PRICING FOR International Sales
How do you monitor and respond to competitors’ pricing actions and strategies?
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Competitors’ pricing actions and strategies can have a significant impact on your international sales performance and profitability. How do you monitor and respond to them effectively and efficiently? In this article, we will discuss some best practices and tips to help you stay ahead of the game and optimize your pricing decisions in different markets and situations.
Know your competitors
The first step to monitor and respond to competitors’ pricing actions and strategies is to identify and analyze your main competitors in each market. You need to know who they are, what they offer, how they position themselves, and how they price their products or services. You can use various sources of information, such as websites, social media, trade shows, industry reports, customer feedback, and mystery shopping, to collect and update your competitive intelligence.
Track their pricing movements
The next step is to track their pricing movements and changes over time. You need to have a system or tool that allows you to monitor and compare their prices, discounts, promotions, and bundles regularly and accurately. You can use online platforms, software, or apps that automate and simplify this process, or you can do it manually with spreadsheets or databases. The key is to have a clear and consistent method to collect and store your pricing data.
Understand their pricing strategies
The third step is to understand their pricing strategies and objectives. You need to know why they price their products or services the way they do, and what factors influence their pricing decisions. You need to consider their costs, margins, value proposition, target segments, differentiation, positioning, and goals. You also need to understand the pricing psychology and behavior of their customers, and how they perceive and respond to their prices.
Evaluate your competitive advantage
The fourth step is to evaluate your competitive advantage and value proposition in each market. You need to know how you compare and contrast with your competitors, and what makes you unique and desirable. You need to identify your strengths, weaknesses, opportunities, and threats, and how they affect your pricing power and elasticity. You also need to communicate and demonstrate your value clearly and convincingly to your customers.
Adapt your pricing tactics
The fifth step is to adapt your pricing tactics according to the market conditions and the competitive landscape. You need to have a flexible and dynamic pricing approach that allows you to adjust your prices, discounts, promotions, and bundles in response to your competitors’ actions and strategies, as well as to the changes in demand, supply, exchange rates, regulations, and customer preferences. You need to have a clear pricing policy and guidelines that define your pricing objectives, criteria, rules, and limits.
Test and measure your pricing performance
The sixth and final step is to test and measure your pricing performance and impact. You need to have a system or tool that allows you to track and analyze your sales volume, revenue, profit, market share, customer satisfaction, and loyalty in relation to your pricing decisions and actions. You need to use various metrics and indicators, such as price index, price sensitivity, price elasticity, price variance, price perception, and price optimization, to evaluate and improve your pricing effectiveness and efficiency.
Hereās what else to consider
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TRAINING FOR International Sales REPS
What are the most effective ways to train and coach your international sales reps remotely?
Training and coaching your international sales reps is crucial for achieving your sales goals and growing your business globally. But how do you do it effectively when you can’t meet them in person, or when they work in different time zones, cultures, and languages? Here are some tips to help you overcome the challenges of remote sales training and coaching.
Use a blended learning approach
A blended learning approach combines different types of training methods, such as online courses, webinars, videos, podcasts, quizzes, and simulations, to deliver engaging and relevant content to your sales reps. This way, you can cater to different learning styles, preferences, and needs, and provide flexibility and convenience for your reps to access the training materials anytime, anywhere. You can also track their progress and performance using analytics and feedback tools.
- In order to have an efficient remote training, and to sooth some of Elise’s concernĆ©s in the previous perspective, we should do a couole of things before we embark on a training journey. Training is expensive for the employer, time consuming, putting the resources away from delivering work. Thus we need to identify the right needs first. What we do for our clients, we first do a skill inventory analysis for employees, which helps us identify the strengths and the gaps. Then we do a talent management, to make sure that each person is at the right place, and of course we will find gaps as well. We then take the skills gaps, and the talent gaps, and map them against the company’s objectives & then we identify the type of training they need. Marc ZirkaI help SME owners PIVOT towards a digital presence, tailor-made for them: We plan & implement together. Win new Revenue OR Save Cost in under 6 months.
Mark as insightful19h
Establish clear expectations and goals
One of the key factors for successful remote sales training and coaching is to set clear expectations and goals for your reps. You need to communicate what you want them to learn, how you want them to apply it, and how you will measure their results. You also need to align your training and coaching objectives with your overall sales strategy and vision, and make sure your reps understand how their role contributes to the bigger picture. By doing so, you can motivate them, hold them accountable, and provide them with direction and guidance.
Provide regular feedback and recognition
Feedback and recognition are essential for remote sales training and coaching, as they help your reps improve their skills, celebrate their achievements, and feel valued and supported. You should provide your reps with constructive and timely feedback, both positive and negative, on their performance, behavior, and attitude. You should also recognize their efforts, accomplishments, and improvements, and reward them accordingly. You can use various tools and platforms, such as email, phone, video call, chat, or social media, to deliver feedback and recognition.
Adapt to cultural and linguistic differences
When you train and coach your international sales reps remotely, you need to be aware of and respect the cultural and linguistic differences that may affect their learning and communication. You need to tailor your training and coaching content, style, and tone to suit the context and preferences of your reps. You also need to use clear, simple, and concise language, avoid jargon and slang, and use examples and stories that are relevant and relatable. You may also need to use translation or interpretation services, or hire local trainers or coaches, to overcome language barriers.
Build trust and rapport
Trust and rapport are the foundation of any effective sales training and coaching relationship. However, they can be harder to build and maintain when you are working remotely. You need to show your reps that you care about them, listen to them, understand them, and support them. You also need to be transparent, honest, consistent, and reliable in your communication and actions. You can build trust and rapport by having regular check-ins, asking open-ended questions, sharing personal stories, giving praise, and showing empathy.
Encourage collaboration and peer learning
Collaboration and peer learning are powerful ways to enhance your remote sales training and coaching. They allow your reps to share their knowledge, experience, insights, and best practices with each other, learn from each other’s successes and challenges, and solve problems together. They also foster a sense of community, belonging, and teamwork among your reps. You can encourage collaboration and peer learning by creating online forums, groups, or communities, facilitating virtual meetings or workshops, or assigning group projects or tasks.
Hereās what else to consider
This is a space to share examples, stories, or insights that donāt fit into any of the previous sections. What else would you like to add?