In the constantly-evolving business world we live in today, it’s easy for sales representatives to get overwhelmed and forget the important aspects of a truly effective sales pitch. Grant Cardone, of Cardone Enterprises, shared with Entrepreneur what he says are the 10 biggest mistakes in sales.
Here are Cardone’s 10 selling principles that most salespeople get wrong or don’t implement:
1. Not selling the solution.
For a long while, sales representatives have approached their job with the goal of making an offer, closing the deal, and reaping the benefits of negotiating the right price for the company and the customer. These days, people and companies are in the market for products or services that solve problems. When salespeople focus on delivering solutions to problems, both parties are more likely to leave the deal satisfied.
2. Too dependent on the “sales presentation”.
It’s not uncommon for salespeople to spend hours upon hours preparing for presentations. They are so determined to create the perfect presentation and present it flawlessly, that they miss out on “vital buying signs”. As Cardone puts it, “being present is more important than the presentation.” Unfortunately, sales presentations rarely ever go exactly as planned. Potential buyers may ask a question that a sales rep isn’t prepared to answer for another 10 slides. Being forced to skip ahead can throw off the entire presentation. Fortunately, tools like Mediafly’s SalesKit allow for immense flexibility to ease situations like this.
3. Not asking the hard questions.
It is not hard to recognize when a decision maker is not quite interested in what you have to say. This is when ‘asking the hard questions’ comes in handy. Salespeople need to ask direct questions, such as whether or not a prospect likes what they’ve heard thus far; and if not, what don’t they like? Asking prospects how they feel about price before the presentation ends can clear up expectations on both ends. When you ask the hard questions, you can learn why a deal is or isn’t closing. This transparency can provide key insights for future opportunities.
4. Believing price will solve your clients’ problems.
Clients are in the market to buy a solution to a problem. As Cardone explains, “No one buys a price, ever!” When a company has a problem that is taking away from their business, they are looking for an immediate solution. If your product or service is what they are looking for, they are probably willing to spend the money for it. Cardone warns not to be fooled by buyers who said price is their only issue.
5. Presenting without the intention to close.
Present with confidence–not arrogance–that your product is truly the best solution.
Cardone recommends informing buyers right away of your intentions to close the deal and invite them to share their intentions. Establishing expectations early on makes future conversations more productive.
6. Not asking for the close early enough.
Cardone advises not to be afraid to ask buyers if they have enough information to make a decision. If the buyer has enough information to close the deal, you’ve done your job quicker than expected. If the buyer explains that they need more information, you can continue with your presentation, addressing the key information your potential buyer is looking for.
7. Waiting until the end of the presentation to share price.
Many salespeople have been taught to build up the value of their product or service before sharing price. However, this might not always be the best plan. While price doesn’t always solve your buyer’s problem, it is inevitable that price is an important factor in the decision-making process. If you disclose price early in your conversation, you can move on to other important information.
8. Ignoring influencers.
Just because someone is referred to as the ‘decision-maker’ does not mean they are the only one responsible for deciding on the purchase. Figure out who else has an influence on the final decision. Cardone recommends finding out “why they are important to the decision and what is most important to them.”
9. Using a free trial to close a deal.
If you get the feeling that your potential buyer is not interested in what you are trying to sell, it’s probably time to move on. Do not waste your company’s resources to give away a free trial of something they will not ultimately purchase. Use free trials as a way to demonstrate the benefits of your product or service in physical form.
10. Not practicing urgency.
Urgency to close the deal is a scary tactic many sales reps have trouble executing for fear of coming off as pushy or a nuisance. Being able to ‘press’ a buyer without coming off this way is a valuable skill that all sales reps should learn.
Key Takeaway: Be confident in your product or service. If you’re not confident, it will show.
What do you think are the top mistakes sales reps make? Please comment and let us know!
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