Today, one of the main challenges facing businesses is Capture the attention of consumers and keep itin a scenario where competition is increasing and in more sales channels. The user profile is constantly evolving, demanding more immediacy. For this reason, it is essential that businesses are clear about their objectives and their main audiences when designing their sales strategy; in such a way that they manage to choose the appropriate channels according to the type of business, and effectively communicating the benefits that differentiate them from other companies.
Through my professional experience and during my time as a senior commercial manager at PayPal Mexico, I have had the opportunity to interact with a wide variety of businesses and commercial teams, which has given me visibility on the actions that small and medium-sized companies can integrate. companies to be able to grow, adapt to the needs of consumers and innovate along the way.
5 basic tips for entrepreneurs looking to optimize their sales channels
1. Take advantage of digital channels
Yes, the offer of products or services plays a vital role for the success of a business. However, digital channels are becoming more relevant today, since they influence to bring consumers closer and make various alternatives available to them. The plus that these channels offer is the scope, which can go from national to international, releasing limitations that traditional channels bring. Therefore, it is essential to have a simple and efficient website that allows you to motivate and make sales.
According to Study on Online Sales in Mexico 2023 of the Mexican Association of Online Sales (AMVO), in 2022 more than 63 million people in Mexico purchased products and services through the Internet, which highlights the need for businesses to have an online presence. With this in mind, one way to position a company in the digital field is through social networks, which are an excellent tool to boost sales, since they allow positioning among current and potential consumers, making it possible to show the products. and services in a more creative way and interact more directly and dynamically with buyers, who are often looking for reviews, direct support and examples of how a product works.
2. Implement new payment methods
Diversifying payment methods is an essential part of strengthening the sales channels of any business, since this opens up the opportunity to offer consumers the possibility of paying with the method that works best for them at the time they require it, both for purchases in physical stores and online. Digital payment platforms like PayPal enable businesses to accept payments with a variety of card options, be they debit, credit, or even vouchers. In addition, these types of tools make the entire purchase process fast, easy and secure for consumers, preventing them from leaving a digital footprint on each site where they make a purchase. It’s important to remember that users not only expect a variety of payment options, they also expect their banking information to be protected so they can shop with security and confidence.
3. Activate Months Without Interest
MSIs are a trend that has been on the rise in recent years. According to the study Purchases to Months Without Interest 2022, commissioned by PayPal to the Mandarina market research agency, the implementation of the MSI came to be identified as an intelligent measure in the planning of expenses, referred to by 69% of those surveyed. In addition, it provides benefits to businesses such as increased sales and the movement of more expensive inventory.
Offering this payment method allows reaching more users and increasing the “average ticket” of sale, since people feel more comfortable when purchasing products and services that may have a higher value than budgeted, since they are not required to settle everything in a single display. Also, 7 out of 10 companies maintain a permanent MSI program, since this represents 43% of their sales. This reflects the importance of integrating payment alternatives in businesses, making it easier for consumers to take advantage of offers throughout the year, especially during the most important shopping seasons, such as Hot Sale, back to school, Good End or New Year’s Eve.
4. Omnichannel in business
Omnichannel is vital to offer a comfortable and simple experience during the purchase process, regardless of the channel that users choose. According to the 2023 Online Sales Study of the Mexican Online Sales Association (AMVO), digital buyers significantly combine their interactions in physical and digital channels, whether it is to get closer to the product, compare prices or make purchases. your purchases.
Thus, I highly recommend that businesses remain open to the implementation of technologies that allow them to increase their sales and connect with various consumer profiles. If we consider that, according to the Bank of Mexico, from January to December 2022, around 4,106 million card payments were made in traditional businesses and in electronic businesses, where 79.7% were payments made in businesses or traditional stores, it is important to be prepared. to expedite the payment process, whether in a small or medium business, physical or online.
5. Customer loyalty
As I mentioned at the beginning, the challenge for entrepreneurs does not end once they have managed to attract customers, but also to retain them and attract new profiles. But what can be done to keep consumers interested in the same brand or business? First of all, it will be key to offer a good shopping experience, for which it is necessary to know in depth the needs of our potential consumers and ensure that they can satisfy them through a product or service, since a good relationship with the customer contributes to Build trust and future purchases.
In the same way, today customers value personalization, so it is appropriate to share recommendations related to their frequent purchases, promotions or notices about the availability of their favorite products. It should not be forgotten that part of loyalty is focused on building trust, therefore, the sales strategy must guarantee transparency at all times during the purchase process -even after receiving the product- and support effective communication to provide quick answers to doubts and unforeseen events either before, during or after a sale.
The above tips are intended to be a guide for all entrepreneurs and small business owners looking to continue implementing new tactics to consolidate their business and increase their sales. Likewise, they invite you to reflect in order to chart a more strategic path to take your business to the next level and strengthen the link between them and consumers.
Ana Murillo Responsible for the generation of strategies for merchants affiliated with PayPal and the management of the products that each of these acquires together with the commercial team. With more than 10 years of experience, she has a solid experience in e-commerce, market research and portfolio management.