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Sales Glossary

The sales industry is always changing and evolving. Keeping on top of those changes can be tough. The Vidyard Sales Glossary is your ultimate guide to important sales terms, definitions, concepts, slang, insider business jargon and more to keep you up to date with the latest in sales industry lingo.

What is Virtual Selling?

Virtual selling is, quite literally, any (or all) of a sales process that happens online instead of in-person. It’s also referred to as remote selling. Virtual selling has become increasingly popular as more people switch to remote work models. With new tools and the quick ease of operating online, it’s no surprise that virtual selling has become widely adopted.

Why is Virtual Selling Important?

Since COVID forced the world to shut down, people have adapted to remote and online work. As a result, customer’s expectations have changed. The way business is conducted, especially within sales, has transformed and will never go back to the way it was before.

According to a study done by McKinsey, as many as 80% of B2B decision makers prefer to conduct business interactions online. To stay competitive, businesses and sales teams need to adapt.

Understanding and knowing how to effectively practice virtual selling is key. Without it, a company won’t be able to keep their competitive edge, and they will begin to see a decline in sales and overall revenue.

Benefits of Virtual Selling

There are many benefits of virtual selling; if there weren’t people wouldn’t prefer it.

  • Cost. Gone are the days where sales reps need to travel to meet with potential customers. With virtual selling, all you need is a laptop, a webcam, and a Zoom account, at minimum. There are different tools and products you can use to make the process smoother, but even those investments are cheaper than travel budgets companies used to have.
  • Ease of scheduling. With remote work, scheduling meetings and calls has never been easier. People are commuting less and have more open slots in their calendars.
  • Safety. Many people are still hesitant to meet in person due to the pandemic, but with virtual selling that isn’t an issue. If someone prefers to stay at home, you can easily carry out a sales call and ensure personal safety.
  • Incorporate visuals. While virtual sales calls still need to be organized, you don’t necessarily need to spend hours assembling a powerpoint presentation. It’s easy to share your screen to show sales prospects specific details, or even put together a demo video to send out.
  • Easily personalize the experience. Integrating videos into the virtual selling process is an easy way to personalize your interactions. It can be difficult to make connections with sales prospects, but videos help humanize the process and leave a lasting impression.

Virtual Selling Tips

Virtual selling calls are quick and to the point. There’s no time to waste, so you need to know exactly what you’re doing in order for it to be a success.

  • Do your research and be prepared. Know who you’re talking to, what type of work they do, and what obstacles they’re trying to overcome. Be ready to showcase your most important points and ensure information about your product is presented in a way that highlights how it will benefit them.
  • Listen. Everything your sales prospect tells you is important. They could be explaining goals they need to achieve, roadblocks they’ve encountered, or what tools they’ve tried in the past and given up on. Get as much information as you can and use it to your advantage. Nurture your relationship with them, and show them you know what they need, and exactly how you can help.
  • Include videos. Whether you’re introducing yourself, recording a product demo, reaching out for a follow up, or recording a simple Q&A script, use videos to stand out and leave an impression. There are countless ways you can incorporate video into your sales process, so use it to your advantage.
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