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3 Ways a Blue Ocean Strategy Applies to a Sales Presentation

In a highly competitive environment, only the best businesses survive. You’ll have a harder time establishing your own brand in an already crowded market. But what if you create your own niche, a place that only you have total control over?

The blue ocean strategy, or the creation of an uncontested market, aims to do just that. This business strategy was derived from W. Chan Kim and Renee Mauborgne’s book of the same name. However, the danger of innovation is in the high risk you’ll be taking. There’s a possibility that people may or may not take the bait, leaving you with a failed project. When you introduce your product or service to the market, it still needs to appeal to people.

Fortunately, we’ve listed down three steps to effectively drawing prospects into your blue ocean during a sales presentation:

Blue Ocean Strategy

1. Specify

The key to any successful sales presentation is to map out a concrete plan.

Although a blue ocean strategy aims to disrupt the industry with a new product, you can’t just jump in blindly without considering a few important things. These include your business objectives and your target market’s needs and wants. You can’t leave any loopholes or be vague about your offered features.

Have a clear vision of what you want to do. Doing this helps your audience better grasp your main point because you’re introducing something that these people haven’t heard of before.

If you’re still working on a general idea, Katherine Arline’s article on Business News Daily elaborates on Blue Ocean Strategy’s concepts. This includes the book’s four-action framework to help you flesh it out. There are four key objectives in this framework, namely:

  1. Raise the industry’s standard
  2. Eliminate outdated factors
  3. Reduce those factors
  4. Create a new space in the market

Answering each consideration, in turn, gives you a better view on the logistics and feasibility of your overall plan.

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2. Strategize

Now that you have your content in place, it’s time to strategize how you plan to sell it. Even the most revolutionary product will go to waste if you can’t convince anyone to invest in it.

One way to get people’s attention is to align your objectives with theirs. Researching your audience will go a long way towards determining prospects’ needs and wants. This may mean you’ll have to tweak your initial plan for better marketability.

Another possibility is to observe and follow current trends in the existing market. This makes your product target specific people with existing biases that make them ideal prospects. Knowing their interests is important for successfully convincing them of your product’s benefits.

As a guideline, you can follow the AIDA method. With this, your main goal is to attract the audience, interest them in your offer, convert that interest into desire, and eventually lead them into action.

3. Act

After strategizing, you’re ready to present your product. Similar to other styles, presenting a blue ocean is convincing people of its benefits compared to existing products. On the other hand, its advantage is that it can cater to something that has never been tackled before.

Apply your research in real life by crafting your speech around it. An audience will be drawn in by something that benefits them and piques their interest.

Make sure you have good visuals to back you up. A good slide deck is needed to complement your enthusiasm and creativity. A boring PowerPoint with too much text and unappealing graphics might turn off your prospects. Get inspiration from color psychology and other graphic design principles that can elevate your content’s appearance.

Considering these three measures can make your pitch engaging and keep people’s attention much longer.

Summing It Up

Reaching out to a specific target market can be difficult, but making one for yourself is even more challenging. Here’s a review of how to prepare a powerful sales presentation and make your own niche market:

  1. Make your product as specific as possible by having set goals and an outline on achieving it.
  2. Align your product with your prospects’ interests to strategize your plan of action.
  3. Prepare a speech backed up by extensive research and let your slide deck support your content.

If done well, pulling off a blue ocean is a gratifying experience for any business that can bring you a lot of profit.

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References:

Arline, Katherine. “Blue Ocean Strategy: Creating Your Own Market.” Business News Daily. April 1, 2015. www.businessnewsdaily.com/5647-blue-ocean-strategy.html
“What Is Blue Ocean Strategy?” The Wall Street Journal. n.d. guides.wsj.com/management/strategy/what-is-blue-ocean-strategy

 

Featured Image: “Blue Ocean” by Andrea on flickr.com

An Effective Probing Strategy for Your Sales Presentation

Lack of probing questions can be one reason why sales proposals are often rejected by clients.

Many presenters forget that throwing open-ended questions such as “How are you doing?” or “What are you up to?” successfully convinces your clients to share the information you need to meet their needs.

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First, build rapport and connect with them to get their attention and establish trust.

Briefly introduce yourself to highlight your presentation’s importance. This compels clients to answer your questions without question.

Why Probing is Important

In sales presentations, your main goal is to persuade your clients to take action.

Study your clients’ objectives and how they should be met. Know their needs and wants to craft an attention-grabbing pitch. Doing so makes them realize that you’ve made thorough research about their company, showing them that you’re just as interested in them as you want them to be interested in your proposal.

More than presenting your products and services’ features, advantages and benefits, make your clients feel that you care about them by meeting their expectations. Satisfying their needs makes them see that you value them above anyone else. This gives them reasons to listen and share their side of the story once you ask them probing questions.

When to Probe

A good sales pitch and ample presentation skills can make an effective sales proposal, but probing is an equally important technique. Your clients look for products and services that satisfy their company’s needs.

Probing is important when relating their needs with what you’re offering. Knowing their concerns prepares you to connect them with your products and services’ benefits, making them think that your idea can achieve their desired outcome.

Start by asking open-ended questions such as, “What are your plans for reaching your objectives for this area?” and “What strategies are you going to implement to make this happen?” to delve into more details.

When you notice that your clients have objections, ask whether they understand what you’re trying to emphasize. This can help clarify some concerns before they make their decision.

How Probing Becomes Effective

Probing encourages your clients to talk more, convincing them to share their thoughts and give you more information that can help you motivate them.

The “who, what, when, where, why and how” questions tell you more about your client’s concerns, letting you better understand their needs by asking:

  • “Who will…”
  • “What, specifically…”
  • “When will…”
  • “Where, exactly…”
  • “Why does…”
  • “How does…”

Know whether you’re asking appropriate questions or not. Be careful not to overdo it by asking more questions than necessary. Going overboard results in data that might not be relevant at all to your proposal, wasting both your time and theirs.

Prepare possible questions to quickly address any issues they might have, preventing them from delaying their decisions.

Conclusion

Applying this sales presentation technique makes clients more likely to approve your proposal. Once they realize how much you’re interested, how much you care about meeting their concerns, and how much you’re helping them achieve their expectations, you’ll convince them that your offering best suits their organization needs.

Knowing what and how to ask makes your sales presentation effective. This is because clients will see that you understand how probing helps satisfy their needs, showing that you’re serious and dedicated about what you do.

Clients are more confident to hire somebody who goes out of their way to give them a satisfying experience. Be the person that your client would never hesitate to go to for solutions to their needs.

SlideGenius can help you make your sales presentation more effective!

 

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References

21 Powerful, Open-Ended Sales Questions.” RAIN Group. Accessed June 25, 2015.
Crafting Content: How to Conduct Presentation Research.” SlideGenius, Inc. November 17, 2015. Accessed 25, 2015.
Probing.” Changing Minds. Accessed June 25, 2015.
Presentation Tips: 5 Easy Ways to Establish Your Credibility.” SlideGenius, Inc. 2014. Accessed June 25, 2015.