Winning tactics to increase your sales

Sales tactic #1 ALWAYS ASK FOR NEXT STEPS

Don’t let the conversation die out; keep talking to the prospect. To this end, never finish your emails with ‘Let me know if you are interested’ or ‘Click here to learn more’. Ask for the next steps: “Are you free Friday for a quick chat?”.

Sales tactic #2 BECOME AN EXPERT ON PROBLEM-FINDING

For decades, sales professionals focused on providing prospects with the solutions they asked for and striving to show them why their solution was the best. This approach could work in some cases and fail in others. Why? Because prospects are experts in problems, not solutions. Henry Ford: “If I had asked people what they wanted, they would have said faster horses.” Turn from problem-solving to problem-finding. Identify the hidden problems of your customer to help him move forward with the sale.

Sales tactic #3 LIST 1 OR 2 MINOR NEGATIVES

Build credibility and prompt persuasion by listing one or two minor negatives following a list of positives related to your product. This increases transparency and trust. And trust is the stepping stone to closing the sale.

Sales tactic #4 USE THE LOSS AVERSION COGNITIVE BIAS

The Loss aversion cognitive bias describes the tendency to prefer avoiding losses to acquiring equivalent gains. Use the loss aversion bias to your advantage by stating what the prospect stands to lose if they don’t make the purchase. It’s powerful and it will surely get the attention of your prospect.

Discover the other fourteen tactics to close more sales.?

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Which of the following business segments are most profitable and Amazon should keep investing in: AWS, AMAZON PRIME VIDEO or AMAZON LIVE? A BCG-Growth Share Matrix analysis.

As of October 2022, Amazon has a market cap of $1.04 Trillion. This makes Amazon the 4th biggest technology company in the world behind Apple ($2.44 Trillion), Microsoft ($1.73 Trillion) and Alphabet ($1.22 Trillion).

WHAT IS THE BCG-GROWTH SHARE MATRIX?

The BCG-Growth Share Matrix is a business framework helping companies analyze their business segments (i.e. their product lines) or any other cash-generating entities by their degree of profitability.

The matrix is a four-quadrant chart where products are ranked on the basis of their relative market shares and growth rates: cash cows, question marks, dogs and stars. The company then decides where to allocate resources and which products to prioritize. Learn more about BCG-Growth Share Matrix.?

Which business segment is a cash cow, which is a star that Amazon should keep investing in and which is a question mark that Amazon should determine whether or not it's worth maintaining in the company's portfolio??

Let’s find out!

• AWS is the company’s cloud platform and offers reliable and scalable cloud computing services;
• $62 billion in revenue (2021), up 37% from the previous year and generating a whopping 74% of its operating income;
• 32% of the market, followed by Azure and Google with Alibaba Cloud close behind;
• Global cloud computing market size growth rate: 24% and slowing down.

Conclusion: With a 32% market share, growing over 35% year on year, AWS is one of the company’s CASH COWS.

• Amazon Prime Video has been growing steadily over the past few years;
• The 2nd video streaming service worldwide, after Netflix, with 250 million subscribers estimated by 2027;
• $31.8 billion in revenue, up 26% year over year;
• 24% market share after Netflix (27%) followed by Disney+ (18%);
• Global Video Streaming market size growth rate: 20% by 2028.

Conclusion: Amazon Prime Video is one of the company’s STARS.

• Amazon Live is a live commerce streaming service that allows sellers to “promote discovery” of their products by hosting their own live streams for customers on Amazon;
• The service was released in 2016 and picked up speed in 2019;
• One statistic said that there were over 1200 live stream shows during Prime Day 2020, but beyond that, little is known about Amazon Live;
• Growth rate and market share are not publically available, presumed very low;
• In China, the live commerce market or shoppertainment grew by 280% between 2017 and 2020;
• Global live commerce market size growth rate: 11% by 2027.

Conclusion: With a low market share and low market growth rate, in a hyper-growth market spearheaded by China, Amazon Live is a question mark type of product. With the right resources and strategy, Amazon Live could transform into a star. But if the market conditions are not assessed correctly, it could downgrade into a dog-type of product.

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