When it comes to succeeding in today’s market, businesses and their owners need to know how to sell their product or service well in order to survive. Many businesses do not thrive in today’s market because they do not know how to effectively sell who they are. If a business does not know how to sell, they will surely fall into the over 50 percent of small businesses that fail within their inaugural year. As a business owner, it is necessary to be able to sell your product or service and leave a lasting impression in the customer. Here are a few tips on how to sell your business successfully.
Separating from the competition should be one of a business’ top priorities. The customer has a difficult and complicated choice when it comes to investing in a company, so it is vital to stand out from the competition and display why your business is different, why your business is better, and why they should choose your business over the other. This can be summed up as a Unique Selling Point (USP), and is inherent to any business. A USP can be a special feature that your product or service has that others do not, such as a promise of loyalty to the customer that the competition is not able to match, or a commitment to providing the best product for the customer’s dollar. A USP will show the customer why your business is distinctively different from the competition, giving you a better relationship with the person or other organization you are selling to.
Cold calls and initial sales meetings are something that every small business owner will encounter when attempting to sell their product. Not only will these situations come up during the beginning of the business’ life, but also when making any new connections or bringing on any new clients. During these networking opportunities, companies need to put their best foot forward and show the customer or potential business partner why their business is leaps and bounds above the rest. This initial explanation of any business can be classified as an Elevator Pitch. In any given situation, you usually have 5 minutes or less to get your best ideas into the mindset of the customer. These first impressions will determine the rest of the relationship between the two parties, so it is important to have a pitch ready to go at all times. In order to create an elevator pitch, a business owner needs a few things: who they are, what they do, what the company does or sells, and what makes that company the best at what it does. With these primary facts about the company and the business owner, it can lead to more opportunities to sell and do business in the future.
Another aspect to selling a product or service is negotiations. The ability to negotiate well with another party is vital to a business’ success. Not only does it make a reasonable price for both organizations, but it creates a relationship almost automatically. The way you negotiate will show the other party exactly what kind of business you are running. Too high of an asking price and you are seen as aggressive and difficult to work with, but too low of an offer and you are seen as easily manipulated and even desperate. Everybody has a level that they are comfortable with negotiating, and collaboration is key when discussing products and services. Much like sales, negotiating is a give-and-take process between the parties.
A business needs to utilize all of these aspects of sales in order to sell effectively. By looking at both initial and time-distant relationships, selling a product or service should be considered a top priority. That first opportunity to sell should involve the aforementioned elevator pitch, showcasing the best parts about your company, including a USP and why your business stands out from the others. When the actual selling occurs, it is important to see negotiation as a tactic that can be utilized and bring gains to both sides, including better relationships. By developing these skills, new opportunities to sell will come easier, your business will combat becoming another failing statistic, and the organization will be able to survive and thrive.
For more information on sales within your small business, please contact firstname.lastname@example.org call 866-607-0767 to learn about different strategies specific to your organization’s needs.