5 Mistakes to Avoid at Your Startup
Sales drive business. For a startup, getting sales early is crucial. Mastering the selling process lends itself to sustained growth and profits. It’s often the difference between success and failure. There are some common mistakes you can avoid that can give you a leg up in the marketplace.
1. Not Listening to the Prospect
The interaction between a buyer and seller is a conversation. It’s best that you spend more time listening than talking. Ask questions related their problems, needs and concerns. Take note of their answers. The information you gather can help your offer the best solution.
2. Not Being Flexible With the Sales Pitch
You worked hard on your presentation. However, don’t rely too heavily on your sales pitch. Following a script is fine, but you may miss a sales opportunity if you stick to the pitch too tightly. Pay attention to the prospect’s reaction. You may need to go off script so you can address the prospect’s most pressing concerns.
3. Not Doing Enough Prospecting
Many businesses lose nearly 15 percent of their customers annually. The reason why is that they don’t make prospecting a top priority. As a startup, you need a steady flow of new clients. Make sure prospecting is a core component of your business model.
4. Not Revealing the Price Upfront
The traditional selling method involves establishing value and then introducing price. While this is a valid approach, it’s not always the best way. Consider discussing the price upfront so your potential client knows exactly what to expect. Many prospects prefer that type of transparency. Once the cost for the product or service is covered, then you can explain the value of your offer.
5. Not Knowing the Right Time to Close
As the saying goes, timing is everything. This is true when it comes to sealing the deal on a sales call. Knowing when to ask for the sale involves skill and instinct. Make sure you’re familiar with the prospect’s business, challenges and goals. Additionally, demonstrate the value of what your company has to offer. Keep in mind that selling is about nurturing relationships. The better you know, understand and address your prospect’s needs, the better chance you have of knowing when to close the sale.
There are a lot of tasks you must juggle as a startup. Make selling your number one priority. Like anything, there’s a right way and wrong way to do it. By avoiding the mistakes mentioned above, you have a better chance of succeeding in the marketplace.