7 Sales Guiding Principles
Here are my core beliefs when it comes to selling effectively in today’s market.
1. If you’re anxious about sales, your pipeline is broken. If you had enough deals coming in, you wouldn’t be worried about losing a few leads. Prospecting for a consistent stream of leads is a prerequisite in selling
2. Amateurs compete, professionals create. If I have a competitor in my market, I need to be less worried about what they’re doing and focus on being more creative in what I do in order to draw in customers. Don’t focus on your competitor; focus on creativity.
3. If they buy on price, they’ll leave on price. You want longevity and loyalty in customers to create a consistent flow of income. Setting your prices lower than your competitors might initially draw in some customers, but they can be easily lost to competition.
4. Discounting isn’t selling, it’s gifting. A 10% discount on a product with a 35% profit margin would require you to double your sales to make up for the lost profit. Sell with authority and credibility and customers won’t expect a discount.
5. You’re in the marketing business first. You can have the best product in the world, but if no one knows you exist, you’re never going to sell a thing. Social media and marketing is going to drive your profits in the short and long-term.
6. Always propose a price. More than 70% of salespeople never get around to proposing their price to the customer. Walking out of the sales meeting and hoping your customer will call you back and ask about the price is not an effective selling strategy.
7. Sell on value. Show your customer what your product can do to increase their revenue, expand market share, or reduce costs. If you can show them that your product will pay for itself or prove its value, you won’t have to discount to get the deal.