Posts tagged "networking"

Advice Sales

The Key to Success

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“Patience is waiting. Not passively waiting. That is laziness. But to keep going when the going is hard and slow – that is patience.” Anonymous

During the tizzy of making a prospect list, calling potential clients and fanatically focusing on closing that first deal we forget a fundamental concept which will in turn be a fundamental component in your final sale,  that is, “Patience”. Earlier on, we established the need to set SMART deadlines to reach our goal. Setting that goal does not mean however that you immediately make a dash for it in a 400m race. If you do, by mid race you will run out of steam, and that will drastically impact the probability of closing a deal within your specified time frame.

From the word ‘go’ roadblocks will be encountered along the way, unless these are faced with patience it will be difficult to reach your goal. It is definitely not fun when you make 4 calls without generating any interest, I know the feeling . However it is usually a later call where you actually hit something. If we lose patience, it directly impacts our ability to move forward effectively and in a positive and persistent manner.

During the next couple of stages in the sales process whether it is pitching, negotiating or managing a client as sales individuals or entrepreneurs, patience is definitive for productivity. Rushing in and giving too many discounts, negotiating too quickly or getting fed up with a clients constant complaining will lead to leaving money on the table and not building the sort of relationships which will be based on an equal footing in the future.

Sales is a challenging process and securing that first deal seems almost impossible at times. You need to remember to pace yourself during the process, pay attention to details without rushing through the process. This will not only be a more satisfying process, I have found it provides you with a level of inner peace and calmness which helps you focus and eventually get that sale a lot more efficiently, effectively and often at a quicker pace. If you want to succeed at anything in life remember,  “Patience” is going to be a critical success factor. Best of luck!

Advice Sales Strategy

Ask and you shall receive

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“To solve any problem, here are three questions to ask yourself: First, what could I do? Second, what could I read? And third, who could I ask?” Jim Rohn

You have got a sales appointment to meet the decision maker. The initiatives which you took in the last step are paying dividends. The sales pitch goes off well, there is excitement in the room and after a few words at the end of the meeting you are told they will be in touch. Feeling good about the pitch and thinking that the probability of securing the client is high, you are disappointed when there is no follow up from the client and after a while, the lead goes dead. This happened several times at the start of my journey and I always wondered what went wrong. I was really happy when I learned the answer to this conundrum.

An experienced entrepreneur I spoke to asked me whether I had been “Asking for the sale?”. Initially the question was confusing, but when I started to put the pieces together it made a lot more sense. I realised that whenever I was pitching to clients and enthusiasm was generated, I did not focus on closing the deal. I never asked the client for the sale! Psychologically I was avoiding being the pushy salesman, afraid the client would say the dreaded word ‘NO’. As a result I was repeatedly leaving money on the table by not asking the right questions.

Armed with this advice I went back to my script and practiced closing strategies for sales pitches. There are many interesting articles and training courses out there on closing strategies. I have taken the Neuro Linguistic Programming which has helped me tremendously. I have since formulated a way to subtly and politely ask the client for their business at the end of the presentation. Initially it felt strange and I was not  confident about asking, however, over time I have honed my skills. Now ,it has become second nature for me to go into a presentation and confidently, politely and subtly ask the client for their business.

The next time you are making a client presentation, make sure you formulate a strategy to ask the client to give you their business. You will not always win the business, however, through this process you will learn what you could be doing differently and then go back and ask for it again which should win you the contract!

Sales Strategy

Be Proactive

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“You see, in life, lots of people know what to do, but few people actually do what they know. Knowing is not enough! You must take action.” Anthony Robbins

You have developed your product/service, have your pitch ready, and are ready to go. Unfortunately, customers don’t usually start banging on your door as soon as you announce your product/service to the world. If you are serious about getting that first sale, and more importantly getting it soon, you need to put yourself out there. Take the initiative to set a target, get a list together and start making those calls and visits to prospects. This is the only way you are going to see momentum in your business. Don’t worry about refining it to perfection, you need to go out there and see what the market thinks about it. Writing story boards and doing research from the comfort of your office is important, but you need to start taking action if you are want to see results. Listed below are a couple of pointers to get you started:

1. Set SMART targets: To get to any destination, you first need to know where you are going, what route to follow and an approximate lenght of time to get there. Charting the course of your first sale works pretty much in the same manner. Set yourself aggressive goals which are time bound. Specific targets keep you more focused and create a greater urgency to get things accomplished within stipulated time frames.

2. Put a list together: Do an industry analysis and select an industry in which you believe your product/service will have the greatest uptake. This will lead naturally to the next step, which is creating a list of prospective companies you can visit in this industry. After the completion of this list of companies, chart out references or friends you may leverage on to approach these companies. This step creates a greater degree of focus and increases the likelihood of closing a deal at a faster pace.

3. Start making those calls: Pick up the phone and start making calls to references, friends or directly to the company to get appointments or even sales. At this stage, you really kick it up a gear as you are now in direct contact with target customers. The impressions you make at this stage will be critical, especially if you are a new company. Have a scripted pitch which should not sound too rehearsed, be very polite and execute it all with the utmost professionalism. Follow each call with standardized follow up emails and start  building connections to get closer to closing that first deal.

4. Network Endlessly: If you are not selling, you should be networking. Use tools such as linkedin to help expand your current professional network. This expansion helps you get more qualified leads, greater access to a much wider net of companies and the opportunity to get your product/service known in the market without spending too much on advertising. The next time you get an invitation to mixers or industry specific conferences, use these opportunities to go out there and get known in the market place.

Use this list to get started. This is not the time to procrastinate. If you want success, you need to be willing to go out there are start looking for it. There is no better time than now to start your sales campaign!

Related Articles:

– SMART Goal Setting

– Industry Identification

Finance

Source #5: Venture Capital

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“I never invest in someone who says they’re going to do something; I invest in people who say they’re already doing something and just want funding.” John Doerr

Venture Capital. There are few words which ring bells in my ear and this happens to be one of them. It represents a stage in your entrepreneurial career which makes up for the roller coaster ride that you may have been through. To be substantially venture funded is a stamp of approval from seasoned veterans of this field that you have what it takes. All that is between you and immortality such as the likes of Google and Amazon is a little money. Getting here for most is a long and difficult process. This source of funding in todays day and age comes after you have used one of the previous sources outlined earlier. Diligence and persistence are two core personality traits which are vital.

Once your startup is at a stage where you believe venture funding is required to take your concept global, several steps must be taken. Some of the critical ones are outlined;

  1. Find someone who can refer you to a venture capitalist. Referrals comprise of the majority of ventures which are backed.

  2. Your business plan has to be professionally done with all the major topics covered. Sequoia Capital has outlined this very nicely on their website and every business plan should cover all the sections discussed.

  3. Have a prototype or proof of concept ready before the presentation. This is absolutely essential when pitching to VC’s today as the cost of developing them has been reduced considerably. It is an added advantage if your business concept is already running and you require the VC firm to take you to the next level.

  4. When preparing your pitch presentation please follow the 10/20/30 rule which Guy Kawasaki aggressively promotes. Having the presentation structured in this way will give you the ability to focus as well as to allow for discussion time. During the discussion you can use extensive research to answer questions.

Be as prepared as you can be for this meeting. I have been on both ends of the firing line both as a judge and a presenter and the first impressions in this encounter make all the difference. Know your presentation like the back of your hand. Be confident about your product or service, most importantly, belief in what you are pitching must be clearly apparent.

If you are stuck on step number one where you do not know anyone who can refer you to a VC firm there are a few things you can do.

  • Firstly you have to increase your level of exposure through networking (this is a topic which I will talk about in the coming weeks). Networking is an essential skill that every successful entrepreneur must have or develop.

  • Secondly join entrepreneurship clubs and committees. These provide you a platform to meet with and interact with  successful entrepreneurs which may become possible links for you to get introduced.

  • Use Linkedin or other professional networks to find individuals in your network who will be able to provide you with connections to the right VC firm.

  • Scout the web for prominent VC’s who regularly blog such as Kawasaki’s blog to find out more about them.

In essence you have to become a lot more proactive if you want to increase both your network and exposure level. You have to put yourself along with your product/service out there and get valuable feedback. Entrepreneurship is all about getting out there and giving it all you have because you believe in your company that much. Get inspired to be more today!