Sales

5 Steps to better sales pitches

March 11, 2008 0 Comment Usman Sheikh read

“There are always three speeches, for every one you actually gave. The one you practiced, the one you gave, and the one you wish you gave.” Dale Carnegie

I firmly believe that every pitch you make to a customer has to be customized to the customer’s current needs. Going in and giving the same pitch to every customer is not an effective strategy. Customers are becoming more sophisticated and have a larger pool of vendors to choose from, hence, you have to do more and be different. This week I have set down some primers on sales pitches. Below are a list of important factors you should look into when preparing and delivering your sales pitch .

1. Industry Identification: Two factors need to be decided upon before you set out to get your prospect list sorted out. The first factor is identifying the industry that will have the greatest utility for your product/service. The second factor is identifying which industry you have the greatest links to through your personal network. Balance these two factors to arrive at an industry where you have the highest % chance of closing a deal. To read more please click here.

2. The Customer: If you can figure out your prospects pain points well before meeting them, you will have substantially increased the probability of closing the deal given you have a great value proposition. There should be substantial time dedicated to doing maximum background research about your prospects before you actually pitch to them. You will need to develop a value proposition which is tailored to their current requirements and addresses a need. To read more please click here.

3. The Sales Pitch: Rehearse, rehearse and then rehearse some more. You need to perfect the delivery of your pitch. Before you actually dive into your sales pitch you need to build rapport with your prospect. This is critical to breaking down the barriers that individuals put up when they are pitched to. The transition between building rapport and beginning your pitch should be a natural progression to ensure that you keep your prospect in a comfortable state during the pitch. To read more please click here.

4. Getting to “Yes”: Three factors play a major role if you are to close a deal. Firstly you need to be confident about both your pitch and your product, secondly you need listen and understand the prospects concerns and lastly your ability to summarize and make an effective closing argument will greatly affect the outcome of the pitch. To read more please click here.

5. Expert Advice: Three key pieces of advice which were shared to me by seasoned entrepreneurs have helped me close more deal than any other strategy. Staying honest, exceeding your clients expectations and providing more value than you take in payment. To read more please click here.

As entrepreneurs we are selling something everyday. It could be a vision, a product or a service. We have to do our best to make sure that we learn continuously to become better at this skill which is critical to our success. If you have had success in this area please share your experiences to help everyone reading this, so that they may benefit and in so doing become better at pitching.

Sales

Getting to “Yes”

March 9, 2008 0 Comment Usman Sheikh read

“No one can remember more than three points.” Philip Crosby

All the effort you put into your sales cycle boils down to the fact that you are able to convince the customer to buy your product/service. There are a many factors which have to be in place for you to get to “yes”.

1. Confidence: Throughout your pitch, the customer is going to be evaluating you continuosly through the way you speak, gesture and articulate your thoughts. All of these factors come together when you are convinced about the value of the product you are selling. If you have the slightest doubt about what you are selling the customer is going to pick up on it. So make sure you believe in whatever it is you are selling.

2. Listen: During your pitch or in the Q&A session listen intently to the concerns which are being raised by the customer. Is there any one segment which he is focusing on repeatedly? By concentrating on those you will be able to break down any internal barriers which may be stopping the customer from make the purchase. If you are selling a complicated product which requires several meetings with the customer taking down detail notes helps in preparing in advance for future negotations.

3. Summarize: After concluding your pitch you should tell the customer once again about the product and the value proposition in a very short, concise and understandable manner. This recap helps to put things into perspective as the customer has had to digest a lot of data. If you have built a solid case this is when the customer will ask you probing questions about price, delivery and implementation which often signals a green light for the contract to get signed.

I have always been a straight shooter when I pitch to clients. There are a ton of “closing strategies” which you can find in books and the internet telling you ingenious ways on how to get to “yes”. The most effective one that I have found, is to be honest, confident and concise.

Sales

The Sales Pitch

March 8, 2008 0 Comment Usman Sheikh read

“It takes one hour of preparation for each minute of presentation time.” Wayne Burgraff

We have all,over time, been pitched something or the other. Some pitches have been good, others could have been better, and some had you looking for the nearest exit. The sales pitch is the amalgamation of your collected information and value proposition in less than 60 minutes. First impressions are critical and in most cases, the deal closers or breakers. Think of the times when you were pitched something, be it a business idea, a product or a service. What were the factors which influenced you into making the decision to buy?

Two steps need to be taken to get to that buying decision. The first is a pre-demonstration pitch, this is where you break the ice with the customer and build rapport. This is a technique all great closers use as it lowers the internal barriers we put up when someone is pitching to us. Building rapport is an art which is learned over time and is a skill which you continuosly need to hone. Once you get good at it, you will be able to shift the customers mindset to a more accepting one, to a point where you are more likely to close the deal.

The second step is when you actually begin the sales pitch. This is when you show the customer what it is that you are actually selling and how it is going to help them. All the information you gathered about the industry and the client must be reflected in your pitch. An attention to detail will help create a much closer connection with your prospect. This allows both of you to look at the concept from the same wavelength.

This is when you arrive at a point when the customer is faced with a buying decision. If you have showcased your product/service confidently and have clearly shown how it is going to add value, closing will be much easier. Whichever method you use, whether it be a power-point presentation, a story board or a simple discussion, remember, keep your pitch simple and to the point.