Is this the blog you’ve been waiting for? I hope so… Up until now, the chapters in my Financial Times book have dealt with clarity and planning. Although we did touch on strategy and tactics in the last blog on marketing, we haven’t really got to the point of actually making a sale and how to boost your chances. So here we are – How to Boost Your Sales.
Keep reading and by the end you’ll have some tangible information you can put to use right away.
First, let’s manage your expectations of sales…
Making a sale is more than making money
What else could it possibly be I hear you cry? Selling is more like helping people to purchase. Frame it this way and your sales tactics will be more human and be more about help and support than bagging a sale. Here’s the journey: marketing – leads – sales – relationship. Follow up on the lead that your marketing produced to create the best opportunity for building relationships and creating loyal customers.
Consider your sales process:
Try practicing this process…
- Your introduction and how you position your reason for having the sales conversation. Don’t forget to thank the person for meeting with you, but avoid thanking them for the time, as your time is equally important.
- Your opening statement to explain the benefits and your solution to their pain, problem or fear. This should make them lean in with interest, wanting to know more.
- Establish the need or want with a series of open, closed and probing questions or paraphrasing – ‘so what I hear is…’
- Reconfirm your understanding of the situation by summarising it and getting the prospect to agree – ‘so, am I right in saying..?’
- Demonstrate how you can meet the want/need by matching it to the benefits that you mentioned earlier.
- Bring the prospect’s wider goals into the conversation if possible.
- Ask for the sale in closing and confirm the next stage of the process.
The more concise you can be with making this type of presentation or holding a conversation like this, the more chance you have of making the sale. You could add other elements to assist you such as a pitch deck or printed brochure to leave behind.
Overcoming price objections
Objections can come at any point during your sales opportunity meeting, so if you prepare for them in advance, you’ll be quick to respond, and this only deepens trust in you. A common objection is price, and here’s how you can prepare for it.
- Don’t present your prices too early in the meeting, or they’ll be distracted by the maths.
- Approach the right customer. If you have done your research and you are a good fit for your customer, they are less likely to be price sensitive.
- Make the meeting all about them. Knowing what’s important to your prospective customer means you can define your value in closer alignment with their goals.
- Remove the risk. Offer atrial period or a guarantee to make the decision easier.
- Be confident. Practise defining your value proposition so you are direct and confident in the delivery.
- Demonstrate your market knowledge. Put yourself in their shoes and use strong relevant benefit statements based on your understanding of their business and market sector.
TIP: The ‘what, why, so’ sales technique is a persuasive selling approach that focuses on understanding the customer’s needs and pain points before offering a solution to address concerns or objections. With this three-stage approach, your prospect often leans in and becomes more interested in hearing your ideas.
So, those were two parts to the sales meeting you can practise to increase your confidence in front of prospects. If you don’t want to try this alone or want someone to practise on, I would happily be your ‘customer’ and offer guidance for clarity at the same time. Just get in touch to arrange a call.
REMEMBER: Many ‘objections’ are not a firm ‘no ‘, but a request for more clarity.
This blog was all about chapter six of The Financial Times Guide to Starting a Business. Also within the chapter you will find:
- How to get your introduction right
- The ‘what, why and so’ sales technique and how to use it
- Ten tips for improving the dreaded sales call
- Using your sales process to improve your customer journey
- The hidden cost of selling to the wrong people or at the wrong margin.
In closing – a note to my younger self…
Before I started my own business, I wish I’d known how to balance ‘the hustle’ with self-care.
Your wellbeing should always be your first priority – not goals, not sales margins – you. Your business can only be as happy and healthy as you are… Burnout is still a very real risk that start-ups and entrepreneurs face every day, so find and keep good people around you: advisors, mentors, supporters and cheerleaders – those who will listen, help and be honest with you. And if you feel you need help, please remember to ask for it.