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International Sales Strategy
Transcript of International Sales Strategy
Using S.M.A.R.T objectives the company would create a table of its sales objectives to see if the objectives set are attainable.
See below The company hopes to successfully sell to the retailers in Warsaw before expanding into the broader Polish market.
The estimated turnover for year one is130,750 euros. As the company gains more prestige, the company hopes to increase this figure for year 2 onwards. SPECIFIC The company are estimated to make a loss in 2014. The company would need to build on this for 2015 and would need to see an increase of sales per month. The company hopes to breakeven in year 3. MEASURABLE Newbridges biggest competitor is YES jewellery. They hold a large market share but have little in the way of competition. There is an opening for another retailer as the jewellery market in Warsaw is so big. ACHIEVABLE The company has appointed two senior sales representatives and a junior sales representative to oversee the sales process. We feel this is sufficient and if the need arises, we will hire more staff in the future. REALISITC The company wants to gain market prestige and achieve the objectives set by the end of 2015. TIMED Key Territories
The company will focus primarily on Warsaw as it is the capital of Poland. Warsaw is located on the Vistua River, roughly 260 km from the Baltic Sea and 300 km from the Corpathia Mountains. It has a growing population of 1,720,398. The company plans to sell to 100 outlets with 2 sales people. This will be a gradual process. We will begin by selling to the main outlets in Warsaw and then we hope to branch into other areas.
There will be three sales people to begin with; this will consist of two main sales representatives and a junior sales representative.
The two main sales people will be responsible for selling to five retailers each. The junior sales person will be responsible for assisting the two main sales people as well as making sales calls to potential clients.
The senior sales people will have the responsibility of meeting potential clients and speaking to them via telephone in a bid to secure contracts. The sales people will also keep records on a database of all the clients’ information for future screening, direct mail and data base marketing. Territories continued...
Warsaw has a range of shopping centres making it a desirable location to sell to. We will begin by selling to Arkadia. Arkadia is the most popular and much-loved Warsaw shopping centre. It is the largest shopping center in Eastern Europe. It accommodates 180 stores of top national and foreign brands, 20 restaurants, cafes and a 15-screen cinema. The shops are spread over street-like galleries that are built around in a circle. It is easily accessible, with various different routes leading to the shopping centre. The sales team will be involved in every step of creating a sales territory. In the future if the company changes, for example if Newbridge began to gain a prestigious name, the company will make the necessary changes to ensure they are selling in the right territory. The sales team will be involved in choosing what areas to sell to and what jewellers to sell to. By utilizing the sales team the company will be able to gain a greater understanding of their market. IRELAND POLAND Selling Process
The selling process will begin with Newbridge Silverware, then to the retailers and finally to the end customer.
The company will sell to retailers such as jewellery stores in Warsaw who can then sell the product on to customers. Popular retailers such as W.Kruk and Apart are jewellery stores located in Warsaw which would be beneficial for the company to sell to as they are established, well known jewellery retailers.
These jewellery stores already sell brands such as Emporio Armani, Rolex, Omega and Edox. By making Newbridge Silverware available in these Jewellery stores will promote the name of the brand as the other brands that are available in these stores are well known, high end brand names and by having Newbridge Silverware associated in the same places as these will benefit the company. Online Sales Activities
The company will sell its jewellery online and through retail stores in Warsaw. It has been proven that 30% of small businesses with a presence online generate 25% of their revenue from online sales. (dbwebdoctor.com). The company will have an online presence as it is cheaper, it will reach a wider audience , it is more economically feasible and it enables the company to provide better customer support. Providing good customer support will help to retain customers and improve customer satisfaction. This will in turn increase profit as customers are more likely to make a repeat purchase.
By having a strong internet presence it will make it easier for the company to expand in the future. The company will have an online site where they will sell and display their jewellery. The site will be very easy to navigate and simple to use. It will contain a homepage which will show information about where the jewellery originated from and the history behind it.
The site will display all the jewellery that is currently available, sale items and any special offers. There will also be a search bar which will allow customers to enter their jewellery specifications which will ensure the customer is matched with the most appropate item of jewellery to suit the desired occasion or need.
Customer relationship management (CRM) is used by companies to manage their customer relationships. This includes attracting, analyzing and satisfying the customer. CRM systems would be used to support the sales activities through the following systems:
Portal based systems Monitoring and Evaluating Sales Activities
Communicating with the sales team
The company needs to have a motivated, confident and well-driven sales team in order to make the greatest amount of sales possible. The company can monitor the sales activities by keeping in touch with the sales team and by following up on any questions and requests that they may have.
Regular meetings with the sales team members need to be arranged so that the company is up-to-date with the sales progress and the sales team is up-to-date with targets that need to be met. Each salesperson's strengths and areas for improvement should be determined quarterly or more often to boost performance.
Maintaining profit margins
Profit margins are crucial to the success of the business. Shrinking margins and increasing costs can largely affect solid sales. Profit margins can be measured by examining past performance of sales results. Increased earnings are good, but an increase does not mean that the profit margin of a company is improving. Sales performance and profit margins should be measured on a continual basis. Maintaining strong relationships with customers
The company needs to maintain good relationships with their customers; they need to get feedback on their service so they can improve on the things that didn't go right at first.
This can be achieved by sending out web surveys, comment cards and by directing customers to visit the website. The company should not request too much information initially, smothering customers with e-mails, will not get the company the response that they want. Asking the right questions in these situations is essential. Making an effort to respond to customers’ needs and wants makes them feel acknowledged which can result in repeat purchases.
The company can use web analytic products to get a sense of what the total usage of the website is like from customers. Any areas that seek consideration should be regarded immediately after they are identified and whatever problems there are should be fixed.
Questions that should be asked and regularly reviewed:
Are the goals and objectives of the company achievable?
Does the sales team have sufficient resources? (such as technology, money, training)
Is the sales team satisfied with the sales they are making?
What kind of feedback is the sales team getting from consumers?
What can be done to improve sales in the next quarter? Sales Forecast Conclusion Newbridge Silverware
Setting up a Sales Force
7 Steps in the Selling Process
Online Sales Activities
Monitoring and Evaluating Sales Activities
Conclusion Overview Step 7- Follow up Step 6- Closing the Sale Step 5- Handling Objections Step 4- The Presentation Step 3- The Approach Step 2- The Pre-Approach Step 1- Prospecting & Qualifying 7 Steps in the Selling Process Before planning a sale, a salesperson must conduct research to see what people or companies will be interested in their product. This is called prospecting and is the first step in a successful sales process. From conducting this type of research the sales person will be able to identify what businesses/individuals qualify as a prospect for the company.
By prospecting, the senior sales team at Newbridge Silverware will be able to identify who qualifies as potential customers in Poland for the business. After the sales team at Newbridge Silverware have identified who they believe will be a potential customer they will conduct in depth research about the firm which they are considering. This will make their sales opportunity much better as the more they know about the potential customer, the more benefits the sales team can produce to them which in turn will interest Newbridge Silverware’s prospects. In this part of the selling process, the sales person will put their skills of approach into practice. Firstly the sales person will explain themselves and what Newbridge Silverware is to the prospect. They will gain the prospects trust before making any suggestions of purchase. It is only when the trust has been established between the two that the sales pitch will then be made. It is vital that the approach is correct as the likelihood of the prospect considering Newbridge Silverware’s products before trust is established is slim. The presentation of the product is essential as it is the first time the prospective customer will see the product and therefore the presentation is very influential. The way the product is presented needs a lot of thought and preparation put into it by the salesperson of Newbridge Silverware. This task should be stress - free for the sales person following the training which they have been given and the research which they have conducted about the potential customer. Following the sales presentation it is a given that the customer will have some objections and questions. The sales people will be trained to look at any objections as opportunities, to get a larger understanding of their customers’ needs and wants. This will allow the salesperson to make changes to suit the customer. After following the previous steps in the sales process the sale will be closed by the salesperson of Newbridge Silverware agreeing the terms of the sale with the customer and then finishing the transaction. The most difficult part of closing the sale will be the salesperson actually asking the person if they are willing to make the purchase. Once the sale has been made it is extremely important to insure the salesperson at Newbridge Silverware performs a follow up of the sale. This will be done in the form of phone calls and e-mails. It is essential to conduct a follow- up as it assures customer satisfaction and helps to retain customers. Selling Process
The Selling process will begin with Newbridge Silverware, then to the retailers and finally to the end customer.
The company will sell to retailers such as jewellery stores in Warsaw who can then sell the product on to customers. The retailers which we will focus on setting up an alliance with are:
W.kruk is one of Poland’s leading
jewellery stores who sell
International brands such as
Emporio Armani, Omega, Tag Heuer
and Anne Klein. Setting up a Sales Force
Our sales force will be made up of 3 people, 2 main representatives and a junior sales person. The main representatives will consist of one Polish male with fluent English and one Irish female with basic polish and a clear understanding of the polish market. One of our sales representatives will have a degree in retail with management experience while the other will have a higher degree in Marketing.
The junior sales person will have a degree in retail and all employees will have sufficient experience in selling. All members of the sales team will have a clear understanding of the culture of the market and strong communication skills. When recruiting, we will ensure that our representatives are enthusiastic, hardworking and self-driven. We will choose the sales team through a process of interviews, when the most suitable people have been selected they will then undergo training. Here they will heighten their knowledge about the company, the products which they will be selling, the market they will be selling into, the key competitors and the market structures. The selected members of the sales team will be trained in the selling process ensuring that they use all 7 steps when making a sale. YES:
YES Jewellery stores are located
throughout Poland. They are popular
as they hold a selection of classic
Polish Amber products as well as
Danish jewellery Pandora. Apart:
Apart Jewellery is another of
Poland’s most successful jewellery
stores retailing brands such as
Claude Bernard, Edox,Pierre Laniert
and Ted Lapidus. Newbridge Silverware
Newbridge Silverware is part of a retail group in Ireland and has been in existence since 1934. The brand is Ireland’s premier designer and producer of homeware and giftware products. Newbridge silverware is always innovating and producing new products to suit the lifestyles of the newest generation and today, the brand is regarded as the premier solution to all gifting occasions. Newbridge Silverware has a wide range of products including; jewellery, cutlery, frames, clocks, glassware and kitchenware with its craft facility being the last fully integrated manufacturing plant of its kind left in Europe. This allows the brand to keep their prices low as all manufacturing is done within their plant and they do not have to outsource any of the materials they need, which makes the brand cheaper to produce.
Newbridge Silverware Jewellery is both modern and natural which makes it attractive for many occasions including birthdays, christenings, weddings, confirmations, graduations etc. The brand has sponsored major events in Ireland such as the Rose of Tralee. In 2003 they supplied the torch for the Special Olympics which allowed them to become the first brand ever to design and manufacture such an iconic piece. Today, a team of skilled craftsmen and women continue to create a whole range of products for the brand. The jewellery offered by Newbridge Silverware can be timeless and elegant as well as modern and personalised.
Operational CRM system would be used in the company as it “supports a wide range of customer focused business processes in marketing, sales and customer service” (digital.mit). The company would use operational CRM systems for storing information about their customers and clients. “It helps to support customer interaction with greater convenience through a variety of channels. Operational CRM systems help makes your company easier to do business with”. (Fearghal McHugh 2013). The company would use this system as it makes dealing with the company an easy and hassle free one. It also allows the company to give greater customer service to its clients. The operational system would also be used to access sales records, technical support and billing records. It is used for the day to day running of the business and assists in hassle free communication between customers and the company e.g. e-mails, live chats.
Analytical CRM will be used as it as it helps analyse consumer data and transaction patterns. “Analytical CRM extracts in depth customer history, preferences and profitability information from your data warehouse and other databases. It allows you to analyze, predict and derive customer value and behavior and forecast demand. It lets you approach your customers with relevant information and offers that are tailored to their needs” (Fearghal McHugh 2013). Newbridge will use this system as it will help reduce costs and will help them anticipate future trends. It helps identify new areas of opportunity. The system will help improve customer service as the company will be able to identify their needs and help identify products that give their customers the most satisfaction and help see the products that are in the most demand.
A Collaborative CRM system “enables easy collaboration with customers, suppliers, and partners. It improves efficiency and integration throughout the supply chain. It allows greater responsiveness to customer needs through sourcing of products and services outside of your enterprise” (Fearghal McHugh 2013). Collaborative CRM would be used to improve Newbridge service that it provides. It will allow the company to collaborate with other customers and suppliers in order to create customer and brand awareness.
A Portal based CRM system “provides all users with the tools and information that fit their individual roles and preferences. It empowers all employees to respond to customer demands quicker and become truly customer-focused. It also provides the capability to instantly access, the customers, link the customers and use internal and external customer information” (Fearghal McHugh 2013). Portal base CRM would be used to improve Newbridge customer relationships. By being able to access all internal and external information will allow the company to ensure that their customer needs are being satisfied. CRM In conclusion, we found that there is a market for another jewellery retailer in Poland. Given the size of Poland, there are very few distriburers of personalized jewellery. As Poland is a member of the European Union, there are few barriers to entry, therefore we feel that Newbridge Silverware would be successful in this market.
When entering the market, we plan to sell our products to established jewellery retailers as we feel this would give our products more exposure.
We do not anticipate to make a profit in year one or two, due to the cost of setting up and distribution of our products. We hope to break-even in year three and start to make a profit in year four.
Initially, we plan to have two senior sales representatives and one junior sales representative, however if our products prove successful we will look into increasing these numbers in years to come.
In doing this project, we gained an insight into international selling and broadened our knowledge of sales processes in foreign markets. Thank you for Listening Any Questions????? Sales Forecast
The Profit and Loss account below shows our planned sales forecasts for year one (2014) and year two (2015). It also shows the amount of money our business plans to spend on expenses such as wages, warehousing, transportation etc. In the tables you can see the Net Profit or Loss the company expects that year.
The total value of the jewellery market in Poland in 2012 is estimated at €552.9 million. The number of Poles earning over PLN 7,100 (EUR 1,775) gross a month has nearly doubled in the last 10 years, with their average income growing by nearly a third. According to our estimates for this year, Poland will have approx. 590,000 people earning over PLN 7,100 (EUR 1,775) a month, their average gross monthly income approaching PLN 15,000 (EUR 3,750).
The transportation costs rose as the demand for the jewellery rose.
The cost of transportation rose in year 2 because another sales person came on board and brand recognition and demand cultivated.
The cost of Utilities dropped in Year 2 as sales were higher.
For the end of year 2 the advertising costs rose again in order to increase the customer base during the Christmas season.