5 Important sales skills for Business Owners
Small Business Owners are pulled in every direction, but sales skills are critical to their business growth. As we reflected on interactions with our small business clients, it became evident that everyone was stepping out of their comfort zone! Here's a few sales skills all business owners should equip themselves with!
Small business owners wear multiple hats – operational expert, HR manager, book keeper, Project Manager, marketing manager and not to forget, sales person, among others. While some of these skills can be learnt and operational knowledge can be acquired, often times business owners find the sales process most challenging. It pushes them out of their comfort zone and consequently, they avoid honing their selling skills. This is especially relevant in the Business to Business (B2B) setting, where many a times initial connections are made in person.
Here’s 5 basic skills every business owner can (and should) nurture, which will undoubtedly lead to an increase in sales and ultimately grow your business.
1. Introducing your business and service (Elevator Pitch)
Know your service / product and business well enough to be able to explain it in a few lines, ideally in 30 – 60 seconds. This introduction is often referred to as an ‘Elevator Pitch’. As the name suggests, it a concise introduction of your business which can be given in the time that you share an elevator ride with someone. This pitch of course will vary based on the audience – you could have a version for a potential buyer, another version for a potential partner or investor and a different version for a potential hire. The introduction or pitch could be delivered in person or over the phone or even through a message on social media!
2. Having a phone conversation
Get comfortable speaking on the phone. This is a non negotiable skill that every business owner must have. In a competitive market, 35 – 50% of the sales go to the company that calls back first. The good news is that it can be built over time. All it takes is practice and having a sense of what you would like to achieve from that specific call. I recommend having a rough script prepared that you can refer to, in case you go blank during the call. Whether it’s a cold call to a potential lead, a call to follow up on a quote or a call to ask for feedback, always know what your ideal outcome would be and the next steps you would like to action.
3. Social Media Marketing
In today’s world, every business (and professional) needs a website along with an online presence on a social media platform. Depending on your buying audience you could choose to go with Linkedin, Facebook, Instagram or a different platform. You might even choose to establish your presence on multiple platforms. In any instance, it is imperative you learn how to use the platform to your advantage and engage your audience. Consistent posting of content, a high level of responsiveness and quality engagement will lead to generating leads for your business.
4. Negotiation
I have seen a lot of business owners shy away from negotiating because they simply don’t know how to go about the process. The good thing is, this skill can be learnt and improved over time. Now, I can be cheeky and say that growing up in India meant that I learnt to negotiate at an early age, but in reality this is a mindset anyone can develop. If you want the best for your business and you want the best for your customer as well, it is natural to discuss costs and value, sometimes agreeing on a compromise and other times justifying the investment required by demonstrating the value provided. Many deals have fallen through because the business owners have been unwilling to negotiate. Occasionally you might choose to walk away from a deal, but a tiny bit of flexibility goes a long way in building relationships.
5. Closing the deal
A lot of founders and business owners are very good at connecting with a potential buyer and pitching their service, but don’t win the deal. Often times, this is due to skipping the step of consciously closing the deal. According to Hubspot research, 30% of sales people say Closing is the hardest part of the sales process. But, if you want a high conversion rate here, you must be bold. Don’t hesitate to follow up with the interested buyer and ask about the decision or set a timeline / expectation for the buying decision. If you feel you’re being pushy, think of it this way, by not asking for a decision, you will continue to spend time and resources into nurturing this lead who may not buy from you when you could be spending the time on a buyer who is truly looking to purchase.
And since you’ve read the entire article and are still with me, here’s a bonus –
6. Adding Value
This is a big one for me. According to a recent Salesforce report, 84% of business buyers said that the buying experience was just as important as the service or product. Sadly, I see many people in the B2B world approaching a sale as though it is completely transactional. In reality, the high yielding and often long term deals are cracked when the potential buyer recognises the value in engaging with the vendor. This comes from building a level of trust through a genuine relationship, adding value in different ways and remaining top of mind as a reliable source of information, so that when the buyer is making a decision, you are the natural choice.
Sales skills are built and nurtured over time. As a business owner, you know your business the best and it is imperative that you are able to connect with a buyer and take them through the sales process with successful outcomes.
We know the selling process can be tricky to navigate, so feel free to contact the team at Ri-Think, if you need advice or assistance with on sales strategy or execution. We are here to help!
