4 Sales Errors You Can Avoid Making in Your New Business
New businesses openings are on the rise as entrepreneurs forego traditional employment opportunities and create their own companies instead. One 2015 report revealed that nearly 15 percent of Americans are now running their own businesses. However, the failure rate for these companies is also quite high, with well over half failing within the first year. There are many reasons for this failure; however, sales tactics and models can sometimes contribute. If you are preparing to open a new business, there are a few sales errors you can avoid to increase your chances of entrepreneurial success.
1. Overthinking Sales Presentations
While a certain amount of planning is an important factor in planning sales presentations, overthinking details and putting hours into a digital presentation may hinder more than it helps. Graphs, slide presentations, and other material may be what you find important when it comes to pitching ideas to investors and clients, but it is also important to be present during these meetings and depend on your charisma and talents to sell your products, not on giving your audience information they may not remember afterward.
2. Building Sales, Not Relationships
Once you launch your business and attract a few clients, you may feel confident enough to launch a sales campaign and start focusing on building your sales program to gain even business. However, neglecting those first few clients that put their faith in you when you first started out can damage your business structure. Therefore, building relationships with all of your clients can be vital to the health of your business.
Fortunately, there are ways you can build sales as you establish and maintain relationships with your clients at the same time. One tactic is to encourage them to sign up for an email listing where you can let them know about new investment opportunities and products while giving them a platform to contact you with questions and comments. Contacting your clients and letting them know you appreciate their support and business can go a long way in maintaining a pleasant and supportive business relationship.
3.Failing to Brand Your Online Business Identity
Online branding has become more complex than ever, leading some companies to take their branding campaigns to the next level. While some have found great success in this sector, others have failed because they neglected to brand and link their social media accounts or otherwise find a brand identity their customers could relate to.
If you want to establish your online brand from the start, you may want to take the time to brand your business with an official logo so prospective customers can find you across all platforms. You may also want to consider what you want your online brand to be known for. Will you run a humorous and informal social media brand or one that is focused on providing your customers with information related to your brand? Establishing this identity may foster a greater trust and credibility in those who communicate with your company on social media.
4.Ignoring Successful Sales Models
While creating an original sales model can be a hallmark of your growing business, you may want to look to successful sales entrepreneurs and take cues from them as well. For example, Sudir Raju, a leader in the health informatics field, has used his sales tactics and experience to build business relationships with healthcare clients all over the world. Learning from successful individuals like this innovative business leader may help you avoid common stumbling blocks and give you the confidence to forge your own successful sales model.
Stepping out into the world of entrepreneurship can be a daunting journey. However, when you know how to avoid some common sales errors that have felled other companies, your chances of success can grow along with your business.