Hi, there this is Rajat from Startup Frat. Today we gonna talk about is dwindling sales. If you had a corner shop in a prime area of town and sales that have been decreasing day by day or month by month. If you are a doctor Sahab you know very well known in your area for your practice but patients have been decreasing day by day month by month. Or if even if you like a new age business-like in e-commerce, or even digital marketing you know like course selling business. You have been doing Facebook ads or something like that and slowly the results have been decreasing month by month. We cannot talk about that today. So, firstly definitely basics of everything is demand and supply. The economy runs on demand and supply and definitely due to you know reducing the kind of money that people have in their pockets, disposable income is reducing. Because the economy is gotten affected, stocks are down, real estate is down, people lost their jobs.
You know covid is affected, people. Bonuses and things like that. People who are businessmen which means your customers who are businessmen have made less money in the business. So. obviously they have less money to spend on other things. So, unless you are a chemist or a Kirana Wala, chances are your business will probably be affected. Now, How does it work in India? In India, it’s very simple. So dwindling sales. Why did India not have this for the last 30 40 45 years? If you are like me, your entire working life you’ve never seen demand go down. Since 1974 – 75 India has been on a constant upswing. When it comes to demand increasing because from being a relatively not so well to do country, we have slowly grown the middle classes the purchasing power has grown.
So, demand is always been on the upswing. So, what happens is? you have access-based businesses are access-based demand. Which is, I have a store in MG road of Bangalore or Connaught Place or Delhi whatever. You know there will always be people, who will come and want my services. So, my work is always going on. You know the problem growing in my business is opening new branches or whatever it is. If you have a good degree behind you, you’re a doctor your chartered accountant, or even MBA working incorporate. You know this corporate job coming from US and UK at a steady stream. Because you know they also wanted to do some cost-cutting and Indian employees have been you know the best the English-speaking employer that technically a very good. So, you know they’ve got the jobs, but not demand is slowly dwindling down internally as well as externally.
Why is external? Because Indian employees today are not very cheap as compared to US employees. In the US a few demands are the salary annual salary of 50K – 60K dollars is median you know median salary in a good city. Then in India, you demand at least 40 lakh rupees a year which is pretty much the same so 60000 dollars a year equals to 40 lakh a year in India. So, the same price as American employees. So, other countries like the Philippines and Vietnam and all of these are coming up and you know there are getting the demand out. All of these countries which were Chinese Civilization kind of offshoots like Vietnam like Thailand you know like the Philippines. For example, they would not be speaking English earlier ok they were technically very sound very hardworking people willing to work all across the day, you know all across the 24 hours shift. But they would not English was not the premium primary language.
But now they are learning these languages and they are cheaper in many cases. They are easier to work with. You know then we have in India because of various social-political issues and all that. So, the demand has been going out. In India, demand is decreased after the food because we are an over-supplied nation and suddenly you know we have good all Amazon good all Chinese manufacturing services from all across India. Easy to access to do you just take your credit card and go online you can hire any kind of service on fiverr.com. So by default, the local demand that used to stay in the country is also dissipating. See the reducing or dissipating so basic demand and supply is not in our favor. The second thing is the customers that we’re used to getting up almost have almost invariably been committed customers. So, the customer that you are seen in your life has been the committed customer. This means, If you have a store in MG road of Bangalore the people take the time to come output their car in the parking lot you know come to visit your Store or whatever you should have been a very committed customer there the customers wanted to spend. So, it was easy the were no real sales involved. Easy to sell to them.
Even if somebody like a LIC salesman, mutual fund salesman, affiliate marketer, multi-level marketing, digital marketer the whole pitch was easy because people had spending money so you could go to them and say hi why don’t you instead of spending it, you want to double your money, putting it on our portfolio management services, buy some insurance for yourself. You know the money was there. I would like to say, I’m in it since these are not easy professionals but still, the only customer that you’re looking for was the committed customer and they were there in large numbers. So, committed customer this side you have a weight over here, which is the money. They balance each other out, you have enough committed customers you make your money. Now, what happens is? what if the commitment level of the customer is less? you don’t get the sales.
Why is the commitment level of the customer less because the money is not there? Then you don’t get the sales. What do you do? There are other types of customers that you need to master. There are customers who may have a desire for your product but no commitment to buy it. This means they may have a desire broadly that I am going no go in this direction. Let us say you are and to luxury goods something, so people may want to have a decent watch. There are people who are still spending on luxury is there they may want to have a decent watch. But they don’t know that you are the best brand to buy from the best store to buy from. So it’s just like a desire in their mind. They want to do it in the next 1 month 2 months maybe. But they haven’t decided why you are the best person. The third thing is, there are customers who have an interest in this area and you know they don’t want to have that product or service that strongly. And finally, there are customers whose attention you can grab or you have grabbed. They have looked at your pamphlet, clicked on your link, watch your ad, or whatever it is. So, these are the attention segment. Attention, Interest, Desire, commitment.
The process to convert the prospect into a customer
Now the fun part is, If you have enough numbers and if you know, how to convert attention into interest. You have good shot at increasing your customer base. If you have interest guys enough numbers and you know, how to convert them into desire. Then you have a good shot at converting them into customers, improving your business. What happens in India is typically when the business dwindles, businessmen by default look at their product line.
How can I make a better product? Do you know how can I get another degree? How can I do you know figure out? How to make a better product? Get some more word-of-mouth marketing at whatever it is. That’s great, that is one part of the equation. That is not the whole equation. In demand generation marketing we have something for demand generation market in the market is glutted than your competing for customer retention you get to get to do something called demand generation marketing. Your product and your promotions are important 50-50. In fact, I would like to say this is a little more than 50%. Maybe 60-65%. And the product is maybe 30 – 35%.
Your product and your promotions are equally important. Your promotions are probably more important than the product because enough customers don’t know about you. They are not interested in you, your product, or your brand. Then what’s the point of having a superior product its not gonna sale itself. So, this word-of-mouth marketing will not work so much. It will get you the best customers but it does not scale, it is not scalable it can’t get you out of the whole. So, now what happens the biggest mistake that people make in India is, they catch hold up attention giving guys and treat them the same as customers. The catch holds up interested guys that treat them the same as customers. They catch hold up the desired guy and treat them the same as customers. This means they try to give the entire product page that tries to give all the customer testimonial they try to you not try all the angles on this customer and basically they try to close the deal in one long, boring, painful, sales engagement or sales interview or even webinar or whatever.
That’s good. By the way, I also do webinars, I also do sales calls, I also have a corporate consulting business where I personally do sales calls and consultation. I personally fly out and do these long boring 90 minute consultations on the customer site and all of that. But what do I do is? I tried to make sure the people who arrived in this bucket had gone through a certain process. Which gets me the best of these guys. In the webinar or in my sales consultation, because I am investing my money and going out and meeting these people in a corporate consulting scenario in their office so there is lots of time and money involved from my side. So, it’s very very incumbent upon me to go and make sure that I am met. I am only meeting the best possible customers otherwise you know I don’t wanna meet them. Now the fun part is the process is not linear, the process of converting attention into interest is different. The process of converting Interest into desire is different, the process of converting desire into commitment is different and the sales job is different.
If you’re trying to do all of these together, let me just give you an example. If I want to catch a customer whose attention I have and start showing them my customer testimonials. It means nothing to them. For example, If I was earning let’s say 100000 rupees a month and I suddenly see a beautiful ad for a Mercedes and I am like wow that’s a cool car, Mercedes. You know I see an ad video at you know whether the car is doing all kinds of things and I am like wow this is great. If you have my attention and then you start suddenly you know sales guy show up at my house starts explaining to me, How so many people are enjoying? They have great things to say about the Mercedes etc. And then they say the car is worth 50 lakh rupees, my salary is 1 lakh rupees, Then what’s gonna happen? I am not gonna buy that car regardless of how satisfied your customers are and basically, your time and energy are getting wasted. If you are doing Facebook ads, your ad dollars are getting wasted. If you’re the kind of person who spends 10 rupees to earn 12 rupees or if you’re spending 10 rupees to earn 9 rupees, then you know you might be in the situation. So just to give you one little idea, I don’t want to make this content very long.
Just to give me one little explanation the actual customer testimonial only is relevant over here. It’s not relevant anywhere else. Similarly, if you don’t have a process to magnify, you know attention into interest then or if you are using the same process that you would use in a webinar or if you’re using a Facebook ad and is going straight to webinar then chances are that you may have felt in the last few months or couple of months that you know sales have been dwindling. Now, if you go through this content, what I am going to give you is a free consultation and going to give you the chance to sit with me for 30 minutes. Walkthrough your sales funnel and I will give you some advice and all for free. If you take action.
Three things you need to do in order to master the game
Now, what do you need to do? what are the three things? Make sure you don’t go under. What do you need to do is? First of all, you need to have enough numbers of attention and of interest. Because I remember the attention is like it doesn’t have a much a lot of weight. So, if you have many of these like thousands to hundreds of thousands of these then the chances are you start following a lot of people into your monetizable bucket. So enough numbers, then What do you need to do is? you need to have enough conversion which means your conversion rates from 1 step to the next should be healthy. What is the third thing you need to have enough interaction with? What is this interaction? This interaction is not to sell your product is primarily to qualify the customer. And then definitely it is to something you know in a lot of people talk about in online marketing and I am very new and online marketing by the way like 6 – 7 months old.
But there is this thing that they call pre-frame, that I never used to understand. But now I started to understand all these things. The customer needs to answer 4 questions for you and you need to answer 4 questions for the customer. Without making it seem that you are doing it. Because if you make it seem like to do it the whole thing becomes the sales job and scares the customer. So, subconsciously using your verbiage using your kind of marketing tactics or whatever it is. Subconsciously you they need to answer 4 things for you. You need to answer 4 things for them. As long as this process is happening, you will have a steady stream of customers. The cost to acquire the customers may be slightly higher but you’ll have a steady stream of profitable customers coming into your business.
Now this interests you and you have been unable to get into any of our academic programs or hire any offers services because of their very high ticket there probably four or five times the price of the next best person the market. Then I have a super special offer for you. This is a new year special offer. This offer you could potentially get 30 minutes to speak to me on my calendar sometime during this week or early in the first week of January depending on availability. If you take action today.