“People don’t remember the pitch; they remember the experience.” – Dharmesh Shah.
In the retail sector, online sales and digital marketing have become more prevalent than ever; it can be easy for business owners to overlook the importance of taking inbound calls. However, for physical stores to remain competitive in this ever-evolving retail environment, businesses must capitalize on inbound product inquiries from customers over the phone. By putting more emphasis on inbound sales calls, brick-and-mortar retailers can maximize their revenue potential while ensuring consumers receive top-notch customer experiences with each purchase. This blog discusses how retail businesses can benefit from placing a greater emphasis on Inbound sales calls.
What are Inbound Sales Calls?
Inbound sales calls occur when a prospective customer reaches out to a business inquiring about a product or service. In contrast to cold-calling strangers, inbound sales associates focus on customers who have already reviewed the company websites, advertisements, and other sales channel content before making the call. Therefore, the prospect is usually interested in a product or service the company sells.
What is the goal of an inbound sales call?
The goal of inbound sales calls similar is to guide prospective consumers and create a sales process personalized to meet the customer’s personality, attitudes, needs, and wants.
Inbound Sales Have Larger Average Order Value
Average order value (AOV) measures the average dollar value of purchases each time a customer places an order. AOV is vital for retail businesses because it provides managers with data that ensures marketing and pricing strategies are providing optimal returns. Also, a higher AOV indicates that customers are more likely to make repeat purchases.
- 84% of marketers report that inbound phone calls have higher conversion rates with larger order value (AOV) than other forms of engagement.
Inbound sales calls focus on providing value and building trust with prospective customers. In contrast to (cold calls) pushing sales onto consumers, inbound sales allow sales associates to present value, empathize, probe, and provide solutions.
Inbound Sales Calls Have Faster Conversion Rates
The Sales Conversion Rate is a key performance indicator (KPI) that assesses the efficiency of the sales staff in converting new leads into customers. It is a vital measure because it helps marketing and sales teams determine the quality of lead-generation methods. Inbound sales calls attract qualified consumers, offer personalization, and utilize helpful, relevant interactions with prospects to generate leads. Marketing research has found:
- Sales conversion rates are 25% to 40% for inbound phone calls (com)
Therefore, inbound sales convert leads into buyers at a rate of 10 to 12 times higher than other lead generation tactics.
Inbound Sales Calls Experience Higher Customer Retention Rates
The customer retention rate compares the number of customers a retailer has retained versus the total number of customers during a specific period.
- Retailers experience a 28% higher customer retention rate from phone sales.
Retention rate is an important KPI because it measures the percentage of users who continue buying products or services over a given period. High retention rates show that current customers value a product and will provide a reliable source of revenue.
Inbound Sales Calls are Cost Effective.
Customer Acquisition Cost (CAC) is the metric that measures the total cost of acquiring new customers. In brief, CAC is the combined cost of sales and marketing divided by the number of new customers. Moreover, inbound sales calls are cost-effective because sales associates engage with prospects who have already demonstrated an interest in the company’s products or services. According to ESM Inbound, inbound sales cost 62% less than outbound marketing per lead.
“You will get all you want in life if you help enough other people get what they want.” – Zig Ziglar.
CAC is a critical metric to measure both in the aggregate and for each market segment. Knowing CAC, and calculating it alongside other income metrics, allows retailers to assess which market segments are most profitable.
Tips for Inbound Sales Calls
- Train staff to receive inbound sales calls
- Have a sales process in place and practice it
- Make product and service information accessible
- Avoid putting customers on hold
- Turn off the (impersonal) Interactive voice response system
- Probe the prospect for pain points and interests
- Know the company’s inventory inside out
- After a call, remember what did and did not work and make notes.
“Prospects are making their purchase decision based on whether they think you understand their problems and you have the knowledge, resources, and commitment to solving them.” – Trish Bertuzzi.
An inbound sales culture involves being patient, attentive, optimistic, and dedicated. Practicing these qualities will help you gain an intimate knowledge of prospective buyers and give you a strategic approach to acquiring and converting new customers. Though online sales and digital marketing play a significant role in retail, businesses must pay attention to the benefits of inbound calls. These inbound sales opportunities will help retailers stay competitive, maximize their revenue potential, and ensure that consumers have positive experiences with each purchase. So when it comes to inbound call sales, don’t let your business fall behind —emphasize this critical aspect of customer service today.
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