‘The major difference between successful & unsuccessful people is that the former looks for the problems to resolve, whereas the later makes every attempt to avoid them.” -Grant Cardon
Businesses depend on sales for sustaining in the market and reaching their desired goals. Every company strives hard to close more sales, as it is directly proportional to the revenue generated. No one would want to lose any chance of generating a sale.
While there are hundreds of different things to improve sales, there are five fatal mistakes to avoid in order to increase sales.
1. Wrong Commitments:
“Honesty is the best policy.”
Make sure that everything you have committed is delivered to the client. Under-promise and over-deliver will automatically begin to show your value to your client. If they want something that you can’t deliver, disappoint them now and they’ll appreciate your honesty.
Being dishonest will make a short-term sale and won’t help you to build a long-term relationship. If your product can’t do what you are promising it can do, they will find out soon enough.
2. Not listening:
Without acknowledging feedback and knowing the exact requirement of your prospects will only result in mindless selling. Many cases have this possibility that your product design and prospect’s requirement are not parallel. Prospect’s requirements need to be acknowledged with the utmost proficiency to best suit the prospect.
Make sure to take note of the minute details of the customer’s requirements. This will help them communicate with each other, avoid frustration and show them that they really care about helping them.
3. Inadequate Competitive & Product Knowledge:
Gain in-depth knowledge about your product with hands-on expertise, this will increase your credibility.
You will better understand what prospect needs and whether the product can fulfill the need or not. Go to deals calls, public expos, and instructional courses to perceive how your partners present your item and converse with your current clients about your involvement in it.
Gather serious data from an assortment of sources. Talk to your colleagues and current perspectives. Research your competitors online, pay close attention to their web sites, product pricing, features, marketing materials. Be sure to study the launch of the competition at any trade show and conference you can attend.
4. Answering questions you don’t understand:
The worst scenario would be if you are asked a question that you don’t know the answer to is to make something up.
The correct way to address any queries which are not known to you is to buy some time and respond later. With the well-researched answer, you will earn respect and trust of the prospect. Answering incorrectly can also put you or your company in trouble.
Be sure to find the right answer for them and let them know as soon as you find the answer. You can also take the supervisor at the conference and address their queries right away, which will show that you have their best interest in mind.
5. Failure of the investigation:
“If you don’t prepare, you prepare to fail.”
Today’s B2B buyer expects a customized purchase process that best suits their unique priorities, challenges, and requirements. Make sure to do detailed research on your prospects: who they are, about their company, their needs, and expectations, etc. Use this information wisely to customize your sales strategy and pitch the right product in detail.
Not researching your prospect’s business and their professional and personal background prior to meeting with your prospect is not a good practice.