Learn how to influence your retail sell-through, even when it is out of your hands
When a brand’s product hits the shelves of a retailer the brand expects it to sell. Weeks, months or even years of preparation have gone into this moment and now it’s time for sales staff to put the product in the hands of consumers who need it the most.
When a product is selling well it’s smiles all around; retailers hit their targets for the day, week or quarter; brands financially benefit from increased sales and customer satisfaction increases as they walk away happy with their new product. However, when a product doesn’t sell things don’t go as well.
It’s tempting to blame an underperforming sales team or a simple lack of interest in your product when sales are down, however low sales figures can actually reflect a lack of retail sales enablement.
This is usually indicative of an underlying disconnect between your brand and sellers, who may therefore lack the knowledge and resources needed to sell your product effectively. That same disconnect can make it difficult to reach out and reinvigorate underperforming sales teams, entrenching poor sell-through. By contrast, better collaboration with retail partners can generate operating margin improvements of up to 10% and one of the key ways brands can form a stronger connection with retailers is through the use of a digital sales enablement tool.
How Retailers and Brands Can Move Forward
The majority of us are carrying around a mini computer in our pockets that allows people around the world to communicate instantly – let’s make use of it.
By utilising online platforms, the knowledge and resources needed to properly support the sales of a new or existing product can be accessed on-demand by retail salespeople for a long period, rather than losing traction shortly after launch. Even better, employees can learn at their own pace, which research tells us leads to improved learning outcomes by raising levels of engagement. The ability to engage with the training anytime anywhere cannot be underestimated.
Everyone wins if retail employees can perform their job better, so it’s a brands best interest to help them become better sellers. It’s easier than ever to do just that, but you need to make sure you’re using the right technology.
It’s important to remember that although there are a lot of options when it comes to retail sales enablement platforms, they don’t all do the same thing. Many sales enablement platforms are simple Learning Management Systems that allow users to access information. This technology can have a big short-term impact, but it’s nothing new, and it’s not incorporating the full range of what’s possible.
The next generation of sales enablement platforms allows for a deeper level of communication than ever before. Brands can enable retail salespeople with ongoing learning strategies that are proven to be more effective and longer-lasting – up to 80% of content is remembered after two months. That means products can be sold to customers more effectively and for a longer period.
Perhaps an even more powerful feature to optimise your sell-through is the ability to open up two-way communication channels. This is an empowering feature for salespeople as it makes them feel like they’re part of the learning process, rather than it being forced upon them. In practice, that means that there will be less resistance to the adoption of these tools and regular training.
Utilising a digital sales enablement platform has a host of benefits but in particular two stand out with regards to increasing sell through.
Firstly, a increased product knowledge means sales staff are better equipped to sell a brand’s product to customers as not only are they more knowledgeable on the product and able to answer questions from customers, but they’ll have increased confidence as a result of their increased knowledge, which leads to customers feeling more confident in feeling like they’ve bought the right product.
Secondly, sales staff become brand advocates when they feel like a brand has poured into them. Brands want sales reps to talk about their products and brand passionately and they do just that when they feel invested in.
Myagi allows brands to do all of this and more. Our digital retail sales enablement platform connects brands with retailers, helping everyone sell better together.
If you would like to find out more about how Myagi can help digitise your brand training and enable you frontline sales associates, don’t hesitate to get in touch. You can click on the green circle on the right to chat with us anytime.