Thảo luận nhóm TMU PRESENTATION TOPIC 1 COMMON SALES TECHNIQUES

Common sales techniques

BOGOF (Buy one, get one free)

3 Nguyễn Thị Phương Anh 19D170283 2.3 Cashback

4 Trị nh Ng c Anh ọ 19D170144 2.2 Loss leader

5 Hoàng Thị Ngọc Ánh 19D170007 2.4 Tying

Common sales techniques play a crucial role in driving business success Understanding and implementing effective sales strategies can significantly enhance customer engagement and conversion rates Key techniques include building rapport with clients, identifying their needs, and presenting tailored solutions Additionally, utilizing persuasive communication and active listening can foster stronger relationships and trust By mastering these common sales techniques, sales professionals can improve their performance and achieve better results in a competitive market.

TOPIC.1.COMMON.SALES.TECHNIQUESThao.luan.nhom.TMU.PRESENTATION.TOPIC.1.COMMON.SALES.TECHNIQUES

2.1 BOGOF (Buy one, get one free) 4

2.1.1 What is Buy one, get one free? 4

2.1.2 How can retailers benefit from BOGOF? 4

2.1.3 Tips to run an effective Buy One, Get One Free Promotion 6

Effective sales techniques are crucial for success in any business Understanding common sales strategies can enhance your ability to connect with customers and close deals Key techniques include building rapport, active listening, and addressing customer needs Additionally, utilizing persuasive communication and establishing trust can significantly influence purchasing decisions By mastering these sales techniques, businesses can improve their overall performance and achieve greater customer satisfaction.

Sales techniques are essential tools employed by salespeople or teams to drive revenue and enhance selling effectiveness These techniques are not universally applicable; instead, they are often tailored and improved through experimentation and learning from past experiences.

To boost sales, retailers often employ various strategies, with discounts and free coupons being popular short-term tactics to draw in customers Below, we outline some of the most common sales techniques used in the industry.

2.1 BOGOF (Buy one, get one free) 2.1.1 What is Buy one, get one free?

Shoppers are naturally drawn to free items, often valuing them more than higher-quality products even at a discount This phenomenon gives rise to the Buy One, Get One Free (BOGOF) strategy, a highly effective sales tactic that instills a sense of urgency in customers, prompting immediate purchases Additionally, flash offers help maintain the allure of discounts without allowing consumers to become accustomed to them Ultimately, the BOGOF strategy serves as an excellent discount technique to engage and attract consumers.

2.1.2 How can retailers benefit from BOGOF?

BOGO promotions outperform other discount strategies, leading to increased engagement rates They not only enhance sales but also offer significant advantages, such as effectively clearing out inventory while still generating profits.

BOGO promotions are an effective strategy for increasing revenue without incurring additional costs They allow businesses to quickly move less desirable inventory while maintaining profit margins Instead of discounting prices, offering a free item with the purchase of another at full price can attract customers and enhance sales.

Common sales techniques are essential for driving business success and enhancing customer engagement Understanding various methods, such as consultative selling, relationship building, and effective closing strategies, can significantly impact sales outcomes By implementing these techniques, sales professionals can better connect with clients, address their needs, and ultimately increase conversion rates Continuous improvement and adaptation of these strategies are crucial in a competitive market, ensuring that sales teams remain effective and responsive to changing customer demands.

Shoppers' behavior reveals surprising differences between two seemingly similar revenue-generating methods This phenomenon can be attributed to human psychology, as for consumers, even the most significant discounts may not outweigh other factors influencing their purchasing decisions.

“FREE" Consider this example for a moment:

Take Product A that sells for $10 and has a $2.50 cost If you sell that for a 50% discount, you’ll end with $2.50 in profit ($10 * 50% = $5 minus $2.50)

The new promotion offers customers the chance to buy Product A and receive a second one for free, replacing the previous 50% discount With a sale price of $10, the total cost of sales is $5, resulting in a profit of $5 This strategy effectively doubles the profit compared to the earlier discount promotion.

Promotional campaigns can enhance profitability by facilitating the sale of older stock through strategies like buy one, get one offers This approach not only helps clear inventory that incurs high costs, such as garments, but also initiates a fresh inventory cycle Additionally, converting slow-moving stock into cash allows for reinvestment opportunities, ultimately leading to better customer responses and increased engagement.

The Buy One Get One (BOGO) strategy is advantageous for both businesses and consumers, with a recent AMG report revealing that 67% of consumers prefer BOGO promotions over other discounts Additionally, 95% of respondents have utilized BOGO offers at least once, indicating its popularity While consumers feel they are getting a great deal, businesses benefit from increased profits and enhanced customer satisfaction, fostering long-term success This approach effectively shares profits with customers, creating a mutually beneficial relationship.

The buy one, get one free marketing strategy enhances brand visibility by sharing profits with customers rather than shareholders While direct margins from sales may be limited, overall company profit is determined by total revenue minus costs This approach can help businesses achieve various objectives, including expanding market reach, enhancing brand reputation, and increasing customer loyalty Additionally, it effectively encourages product trials and motivates consumers to switch from their usual brands.

Common sales techniques are essential for driving business success and enhancing customer engagement Effective sales strategies include understanding customer needs, building rapport, and employing persuasive communication Utilizing techniques such as consultative selling and relationship management can significantly improve sales outcomes Additionally, leveraging data analytics to identify trends and customer preferences helps tailor sales approaches By mastering these common sales techniques, businesses can increase their conversion rates and foster long-term customer loyalty.

2.1.3 Tips to run an effective Buy One, Get One Free Promotion

To distinguish your Buy One, Get One (BOGO) promotion from competitors, it's essential to identify and understand your target audience By tailoring your offer to meet the specific preferences and needs of your ideal customers, you can create a compelling BOGO deal that resonates with them, ultimately enhancing its effectiveness and appeal.

Loss leader

A loss leader is a pricing strategy employed by retailers, where a product is sold at a price lower than its market cost to encourage the purchase of more profitable items This approach is commonly seen in grocery stores, where the price of a loss leader can be below the retailer's actual cost for the product.

Selling products at significantly reduced prices attracts a high volume of customers, encouraging them to purchase additional items during their visit, which compensates for any initial losses incurred.

Loss leader pricing is a strategic approach where businesses sell products at a loss to boost overall sales This tactic often relies on necessity, as the loss leader typically requires the purchase of a more expensive item to be fully effective.

Razors are often sold at low prices to encourage immediate purchases, but customers face higher costs due to the need for frequent replacements of disposable blades While the initial razor purchase represents a minimal loss for the business, the ongoing sales of razor blades generate significant profits that offset this initial investment.

Loss leader pricing effectively attracts customers with low-priced items while subtly promoting additional purchases, enhancing overall sales.

Milk is an affordable staple found in most households, prompting many shoppers to visit supermarkets specifically for it To encourage additional purchases, retailers strategically position milk at the back of the store, compelling customers to navigate past numerous other products.

In the realm of sales, understanding and implementing common techniques is crucial for success Effective sales strategies can significantly enhance customer engagement and drive revenue growth Key techniques include building rapport with customers, actively listening to their needs, and presenting solutions tailored to those needs Additionally, utilizing persuasive communication and closing techniques can help seal the deal Continuous training and adaptation to market trends are essential for sales professionals to remain competitive By mastering these common sales techniques, businesses can improve their overall performance and achieve sustainable success.

8 in the process In most cases, they will end up making additional purchases as a result of this exposure

Loss leader pricing works best for businesses looking to increase sales volumes and/or grow market share Some common case that businesses usually use this technique are:

Doing away with old stock, excess inventory

To clear out inventory and make space for new products, slow-moving items can be sold at significantly reduced prices This clearance sale not only draws in crowds of customers but also encourages them to consider purchasing additional items Implementing this pricing strategy during seasonal changes can be particularly effective.

Retailers can promote discounts on summer clothing to clear inventory in preparation for fall and winter holiday merchandise These enticing offers encourage customers to purchase items that are nearing the end of their season, effectively reducing stock levels.

Retailers can clear inventories quickly during special days/events and quickly sell new inventory with reductions in price

Implementing a strategic pricing approach can effectively draw customers to a new store location, enticing those who may not have otherwise visited By offering attractive pricing deals, you can encourage potential shoppers to explore your offerings, ultimately helping to establish a solid customer base during the initial phase of your business.

Loss leader pricing, often known as penetrating pricing, is a strategy where retailers attract customers by offering significant discounts or free gifts, especially to the first hundred shoppers, to boost demand and increase foot traffic in their stores.

By strategically selecting loss leaders and complementary products, retailers can boost overall profits as customers often purchase additional items alongside these discounted products This approach not only drives volume sales but also enhances the effectiveness of loss leaders in encouraging further purchases within the store.

A discount on ties or scarves can help entice customers to purchase a shirt Another example of a loss leader is the case of free copies magazines give with the subscription purchase

Common sales techniques are essential for driving business success These strategies encompass various approaches, including relationship building, consultative selling, and effective communication Understanding customer needs and tailoring solutions accordingly can significantly enhance sales performance Additionally, leveraging social proof and testimonials can boost credibility and influence potential buyers Implementing these techniques consistently allows sales professionals to foster trust and establish long-term relationships with clients, ultimately leading to increased sales and customer loyalty.

Loss leader pricing is an effective strategy for increasing market share and attracting customers from competitors By offering low-priced items, businesses can demonstrate the value of their products, encouraging customers to choose the same brand for future purchases.

We are all familiar with the term "Black Friday" This is the Friday immediately after Thanksgiving and is considered the opening day for the busiest shopping season in the

On this day in the U.S., nearly all stores provide discounts ranging from 10% to as much as 80%, drawing crowds of eager shoppers to supermarkets, where they often wait in long lines and compete for bargains Despite the significant markdowns, not all items are accessible, as loss leaders are sold at incredibly low prices but in limited quantities Consequently, the losses incurred from these loss leaders are typically outweighed by the profits generated from other products sold throughout the day.

Cashback

Cash back, or "cashback," refers to financial transactions linked to credit and debit cards, gaining popularity over the last twenty years Primarily, it is a credit card feature that refunds a percentage of the purchase amount to the cardholder when spending exceeds a specific threshold Additionally, cashback can describe a debit card transaction where cardholders receive cash back on purchases, typically a small amount above the item's cost.

Cashback reward programs are often used by advertisers to encourage customers to buy their products by offering direct cashback from the total purchase amount.

Customers can effectively utilize their accumulated cash back rewards through various popular methods, including redeeming them for statement credits, engaging in online shopping, or purchasing gift cards.

Certain credit cards enable users to deposit their cash back directly into their bank accounts or contribute it to charitable organizations Additionally, some cards provide the opportunity to utilize cash back rewards for travel bookings through the issuer's online portal.

Many credit card issuers offer customers the option to link their cash back rewards to platforms like PayPal or Amazon.com, allowing them to apply these rewards towards their purchases, either partially or fully.

Ensure that customers are fully informed about the various methods available for redeeming their cash back rewards on their credit cards, enabling them to maximize the value of every dollar earned.

Without a doubt, cashback provides cost savings for consumers when they make eligible purchases However, how does cashback benefit the credit card company?

In a cashback transaction, the credit card company would share a portion of the transaction fee (typically around 2%) generated from the merchant with the consumer

Although it may appear that the credit card company is losing money on a cashback transaction, that is not necessarily true Credit card companies generate a small

Common sales techniques are essential for success in the competitive market Understanding and implementing effective strategies can significantly enhance sales performance Key techniques include building strong customer relationships, utilizing persuasive communication, and leveraging social proof Additionally, mastering the art of negotiation and closing deals is crucial for achieving sales targets Continuous learning and adaptation to market trends will further empower sales professionals to excel in their roles.

Credit card companies charge merchants a transaction fee when consumers use their credit cards, which incentivizes these companies to offer cashback rewards This encourages consumers to prefer credit cards over cash or debit cards, as credit card transactions generate fees for the companies.

Consumers often overspend on credit cards because of enticing cashback offers, leading to higher interest payments for credit card companies from late payments Additionally, cashback credit cards may come with annual fees, generating extra revenue for these companies.

Shopee stands out as a leading e-commerce platform in Southeast Asia and Taiwan, comparable to Lazada and Zalora To boost sales, it offers various incentive programs, including exclusive promo codes, discount codes, free shipping vouchers, cashback options, and special incentives for new users on their first order.

The Shopee Cashback program aims to boost sales for sellers by offering buyers a Shopee-sponsored cashback of 10% or more in coins While some promotions may require a minimum spending amount to qualify for this voucher, certain promotional periods waive this requirement Customers receive cashback in the form of Shopee coins, which can be used to reduce the cost of future purchases.

Conclusion

3 Nguyễn Thị Phương Anh 19D170283 2.3 Cashback

4 Trị nh Ng c Anh ọ 19D170144 2.2 Loss leader

5 Hoàng Thị Ngọc Ánh 19D170007 2.4 Tying

Common sales techniques are essential for driving revenue and improving customer engagement Effective communication, understanding customer needs, and building rapport are key components of successful sales strategies Utilizing techniques such as active listening, consultative selling, and leveraging social proof can enhance the sales process Additionally, employing digital tools and analytics can provide valuable insights into customer behavior, allowing for more tailored approaches Mastering these sales techniques can significantly impact business growth and customer satisfaction.

2.1 BOGOF (Buy one, get one free) 4

2.1.1 What is Buy one, get one free? 4

2.1.2 How can retailers benefit from BOGOF? 4

2.1.3 Tips to run an effective Buy One, Get One Free Promotion 6

Common sales techniques are essential for driving business success and enhancing customer engagement Understanding various approaches, such as consultative selling, relationship building, and solution selling, can significantly impact sales performance Effective communication and active listening are crucial skills that enable sales professionals to tailor their strategies to meet customer needs Additionally, leveraging technology and data analytics can provide valuable insights into consumer behavior, allowing for more targeted marketing efforts By mastering these common sales techniques, businesses can improve their conversion rates and foster long-term customer loyalty.

Sales techniques are essential tools employed by salespeople and teams to drive revenue and enhance selling effectiveness These techniques are not universally applicable; instead, they are often tailored and improved through ongoing experimentation and learning from previous experiences.

To boost sales, retailers often employ various strategies, with discounts and free coupons being popular short-term methods to draw in more customers Below, we outline some of the most common sales techniques utilized in the industry.

2.1 BOGOF (Buy one, get one free) 2.1.1 What is Buy one, get one free?

Shoppers are naturally drawn to free items, often overvaluing them compared to higher-quality discounted products This consumer behavior has led to the popularity of the Buy One, Get One Free (BOGOF) sales tactic, which effectively creates urgency and encourages purchases Additionally, flash offers help maintain the excitement of discounts without allowing customers to become accustomed to them Overall, the BOGOF strategy is an effective discount technique that resonates well with consumers.

2.1.2 How can retailers benefit from BOGOF?

BOGO promotions significantly outperform other discount strategies, leading to increased engagement rates By implementing these offers, businesses can effectively clear out excess inventory while simultaneously generating profits Here are three key benefits of BOGO promotions that can enhance your sales and overall revenue.

BOGO promotions are an effective strategy to enhance revenue without incurring additional costs They allow businesses to move less desirable inventory quickly while maintaining profit margins Instead of discounting prices, offering a free item with the purchase of another at the original price can effectively boost sales and clear out stock.

Common sales techniques are essential for driving revenue and building customer relationships Understanding various strategies, such as consultative selling, relationship building, and effective communication, can significantly enhance sales performance Additionally, leveraging technology and data analytics can provide insights into customer behavior, enabling more personalized sales approaches Training and continuous learning in these techniques are crucial for sales professionals to adapt to evolving market demands and customer expectations Emphasizing customer satisfaction and feedback can also lead to improved sales outcomes and long-term loyalty.

Shoppers' behavior reveals surprising differences between two seemingly similar revenue methods This can be attributed to human psychology; for consumers, the size of the discount often fails to outweigh other factors influencing their purchasing decisions.

“FREE" Consider this example for a moment:

Take Product A that sells for $10 and has a $2.50 cost If you sell that for a 50% discount, you’ll end with $2.50 in profit ($10 * 50% = $5 minus $2.50)

The new promotion offers customers a buy one, get one free deal on Product A, replacing the previous 50% discount With the sale price set at $10, the total cost of sales is $5, resulting in a profit of $5 This strategy effectively doubles the profit compared to the earlier discount promotion.

Promotional campaigns can be highly effective for clearing out older stock, especially through strategies like buy one, get one free offers This approach not only helps reduce inventory costs associated with items like garments but also generates cash from slow-moving products, allowing for reinvestment in new inventory Additionally, such promotions often lead to better customer responses, enhancing overall sales performance.

The BOGO (Buy One Get One) strategy proves to be advantageous for both businesses and consumers A recent AMG report reveals that 67% of consumers prefer BOGO over other discount promotions, with 95% having utilized BOGO offers at least once This approach not only provides consumers with a perceived value but also ensures profitability and customer satisfaction for sellers, fostering long-term benefits for businesses by sharing profits with customers.

The buy one, get one free marketing strategy enhances brand visibility by sharing profits with customers rather than shareholders, often resulting in no direct margin from sales This approach allows companies to increase overall revenue while managing costs, helping to achieve broader business objectives like market expansion, brand development, and customer loyalty Additionally, it effectively encourages product trials and motivates consumers to switch from their usual brands.

Common sales techniques play a crucial role in driving business success Understanding and implementing effective sales strategies can significantly enhance customer engagement and conversion rates Key techniques include building rapport with clients, identifying their needs, and providing tailored solutions Additionally, utilizing persuasive communication and active listening fosters trust and encourages long-term relationships By mastering these common sales techniques, businesses can improve their overall performance and achieve sustainable growth.

2.1.3 Tips to run an effective Buy One, Get One Free Promotion

To stand out in a crowded market, it's essential to identify and understand your target audience when planning a Buy One, Get One (BOGO) promotion By tailoring your offer to meet the specific needs and preferences of your consumers, you can create a compelling deal that resonates with them This strategic approach not only enhances customer engagement but also differentiates your promotion from competitors, ensuring a successful campaign.

Tiêu đề	Common Sales Techniques
Tác giả	Phạm Thị Thùy An, Vũ Thị Hải An, Nguyễn Thị Phương Anh, Trịnh Ngọc Anh, Hoàng Thị Ngọc Ánh
Người hướng dẫn	Pham Xuan Ha
Trường học	Thuongmai University
Chuyên ngành	Business English
Thể loại	presentation

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