Direct Sales – To syndicate or not to syndicate this is the question!
We are regularly asked to buddy up brands for sales drives, giving an element of cost-sharing to reduce overall spend. On the face of it, this is a great idea, right? We all want to save a little dough?
We believe syndicated visits are not always the best way forward. In fact, our data speak volumes (with a pinch of human psychology for good measure). If you offer up more than one brand or product in the sales process your strike rate is significantly reduced. In some cases by over 50%. Retailers are less likely to purchase all of the products on offer. Multiple offers will be scutinised. Buyer’s will choose the stand out product, or plump for neither – especially if there is no natural link or way to complement each other on their shelves!
Have a look at this snapshot it put it into context:
Solus – selling in product 1 on a solo basis resulted in an 80% strike rate. Reverting to Selling in product 1 alongside product 2 – resulted in a drop to 39% strike rate for product 1. A dramatic effect – over 50% fewer sales.
Another recent syndicated sales drive clearly demonstrates the rate of sale was halved for each product when the retailer is presented with more than one product at the same time.
Syndicating will naturally weaken your brand’s message as the sales representative is covering multi-brands options, whereas it is a much better option for them to be concentrating on one. A retailer’s time is precious and pitching more products dilutes the offering. A sales representative does not have twice as long in a front of the buyer. Solus gives the retailer the option to concentrate on your brand. And doesn’t have too many choices to make. There is always enough cash in the till and spontaneity to purchase one good deal or new product to trial…
Quality V Quantity?
Quality is better than quantity is definitely the best option when it comes to sales into convenience. At Mirror we appreciate budget constraints, we all want ‘more bang for our buck’ don’t we? so we’ll talk through give you the best options.
For example, Solus calls to fewer visits, with a much higher strike rate, with gain distribution to build on.
We are huge advocates of Solus sales visits. We will work with brands to tailor and select the best call file or field visits to maximise the opportunity. Syndicated visits, is a great option and can be more cost-effective for brands. They work best for merchandising visits, primarily POS placement to increase brand visibility.
For direct sales into Convenience stores, Solus visits are always going to give you a bigger slice of the pie!