5 Mistakes to Avoid When Opening a Business

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  Opening a business can be an frightening journey filled with opportunities and challenges. However, numerous pitfalls can hinder your progress. Here are five critical mistakes to avoid when embarking on your entrepreneurial endeavor: Neglecting Market Research: One of the most common mistakes new entrepreneurs make is pitching into a business idea without thoroughly understanding the market. Failing to conduct comprehensive market research can lead to a disparity between your product or service and customer needs. Analyze the demand, competition, target audience, and current trends. Understand your customers' pain points, preferences, and purchasing behavior to tailor your offering accordingly. Ignoring a Solid Business Plan: A well-crafted business plan is a roadmap for success. Skipping or hastily drafting this crucial document can impede your business's growth. A solid plan outlines your objectives, target market, financial projections, marketing strategies, and op...

Sales pitch: what it is, how to do it, and why you need one

The expansion of the sales team brings a challenge: maintaining a communication style among all members of the team. It is essential to have a sales argument or commercial argument so that all agents have access to the same information and can maximize their sales results.

This repository must not only be centralized, but also continuously updated, so that salespeople can use the arguments that have proven to be most effective .

And what kinds of reasons make it easy to close a deal? Those that put the buyer at the center , always thinking about their needs and how to help them solve them thanks to the product or service offered.

What is a sales pitch?

A sales argument is a document that compiles the main reasoning that sellers of a product or service can use to try to convince the buyer that it is the best option available in the market to meet their needs.

The commercial argument will depend on the product or service and its complexity. Keep in mind that it is not the same if it is a B2B or B2C sale , or a very specific and technical product, or a more common one on the market.

It is important to document the main business arguments that sellers of a product or service can use, since it will help them when they are presented to the buyer and they will be able to use them in combination with their personal sales techniques.

Normally, the person in charge of the sales argument is the head of the commercial department of the companies, since he knows the most powerful reasons offered by the different commercials and can add new and effective arguments when they arise.

How does a sales pitch help my sales team?

The benefits of having a sales pitch

Having a sales pitch brings multiple benefits , the main ones are these:

             Unification of the commercial discourse : if we have a sales argument, we will ensure that all members of the commercial team highlight the same points of our product and service. This make it easy for the buyer to be clear about why they should buy from us. In addition, it will be easier if it is necessary to transfer the business to another commercial, since the buyer will not notice too much difference.

             Helps new additions to the sales team : having a documented commercial argument helps anyone who joins the team to internalize the arguments to be used in the sale, without the need for other team members to explain them each time. someone new arrives.

             Use of the most effective arguments : in sales processes many times you learn through trial and error with different arguments. If we can document the arguments that work best for our product or service, the entire sales team will be able to use them, improving the overall sales result.

             Understanding the needs that our product or service covers : if we list the arguments in favor of the purchase of our product or service, we will be able to better understand the needs of the buyers that the product or service covers, and thus be more effective in detecting potential buyers.

             Faster adaptation of the speech to the different buyers : if we have documented the arguments that work best according to the type of buyer or buyer persona, we can better adapt to each profile.

             Clear definition of the characteristics of our product or service : documenting the strengths of our product or service will help us to define more clearly how our company is different, and this will help to better convey the differential value that the sale brings.

The importance of processes in the sales department

One of the key performance indicators of a sales team is sales volume . To reach a certain percentage of closed deals, you also need a certain number of sales opportunities. For this reason, it is convenient to bear in mind the importance of the argumentation work that must be carried out with each one of them .

This includes a communication process with the buyer , in which the salesperson must transmit the value of the product or service and differentiate it from the offer of the competition .

Taking maximum care of all processes, including the argumentation process, will have a direct impact on sales volume, since it allows optimizing the arguments used, identifying the most effective ones. In this way, time is save for the salespeople and, at the same time, an improvement in the volume of sales is noticed.

Although we cannot control certain factors external to the sale (such as the presence of competitors with a cheaper product or the lack of budget of our buyers),  we can control the sales process of our commercials . The more refined and optimized it is, the better the final results will be.

How to develop a good sales pitch?

1. Put the buyer in the center

First of all, remember that the buyer is the one who will make the final decision about whether or not to take the product home or if they hire the service you offer or dispense with it. So your argument must answer all the doubts that may arise in the purchase process .

In our argument we should not add points that are irrelevant, but try to resolve the issues that most concern a buyer, which are the following :

1.            If the seller understands what he is looking for.

2.            If the product or service offered meets your needs.

3.            Why choose one product or service over another.

All your arguments must take these three points into account. They must be adapted to the product or service offered in each case, and to the communication style of the potential client.

If this person feels understood and accompanied in the purchase process, you will be able to increase the number and volume of sales.

2. Follow a structure

Review your sales process and write down the structure that follows. For each step of your sales process you will need different arguments . It is important that you distinguish them according to the stage of the sales process, since each one requires different nuances.

For example, you do not have to use the same arguments for a buyer who still needs to be attracted, as a buyer who is clear that he wants your product, and who has only to decide if he can bear the price.

Normally, the sales process follows 4 stages:

1.            Attraction

2.            Interest

3.            Wish

4.            Action

3. Don't forget these arguments

Although each sales argument is different depending on the product or service we offer and also the company, we must not forget the following arguments, which will practically always be necessary to consolidate the sale:

1.            Why choose your product or service : here you can value the years of experience of the company in the sector, for example.

2.            What problems or needs your product or service solves and how it does it : it is important that you make sure to cover a buyer's need with your argument, since, if not, it will be difficult for them to appreciate the value of the purchase.

3.            Why your product or service has a certain price : the buyer will like to know how much it costs and why it is associated with that price.

4.            What differentiates you from other options offered by the market : the buyer must understand what are the other options offered by the market and why your product or service implies an advantage.

Lastly, make a list of reasons why a sale was declined, and make sure you have a counterargument, in case you find yourself in the same situation in the future.

How to unify the speech of all your commercials when you already have a sales pitch

Once you have developed and documented the sales pitch, it is important to ensure that all sales representatives on the team have access to it . It should also be made available to new hires.

To confirm that the entire team unifies the commercial discourse using the most powerful arguments, you can devise an internal system that serves to verify that the commercials have internalized the different reasoning.

A tactic that usually works well is to work it with “ roleplays ” in which to simulate the business process. Thus, the different members of the team can be seen in action and their use of the sales pitch can be assessed .

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