Precision Selling: How to Create a Step-by-Step Process for Your Product

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November 27, 2023

In today’s dynamic business landscape, the art of selling has evolved beyond traditional methods. In a world inundated with choices and information, customers seek not just products but personalized solutions that address their unique needs. Precision selling has emerged as a strategic approach, emphasizing the importance of a carefully crafted, step-by-step process to engage customers effectively and drive sales.

The Essence of Precision Selling

Precision selling is a holistic approach that aligns your sales strategy with the specific needs and preferences of your target audience. It goes beyond the one-size-fits-all model, recognizing that each customer is unique. The essence lies in understanding your customers’ pain points, motivations, and behaviors to deliver a personalized experience that resonates with them.

Step 1: Customer Profiling and Segmentation

The foundation of precision selling lies in thorough customer profiling and segmentation. Before you can create a step-by-step process, you need to know your audience intimately. Analyze your existing customer base, conduct market research, and identify common characteristics, preferences, and pain points. Segment your audience based on demographics, psychographics, and buying behavior.

For instance, if you’re selling a software solution, segment your audience based on industry, company size, and specific challenges they face. Understanding these nuances allows you to tailor your messaging and approach to resonate with each segment.

Step 2: Define Clear Objectives and Key Performance Indicators (KPIs)

Once you’ve segmented your audience, establish clear objectives for your precision selling process. What do you want to achieve with each interaction? Whether it’s lead generation, conversion, or building long-term relationships, having defined objectives helps your sales team stay focused and measure success.

Identify Key Performance Indicators (KPIs) that align with your objectives. These could include conversion rates, customer satisfaction scores, or the number of upsells. Regularly monitor and analyze these metrics to refine your precision selling strategy continuously.

Step 3: Craft a Compelling Value Proposition

In precision selling, a generic pitch won’t cut it. Craft a compelling value proposition that speaks directly to each customer segment. Highlight the specific benefits and solutions your product offers to address their pain points. Use language and examples that resonate with each segment’s unique challenges and aspirations.

Your value proposition should not only differentiate your product from competitors but also communicate how it adds significant value to the customer’s specific needs.

Step 4: Personalized Communication Channels

The channels through which you communicate with your audience are as important as the message itself. Leverage a mix of traditional and digital channels, depending on your audience’s preferences. Email, social media, webinars, and personalized sales calls can all play a role in your precision selling process.

Consider the buying journey of each customer segment. Tailor your communication channels to meet them at every touchpoint, providing the information and support they need at each stage of the decision-making process.

Step 5: Implement Data-Driven Insights

Precision selling thrives on data. Leverage customer data, analytics, and artificial intelligence to gain insights into customer behavior and preferences. Use these insights to refine your messaging, optimize your sales process, and anticipate customer needs.

For instance, if your analytics reveal that a particular customer segment tends to drop off during the trial period, proactively address their concerns with targeted communication or additional resources to ensure a smoother experience.

Step 6: Continuous Feedback Loop

The precision selling process is not static. It requires constant evaluation and adaptation. Establish a feedback loop that encourages communication between your sales team, customer support, and customers themselves. Collect feedback on the buying experience, product satisfaction, and any pain points encountered.

Regularly review your precision selling strategy based on this feedback, adjusting your approach to better align with evolving customer needs and market trends.

Step 7: Training and Development

Equip your sales team with the skills and knowledge needed to execute the precision selling process effectively. Provide training on customer profiling, communication strategies, and the use of data-driven insights. Foster a culture of continuous learning to ensure your team stays agile in responding to changing customer dynamics.

Final Thoughts:

Precision selling is a strategic imperative in the modern business landscape. By embracing a step-by-step process tailored to your product and audience, you can create a seamless and personalized buying experience that resonates with customers. From customer profiling to continuous feedback loops, each step plays a crucial role in optimizing your sales strategy and driving long-term success. As the business landscape continues to evolve, precision selling will be the compass guiding businesses toward sustainable growth and customer satisfaction.

Black Friday fever holds strong in India: Sales to skyrocket by over 70%

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November 25, 2023

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E-commerce platforms and brands are preparing for strong Black Friday sales as analysts and platform executives anticipate the event’s growing influence in the Indian market, despite its American origins.

Nykaa, Tata Cliq, and Myntra, a Flipkart-owned platform, along with brands such as H&M and Zara, are hosting these sales in India.

Sales in both online and offline markets in India are projected to surge by more than 70% during the Black Friday week this year, as per estimates provided by the market research firm 1Lattice, in comparison to typical business-as-usual (BAU) weeks.

Black Friday in the United States falls on the Friday after Thanksgiving, serving as the busiest shopping day of the year and signaling the commencement of the Christmas shopping season. This sale period often extends to the subsequent Monday, known as Cyber Monday.

Ashish Dhir, the Executive Vice President for Consumer and Retail at 1Lattice, suggests that Black Friday sales will be more advantageous for online sellers in comparison to their offline counterparts. However, some offline sellers are also expected to explore sale events. The enhanced benefit for online commerce stems from its consolidated nature, enabling more effective creation of narratives, advertisements, and discounts for less familiar events like Black Friday compared to the more fragmented offline ecosystem, explained Dhir.

Tata Cliq, the e-commerce company, aims for a 50% boost in revenue from Black Friday sales compared to the previous year across all three of its platforms—the main platform, the premium-focused Tata Cliq Luxury, and the beauty and personal care-focused Tata Cliq Palette, according to CEO Gopal Asthana.

“On Tata Cliq Luxury and Tata Cliq Palette, we are in fact seeing a 5x and 4x jump, respectively, over the non-sale period,” Asthana added.

According to 1Lattice’s Dhir, this year’s Black Friday is anticipated to outperform the previous year, with sales during the week expected to be around 50% to 60% higher than typical business-as-usual (BAU) weeks.

Asthana reported that Tata Cliq experienced a 70% overall growth during Black Friday last year.

In 2022, the e-commerce platform Nykaa recorded 800,000 orders on the initial day of sales, marking a 40% increase compared to the previous year. While the company did not provide estimates for this year’s sales, it mentioned offering discounts of up to 50% on over 2,100 brands.

The momentum is also growing in smaller towns.

“At the end of the day, if you offer a customer certain deals and discounts, he/she will act on it even if he doesn’t fully understand what the offer is for,” Dhir said. “57% of the purchases were made by shoppers from tier-2 and tier-3 cities collectively … Besides metros, the highest orders came from Lucknow, Chandigarh, Ghaziabad, Jaipur, Guwahati and Jammu,” Nykaa said about its 2022 Black Friday sales in an emailed statement.

While Black Friday sales already compete with other events such as Valentine’s Day or Republic Day, they still lag significantly behind the flagship sales during Dussehra and Diwali, and even trail behind Christmas sales, according to Dhir.

Cantabil surpasses 500 stores, sets sights on Nepal for expansion

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November 25, 2023

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Apparel manufacturer Cantabil Retail India is seeking to enhance its global presence by venturing into Nepal with its first Exclusive Brand Outlet (EBO), the company announced in a media release on Friday.

“This marks a new chapter in our journey, and we are eagerly awaiting to introduce the Cantabil experience to a new audience worldwide,” Deepak Bansal, director of the company said.

The clothing retailer also shared that it reached its 500th store milestone by opening a store in Rekabganj, Ayodhya.

On achieving this milestone, Bansal said, “We are not only thrilled about this achievement, but also excited about the prospects it opens for us all over the country.”

In the ongoing fiscal year 2023-24, Cantabil launched 69 exclusive retail outlets spanning 14 diverse cities. The company currently maintains a footprint in over 250 cities throughout India and has intentions to inaugurate additional stores in the upcoming months. It envisions expanding further into Tier II and III cities.

In the current year, the clothing retailer expanded its offerings by venturing into the footwear and athleisure category, debuting its initial store in Hapur, Uttar Pradesh. Additionally, the company plans to establish five exclusive brand outlets dedicated to these categories by the year’s end.

Grocery retailer The Organic World to expand nationwide with 100 stores by 2025

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November 25, 2023

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The Organic World, a grocery store specializing in organic and natural products, aims to expand its presence to 100 stores by the end of 2025. The retailer, which recently inaugurated its latest store in Bengaluru, currently operates 17 stores.

The retail expansion strategy will incorporate both COCO (Company Owned, Company Operated) and FOMO (Franchise Owned, Franchise Operated) models. Additionally, although the overarching goal is to establish a nationwide presence, the initial emphasis will be on key markets such as Chennai and Hyderabad.

In line with the company’s value proposition, the new store houses over 2,000 groceries. Gaurav Manchanda, Founder & Director, the Nimida Group, the parent company of The Organic World,said, “We are thrilled to extend our commitment to healthier choices to the vibrant community in ITPL, strategically situated near IT hubs such as Bellandur, Whitefield, and Marathahalli. Our 17th store is not just about expansion but also about empowering individuals to embrace a chemical-free lifestyle by making informed and better choices in their daily and monthly consumption.”

The company’s expansion strategy encompasses investments in company-owned stores and the exploration of the franchise model. This approach aims to make organic choices more widely accessible, fostering a healthier and more sustainable way of living for a broader audience.

It asserts to provide certified organic fruits and vegetables, atta, dals, rice, and flour free from chemicals, dairy and eggs without hormones and antibiotics, cold-pressed oils, pure desi cow ghee, home cleaning essentials devoid of toxins, beauty and personal care products without parabens and sulfates, health and wellness products free from chemicals, and snacks without trans fats. Additionally, it offers a thoughtfully curated selection of childcare products.

MiSora brings taste of authentic Japanese fusion cuisine to Jeddah

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November 25, 2023

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MiSora, an upscale Asian dining establishment, has opened its first location in Jeddah, Saudi Arabia, as reported by Zawya.

Renowned for its Japanese fusion cuisine, MiSora will present guests with traditional sashimi and specialty rolls crafted with a regional perspective.

The recently established location on Prince Sultan Road in the Al Rawdah district will also feature meticulously crafted salads, dim sum, robata, and wok dishes.

MiSora head chef Rafiq Abrahams was quoted by the news agency as saying, “Our intention is not just to serve Japanese cuisine. Our intention is to immerse our patrons in the Japanese culture.

“From the kitchen to the table, from the preparation to the presentation, our dishes will exude the traditions of Japan and I am confident that the locals will notice.”

Chef Abrahams mentioned that the Japanese restaurant will procure top-notch ingredients from around the world.

He added, “Bringing Asian ingredients to the Middle East is something that will keep Misora patrons coming back for more. Ingredients that will entice the taste buds and create a sense of curiosity are the key to maintaining happy patrons.

“My aim is to engage as many senses as possible. It is not just about arousing the eyes and the palate. Patrons need to feel that they are walking into a new world. Those who have been to Japan will have a sense of familiarity.

“We want to foster a warm and inviting atmosphere by training the staff to provide exceptional hospitality whilst patrons feel embraced by the rich cultural tapestry MiSora has to offer.”

H&M bolsters Indian presence with two more outlets in Pune and Bengaluru

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November 25, 2023

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Swedish fashion brand Hennes & Mauritz (H&M) has opened its 57th and 58th stores in India, marking a significant milestone in its aggressive expansion strategy within the South Asian country.

The most recent additions to H&M’s store lineup in India have been unveiled in Pune and Bengaluru. These new outlets are situated in Phoenix Mall of the Millennium, Pune, and Forum South, Bengaluru, according to a social media post by Louis Coucke, the CFO and country controller for India at H&M, posted on Friday.

The recent expansions bring H&M’s store tally in Bengaluru to six. In Pune, this latest rollout marks the fourth outlet and introduces the brand’s inaugural home concept store in the Maharashtra city.

“We are incredibly happy to open our sixth store in Bangalore. This city has exceeded all our expectations since our first launch in 2016,” said Yanira Ramirez, Country Sales Manager, H&M India.

“We have also seen incredible love for H&M HOME since its launch in India in 2022, and now, we are thrilled to bring this experience to Pune,” Ramirez added.

Market watchers perceive H&M’s expansion strategy in India as aggressive, given that the Stockholm-based fashion brand has opened 58 stores since its entry in 2015. In contrast, its competitor Zara from Spain, operating under the Inditex SA umbrella, has rolled out 21 stores in India, despite entering the market five years before H&M.

Established by Erling Persson in 1947, the Swedish fashion brand H&M made its foray into the Indian market in October 2015. As of November 2023, the brand has expanded its presence to 58 stores across 30 cities in the country. Additionally, H&M provides an online shopping platform accessible through its website, app, and through the fashion e-commerce company Myntra.

India to lead global sugar industry as Chair of the International Sugar Organisation in 2024

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November 25, 2023

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India, the world’s largest consumer and the second-largest producer of sugar, has accomplished a noteworthy achievement by being appointed as the Chair of the International Sugar Organisation (ISO) for the year 2024.

As outlined in a press release from the Ministry of Consumer Affairs, Food and Public Distribution, this declaration was made at the 63rd council meeting of the ISO in London, underscoring India’s rising prominence in the worldwide sugar industry.

Sanjeev Chopra, Secretary (Food) of the Government of India, expressed India’s commitment to spearheading sustainable practices in sugarcane cultivation, sugar, and ethanol production, and maximizing the utilization of by-products.

With a substantial 15 percent share in global sugar consumption and a noteworthy contribution of 20 percent to global sugar production, India’s influence on global sugar trends is undeniable, as highlighted in the press release.

Being the largest consumer and the second-largest producer of sugar, the country is well-suited to assume leadership of the International Sugar Organisation, the premier international body for sugar-related products, boasting a membership of approximately 90 countries.

As Brazil takes the lead in the Western Hemisphere, India, positioned as the market leader in the Eastern Hemisphere, assumes a crucial role in shaping the dynamics of the global sugar market.

Moreover, the press release emphasized that India’s rise to become the world’s third-largest ethanol producer highlights its dedication to green energy and its efforts to tackle issues associated with excess sugar in the domestic market.

India’s proactive stance on green energy is apparent in the notable surge in ethanol blending, reaching 12 percent in the fiscal year 2022-23, a significant jump from 5 percent in 2019-20.

This aligns with the country’s efforts to reduce dependence on fossil fuel imports and contribute to meeting COP 26 targets. Ethanol production has surged from 173 crore litres to over 500 crore litres during the same period.

The Indian sugar industry has showcased resilience and adaptability, evident during the COVID-19 pandemic. Operating mills during lockdowns and contributing to the country’s demand for hand sanitisers, the industry has proven its robustness.

Importantly, India has become the payer of the highest cane price to its farmers while maintaining efficiency, profitability, and self-sufficiency without relying on government financial assistance.

The sugar industry’s synergy with the government has resulted in a historic low in cane dues pendency. More than 98 per cent of cane dues for the 2022-23 season have been cleared, and over 99.9 per cent of cane dues from previous seasons have been settled, stated the press release.

This reflects the industry’s commitment to prioritizing the well-being of farmers.

India has set a benchmark in keeping domestic sugar retail prices consistent and stable, limiting the increase to just 5 per cent, despite a global surge of about 40 per cent in one year, read the press release.

This consumer-centric approach has positioned India as a responsible player in the global sugar market.

On the technical front, the National Sugar Institute in Kanpur has extended its collaboration with several countries, including Indonesia, Nigeria, Egypt, and Fiji, read the release.

This collaboration aims to share the latest technologies and best practices in the sugar sector, showcasing India’s commitment to fostering international cooperation.

As India assumes the Chair of the International Sugar Organisation for 2024, the nation is poised to lead the global sugar industry toward sustainable practices, collaborative innovation, and responsible growth, further solidifying its standing as a key player in the international arena.

Young’s adds iconic Tattenham Corner Pub to its growing portfolio

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November 25, 2023

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UK-based Young’s, a pub operator, has acquired the Tattenham Corner pub in Epsom Downs, renowned for its views of the Epsom racecourse. The purchase was made from Whitbread, a British multinational hotel and restaurant company, according to The Caterer.

The specifics of the transaction’s financial terms remain undisclosed.

Spanning 8,000 square feet, the pub is a two-story establishment with seating capacity for 220.

Young’s chief executive Simon Dodd was quoted by The Caterer as saying, “As Young’s continues to expand its presence in the home counties, Tattenham Corner offers a great opportunity for growth as an established site in an affluent area where we are yet to make our mark.

“Whilst the site undergoes an extensive refurbishment to create a premium pub and dining destination, we are working closely with Whitbread, along with Young’s internal recruitment team, the Ram Agency, to offer roles to the existing team.”

Young’s plans to refurbish the site, previously operated as a Beefeater.

Once the renovation is finished, Young’s will incorporate the site into its premium pubs portfolio in the region. This collection includes the Bear in Oxshott and the Chequers at Walton on the Hill.

The addition of this acquisition will expand Young’s pub portfolio to a total of 232 establishments.

In November 2023, Young’s reached an agreement to acquire City Pubs Group for a total consideration of £162 million ($201 million).

Young’s is set to acquire all the currently issued and future ordinary share capital of City Pubs.

Investors in City Pub Group will receive 108.75p in cash per share, with the remaining portion provided in Young’s shares.

Young’s CEO Simon Dodd stated at the time, “We are excited to be announcing the proposed acquisition of City Pubs, with the full recommendation of their board.”

INVL Baltic Sea Growth Fund set to acquire leading Lithuanian grain company Galinta

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November 25, 2023

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Galinta, a company headquartered in Lithuania that provides packaged oats, wheat, and rice throughout the Baltic region, is poised for a sale.

The corporation has accepted a takeover proposal from the private equity firm INVL Baltic Sea Growth Fund.

The specific financial details have not been revealed.

Galinta, with a staff of more than 100 employees, sells a range of essential products under its own brand at retailers including Rimi.

The company, possessing a buckwheat processing facility and two grain elevators as part of its assets, additionally provides private-label manufacturing services to retailers and wholesalers.

In a statement announcing the transaction, Galinta Group owner Marijus Mazuch said, “Galinta Group has been successfully operating in the market for more than two decades and holds a significant position for the production of groats and flakes as well as commercial activities across the Baltics and Europe more broadly. I strongly believe this transfer to professional investors will now allow the group to continue growing and further strengthen its already impressive market.”

The announcement provided information on Galinta Group’s 2022 revenues, noting an approximate amount of €38.5 million ($42.1 million) without offering a comparative figure.

Deimantė Korsakaitė, managing partner of INVL Baltic Sea Growth Fund, said, “The business has the potential for rapid growth by both increasing volumes in existing markets and expanding into the new ones as well as the launch of new product segments.”

The transaction is anticipated to be finalized early next year, pending approval from competition authorities in Lithuania.

Korsakaitė added, “We believe that the plant-based food sector has strong potential for growth and Lithuania demonstrates a competitive advantage in the field of food processing, especially in the grain segment. Therefore, it has represented one of the strategic sectors we have looked at for potential investment since the fund’s establishment.”

Galinta represents the ninth investment for INVL Baltic Sea Growth Fund, which has previously supported enterprises across various sectors such as healthcare, engineering, and waste management.

With the European Investment Fund (EIF) as its primary investor, the fund concentrates on the Baltic states, Poland, Scandinavia, and central European markets.

Radico Khaitan launches flavor-filled Magic Moments Remix Pink Vodka

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November 25, 2023

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Radico Khaitan Limited, a prominent participant in India’s IMFL industry, has announced the launch of Magic Moments Remix Pink Vodka.

This release is strategically designed to satisfy the growing demand for flavored and vibrant alcoholic beverages.

The initial release will focus on markets in UP and Assam, with intentions to expand across the nation within the next 2-3 quarters.

The flagship brand of Radico Khaitan is the Magic Moments Vodka collection, which includes the Remix series such as Verve, Dazzle, and Vodka Cocktails.

Maintaining a steadfast presence in India’s premium vodka market, it is celebrated for its inventive selection of flavors.

The brand surpassed the five million cases sales milestone in FY2023, underscoring its commitment to providing high-quality vodka that aligns with the varied preferences of Indian consumers.

“The launch of Magic Moments Vodka was our response to the increasing premiumization trend in the Indian liquor industry way back in 2006 when Vodka was not really a household drink. Magic Moments today is the 7th largest Vodka globally. The addition of Magic Moments Remix Pink Vodka is a direct response to the positive reception of Magic Moments Verve Cranberry Tease vodka, reflecting our commitment to offering innovative flavours. We are excited to present a vodka that not only upholds the highest quality standards but also delivers a distinct and enchanting taste experience,” said, Mr. Amar Sinha, Chief Operating Officer at Radico Khaitan.

With a portfolio boasting over 20 variants, the brand currently holds a commanding 60% market share encompassing both domestic and international vodka brands.

The debut of Magic Moments Remix Pink Vodka represents a notable evolution within the Magic Moments Vodka lineup, strategically catering to the increasing demand for colored vodka.

The vodka incorporates natural flavors extracted from black mulberry, elderflower, and raspberry.

The vodka is available in three distinct sizes: 750 ml, 375 ml, and 180 ml.

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The Essence of Precision Selling

Final Thoughts: