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Ian

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2

Initiatives to boost sales

Dear experts and community,

Thanks a lot for the time devoted to help :)

I have a job interview in the upcoming days, for which they will soon share the prompt and give me couple days. I know other people who interviewed in the last months and last year with the company, and the prompts are usually arround a product or category that has had trouble ramping up -although there is interest in the product page, very few of the visits convert into sales-.

Those products of product categories are usually technology-propietary (e.g., very expensive devices for integrated home that save energy, roof tile that integrates solar energy systems into it etc.) Although those solutions more expensive that the traditional solutions a priori, they give quite some savings in the future.

I know that I need to practice THOSE GROWTH REVENUE cases and also new market entries. The 2nd ones I got them covered, and i would like to try to solve theoritically one of the others, since I know that those are the type of cases asked.

I have to come up with creative ideas to solve this: Since the issue does not seem to be in clients finding the product, I believe the issue can be related to pricing, not the right channel, not enaugh information... Hence, the ideas that I am thinking go in the direction of changing the channel -perhaps with specialized sellers, since this is a very expense and technical product-, creating places where people can touch and feel, being able to quantify further the impact -economic and enviromental, but how?-, etc.

I would be most grateful to hear the thoughts of our experts, and of course of anyone who can contribute in this problem solving. I guess also this type of case is a rather common one and many people are asked in this context to propose solutions, so I hope many other candidates can benefit as well.

Thanks so much, and already looking forward to reading!

EDIT: the product is a one-off purchase (e.g., radiation floor for your house, something expensive but that would save money in the long term)

Dear experts and community,

Thanks a lot for the time devoted to help :)

I have a job interview in the upcoming days, for which they will soon share the prompt and give me couple days. I know other people who interviewed in the last months and last year with the company, and the prompts are usually arround a product or category that has had trouble ramping up -although there is interest in the product page, very few of the visits convert into sales-.

Those products of product categories are usually technology-propietary (e.g., very expensive devices for integrated home that save energy, roof tile that integrates solar energy systems into it etc.) Although those solutions more expensive that the traditional solutions a priori, they give quite some savings in the future.

I know that I need to practice THOSE GROWTH REVENUE cases and also new market entries. The 2nd ones I got them covered, and i would like to try to solve theoritically one of the others, since I know that those are the type of cases asked.

I have to come up with creative ideas to solve this: Since the issue does not seem to be in clients finding the product, I believe the issue can be related to pricing, not the right channel, not enaugh information... Hence, the ideas that I am thinking go in the direction of changing the channel -perhaps with specialized sellers, since this is a very expense and technical product-, creating places where people can touch and feel, being able to quantify further the impact -economic and enviromental, but how?-, etc.

I would be most grateful to hear the thoughts of our experts, and of course of anyone who can contribute in this problem solving. I guess also this type of case is a rather common one and many people are asked in this context to propose solutions, so I hope many other candidates can benefit as well.

Thanks so much, and already looking forward to reading!

EDIT: the product is a one-off purchase (e.g., radiation floor for your house, something expensive but that would save money in the long term)

(edited)

2 answers

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Book a coaching with Ian

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Hi there,

Not everything is just P*Q. This is an oversimplification to help beginniners with Profitability cases.

Some major ways companies boost sales include:

  • SAAS (software as a service)
  • (Relatedly) Subscription revenue
    • Get people onot subscription plans (i.e. Netflix)
  • Behavior-changing "memberships" - i.e. Amazon Prime
    • When people enter Prime membership, they actually actively spend more than they did before
  • Bundling
    • I.e. sell a few things together
  • Radiation
    • Sell products similar to the current one
  • Low-price entry
    • Get someone in with a super cheap/good deal, then, now that you have them as a customer, sell additional, higher-margin products (insurance companies do this, for example)

These are just a few - there are many more! Feel free to reach out for a more in-depth discussion!

Hi there,

Not everything is just P*Q. This is an oversimplification to help beginniners with Profitability cases.

Some major ways companies boost sales include:

  • SAAS (software as a service)
  • (Relatedly) Subscription revenue
    • Get people onot subscription plans (i.e. Netflix)
  • Behavior-changing "memberships" - i.e. Amazon Prime
    • When people enter Prime membership, they actually actively spend more than they did before
  • Bundling
    • I.e. sell a few things together
  • Radiation
    • Sell products similar to the current one
  • Low-price entry
    • Get someone in with a super cheap/good deal, then, now that you have them as a customer, sell additional, higher-margin products (insurance companies do this, for example)

These are just a few - there are many more! Feel free to reach out for a more in-depth discussion!

Thanks, super interesting! — Anonymous on Feb 08, 2021 (edited)

However, since the product is a tech. product -think, for example, about a product that integrates all the smart-home appliances you have, subscriptions and memberships would not apply, right? — Anonymous on Feb 08, 2021 (edited)

Thinking about a one-time purchase on something quite expensive -e.g., changing your heat system to aerothermal for instance, or radiating floor-, how can sales be further boosted? — Anonymous A on Feb 08, 2021

This is the right kind of thinking! you obviously have to tailor everything you do to the specific case, industry, business, product, etc. Of course everything I listed won't always apply :) — Ian on Feb 08, 2021

That said, think a bit...why wouldn't smart-home appliances be tied to subscriptions/memberships? Amazon Alexa is looking to integrate within all home appliances. Your dishwasher could be set on a "subscription" where it automatically restocks dishwasher tablets every month for you. — Ian on Feb 08, 2021 (edited)

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Hello!

What seems clear is that the problem is not with discoverability, but with converting into sales.

Hence, in line with what you were proposing in your text:

  • Ideas in line with giving people the opportunity to try the product -since they know it, but they are not convinced to buy it-
  • Ideas to show the value proposition of the product -since again, customers know about the product, but they are not convinced to buy it, hence they are not convinced about the value proposition (e.g., salesforce, etc.)

Hope it helps!

Cheers,

Clara

Hello!

What seems clear is that the problem is not with discoverability, but with converting into sales.

Hence, in line with what you were proposing in your text:

  • Ideas in line with giving people the opportunity to try the product -since they know it, but they are not convinced to buy it-
  • Ideas to show the value proposition of the product -since again, customers know about the product, but they are not convinced to buy it, hence they are not convinced about the value proposition (e.g., salesforce, etc.)

Hope it helps!

Cheers,

Clara

Thanks! Showrooms for instance? — Anonymous A on Feb 08, 2021