go. It is essential that you make them feel special and provide products worth the price.
• For example, Pallezo, a spa and beauty salon started using call center software solutions in order to make calls with more purchasers over the time. However, they realized that with the multiple options available for the clients today, they did not have anything special to offer that can prompt their consumers to choose them. After a market research, they realized that the other salons offered gift hampers and wellness magazines as an incentive.
• They decided to provide a complete makeover and massage services using the products of their brand partner to one of their regular customers once a month chosen by a lucky draw. As a result, the buyer has something more to take back from their organization when compared to the others in the market and this attracted the major customers to their company. The associate partner was also happy because his merchandise gained more prominence in the market.
In the today’s competitive world, it is important that you pause and look at the economic climate around you and plan your strategies accordingly. Many are under the assumption that reducing the prices can help you win over a buyer. However, rather than sacrificing on the cost, the corporation should play to their strengths and provide impeccable services at the fair price.
No matter how crowded the market is you will be able to carve a niche for yourself with the help of your workforce and the quality of the products offered. Make sure that you are equipped with the finest technology including tools like the best call center software in order to connect with the buyers and, as a result, build your brand.