Small Business Archives - Why Sales Network https://whysalesnetwork.com/category/small-business/ Sales Development | B2B Sales Strategy Wed, 09 Mar 2022 00:51:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://whysalesnetwork.com/wp-content/uploads/2021/05/cropped-wsn-fav-icon-32x32.png Small Business Archives - Why Sales Network https://whysalesnetwork.com/category/small-business/ 32 32 Best Businesses for Women https://whysalesnetwork.com/best-businesses-for-women/ https://whysalesnetwork.com/best-businesses-for-women/#respond Mon, 07 Mar 2022 18:19:01 +0000 https://whysalesnetwork.com/?p=1382 The post Best Businesses for Women appeared first on Why Sales Network.

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There are more and more girl bosses making remarkable growth in the business industry nowadays. Aside from showing how far we’ve come in women empowerment, successful female entrepreneurs also mean that we now have billions of unique ideas, strategies, and visions for the future. They keep our economy up and going with their expertise and many skill sets.

But with so much potential and so many opportunities at their fingertips, even the most motivated women can get confused about what kind of business to pursue. While it’s true that women can do anything they set their hearts on, one should consider some factors such as budget, interest, and skills to get their perfect career match. After all, a business is a commitment!

In today’s blog, we will make your life a little easier by narrowing down the best businesses for goal-getting, hardworking women like you!

Virtual Assistant

If you are looking for a job where you can remotely provide administrative support to clients, becoming a virtual assistant is a great option for you. Aside from the convenience of earning money in the comforts of your home, being a virtual assistant doesn’t require a lot of hardware to get the job done—just a trusty smartphone and laptop.

Event Planning

Women are known to be good at planning everything from grand vacations to huge family gatherings. We’re thorough, attentive, and meticulous in preparing and finalizing details. If you’re like this too, consider event planning! To begin laying down the groundwork, make contacts with designers, caterers, photographers, and the like to make all your events one-of-a-kind.

Skincare & Beauty

There are hundreds of beauty brands in the market today. However, only a few are owned by female entrepreneurs—despite the fact that the majority of beauty product consumers are women. Your advantage in this niche is that you, as an avid consumer yourself, know what other women are looking for in their beauty products! Try collaborating with an existing makeup or skincare company or even make your own custom products at home.

Online Shop

If flexible hours and low costs are what you’re looking for, building an online shop is perfect for you! With the world—and the market—going digital, more and more consumers opt to shop online. All you need to do is create an account on trusted e-commerce sites like Etsy, Amazon, or eBay! Start off selling products you know are in demand and whose materials you know you can easily access.

Educational Services

Education is a female-dominated industry. So if you have a passion for teaching young minds and sharing your knowledge, why not make a career out of it? You can offer tutoring services for primary or secondary school students, and college students. You could even create online courses for professional development—the possibilities are endless!

Final Words

These are just our five picks of the BEST businesses for a hardworking and business-minded woman like you. The truth is that there’s no shortage of business ideas for female entrepreneurs if you have the determination and the vision! Just remember to choose a business you’re passionate about, and that matches your skills, interests, and budget. When you love what you do, success will effortlessly follow! 

And if you need help along the way, don’t hesitate to reach out to us by clicking here. Good luck!

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5 Types of Funding for Diverse Companies https://whysalesnetwork.com/5-types-of-funding-for-diverse-companies/ https://whysalesnetwork.com/5-types-of-funding-for-diverse-companies/#respond Fri, 04 Mar 2022 01:39:18 +0000 https://whysalesnetwork.com/?p=1364 The post 5 Types of Funding for Diverse Companies appeared first on Why Sales Network.

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All businesses need funding, not just to get started but to continue to scale. But while it may seem straightforward enough, there’s no such thing as a one-size-fits-all approach. There are a number of startup funding options that differ in availability, terms, funding amounts, and eligibility criteria, depending on your business’s unique funding needs. 

Using the wrong funding type can be a big risk for your company, but the inverse is also true. If you can identify the right type for where your business is currently at, it will be a huge boost to your brand’s overall growth and revenue! 

If that sounds daunting, don’t worry. You can give yourself a good chance at success as long as you know what to look for and where to look! In today’s blog, we’ll give you a brief overview of 5 types of funding resources you can utilize in your business and hopefully make your funding journey easier. If you want to determine the best option for your company, read on!

Small Business Administration Loans

Small Business Administration or SBA Loans are a great, reliable option for any business. They work similarly to personal loans, wherein a set amount of funding with an interest rate is approved. If you’re considering this type of loan, be sure to secure solid business credit first! Doing so will not only reduce the amount the loan costs you on the whole but also allows you to take out a larger loan at a lower interest rate.

Love Money

In this type of funding, your family members or relatives are the ones providing you with the loan. It’s also referred to as patient capital by investors and bankers, pertaining to the money that will be repaid later as your business revenue increases. While there are much fewer hoops to jump through and less paperwork to deal with for this type of loan, keep in mind that it may come with risks to your personal and professional relationship with the lender.

Angel Investors

In this type of funding, your family members or relatives are the ones providing you with the loan. It’s also referred to as patient capital by investors and bankers, pertaining to the money that will be repaid later as your business revenue increases. While there are much fewer hoops to jump through and less paperwork to deal with for this type of loan, keep in mind that it may come with risks to your personal and professional relationship with the lender.

Crowdfunding

Crowdfunding has become popular in the past few years. Crowdfunding sites involve individual investors or private backers purchasing your services or products before they become available. While it allows you more control over your company, the challenge lies in getting people to sign up. It can be time-consuming and costly, and there is no guarantee that you will reach your funding goals.

However, if you pull it off successfully, you will already have guaranteed sales and a dedicated customer base right out of the gate!

Business Incubators

Incubators are a group of investors who aim to help aspiring business owners take off by offering space for them to work in, funding assistance, and mentorship. This is also known as an accelerator program where job creation, hosting, and sharing services are provided alongside the actual loan. This is most commonly seen in businesses dealing with biotechnology, information technology, multimedia, or industrial technology.

Conclusion

There you have it! The 5 types of funding resources that can help you kickstart your business and scale! These are just some of our top picks—there are other funding options you can explore, so keep an open mind! 

And remember, no business is the same and no one funding solution will be a perfect fit for everyone. So take the time to identify what your company truly needs and what you are comfortable with. If you need help deciding which one is for you, I’d be more than happy to help! Just get in touch with me here. Good luck!

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Five Top Reasons Why Sales Training is Valuable to Your Organization https://whysalesnetwork.com/five-top-reasons-why-sales-training-is-valuable-to-your-organization/ https://whysalesnetwork.com/five-top-reasons-why-sales-training-is-valuable-to-your-organization/#respond Tue, 08 Feb 2022 18:51:10 +0000 https://whysalesnetwork.com/?p=1306 The post Five Top Reasons Why Sales Training is Valuable to Your Organization appeared first on Why Sales Network.

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Sales are the lifeblood of any company, but the fact is that most salespeople aren’t set up for success. They are often under pressure to produce results quickly and efficiently, and not all of them receive sufficient guidance on how to best approach their job. In fact, many of them have never had a formal training session!

In today’s highly competitive market, the importance of a strong sales team cannot be overstated. Companies who want to stay viable and exceed their rivals should incorporate sales training in their growth strategy.

If you’re still on the fence about whether or not sales training is a worthwhile investment, this blog is perfect for you! We will be discussing its benefits and why it should be a key element of your operations. I know you’re curious about how it can help your business thrive, so without further ado, let’s get right to it!

Boosts Your Revenue Potential

This is perhaps the most direct benefit. The more effective your sales force, the higher revenue will be for your company! If everyone is working at peak performance, there’s no limit to the profits you could make.

With training programs constantly improving your team’s skills and keeping them up-to-date on the trends within your field, you have a better shot at securing more deals and making a bigger impact. A study by Accenture found that for every dollar spent on improving employee skillset, companies earn $4.53 back—that’s a 353% ROI!

Sounds good, right?

Improves Understanding of Your Offerings

If that ROI alone hasn't convinced you, think about this: your products don't sell themselves. You can’t expect your sales force to be persuasive and successful at convincing potential buyers if they don’t understand everything about what they’re selling, to begin with. This includes all of the offering’s features and benefits, as well as potential questions or concerns your prospects might bring up.

With good sales training, your team can make your offerings shine, communicate in-depth knowledge to your prospects, and show them how valuable your products truly are.

Increases Motivation

Lack of motivation is one reason why so many salespersons perform poorly. To combat this problem, companies often give their sales reps more incentives. Aside from higher commission rates, they offer non-cash rewards such as travel vouchers, tech gadgets, and sporting event tickets.

But sometimes, that just puts added pressure on them. One thing that is often overlooked as a means to inspire employees to perform well is training. People are not just motivated by material rewards, but also personal development and growth. Investing in their career development is an indirect but powerful way to communicate how valued they are in the organization, and they’ll be more excited to apply what
they’ve learned.

Help You Land Bigger Clients

Ask yourself this question: if your sales team isn’t confident in their capabilities, do you think they’ll be willing to go after high-risk, high-reward deals? Of course not! Most likely, they will try to play it safe.

Sales training is a great way to empower your team members and give them new skills that they can use to take on new challenges. By doing so, you give them the tools and the confidence boost they need to take bigger risks and potentially close bigger deals!

Improves Productivity

When you give your reps clear steps and motivation, they will be able to cut down their sales cycle! It's a great way to keep their productivity high and streamline their processes. Investing in their training also enables them to be more independent and proactive, decreasing their dependence on their managers for guidance or instruction.

Final Words

And there you have it—we have just rounded up five excellent benefits of sales training! I hope this blog post convinced you that it is worth investing in. If you don’t know where to begin, I’d be happy to help you out so you can maximize the full potential of your team. Feel free to reach out to me by clicking here.

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Top 10 Qualities of an Effective Salesperson https://whysalesnetwork.com/top-10-qualities-of-an-effective-salesperson/ https://whysalesnetwork.com/top-10-qualities-of-an-effective-salesperson/#respond Mon, 15 Nov 2021 16:53:45 +0000 https://whysalesnetwork.com/?p=1160 The post Top 10 Qualities of an Effective Salesperson appeared first on Why Sales Network.

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If you take a good look at all the successful entrepreneurs and business owners throughout history, you’ll notice that they have some similar defining characteristics.

This may seem like nothing more than coincidence, but the truth is that without those traits, they may not have achieved the success that they have now—and that has even made some of them household names. So in this blog post, we’ll discuss the top ten qualities that will make you a more effective salesperson.

Without further ado, let’s get right into it!

You Value Time

Time is an important resource because it’s something we can never get back. This is true for both you and your customers; that is why it’s absolutely essential that you don’t waste a single second of your prospects’ time when you’re making a sales pitch.

Train yourself to get straight to the point. Everything you say should be substantial and value-adding. Don’t add unnecessary fluff and end up lengthening the time you spend making the pitch—and possibly boring your customers. Let your potential clients know that you mean business because that is exactly what you are there for.

You Know How to Build a Connection

To leave a lasting impression on your clients, it’s important to first grab their attention.

You can do that by building rapport with them. Ask questions or add in a couple of jokes and/or anecdotes to warm up potential clients to you. This helps keep their attention, while also lightening the mood and making them more open to the sale—and to doing repeat business.

Strengthening your client relationship can make all the difference. Just be sure not to stray too far from your point and keep the conversation on the product or service you’re selling.

You Are Resilient

As a salesperson, you will not close 100% of your deals. Even the best salesperson in history has never done that.

But don’t let that stop you from pursuing greatness. What you can do is to learn from each of your shortcomings and find the knowledge and new skills embedded in each failure. That way, you can continue to make progress and emerge as a more well-rounded individual and salesperson each time.

You Can Stay Focused

Effective salespeople know how to tune out all their pending tasks and other distractions and just put their heads down and do what needs to be done. Sales is a busy and hectic profession, but constantly hopping from task to task could just waste your time and risk the quality of your output—and that’s certainly not going to help you advance your career.

Train yourself to block out all distractions so you can remain focused on the task at hand. More work done equals more results.

You Are Always Honest

It’s very easy to sense when someone is being dishonest or holding something back, and that can ruin the mood pretty quickly.

Make it a point to always be truthful when dealing with people. Answer all questions accurately, and be honest enough to say when you are unsure about something, instead of pretending to know the right answer. Trust me, your clients will appreciate that more than any bluster.

You Can Stay On Top of Everything

As a salesperson, there are times when you’ll have to juggle many responsibilities at once, so you’ll need to find ways to stay on top of everything and avoid getting overwhelmed even during your most hectic weeks.

One way to do so is to keep all your upcoming meetings and deadlines organized. Exactly how you choose to do so is up to you, but it’s helpful to include progress charts and ways to sort each task by urgency. And, of course, you need to have the commitment to faithfully update your master calendar, so you don’t overlook anything important.

You Are Confident

Confidence is something that not everyone is born with, but it can be developed over time. 

There are many ways to boost your confidence as a salesperson. Some examples are to always come prepared and to believe in what you are selling. If you are confident in your product’s ability to solve a specific problem and have done the research, people will notice.

You Can Hold Yourself Accountable

It is inevitable that you will make mistakes throughout your career. But if you’re constantly shifting blame to other people, all you’re doing is hindering your growth and potential to thrive in this industry.

Accept that there will always be times when you fall short. These things are all part of the learning process. Hold yourself accountable so that you can keep improving and growing as a salesperson.

You Can Make Adjustments On The Fly

The ability to plan ahead is extremely important. But in life, things don’t always go as planned.

Sales can be unpredictable. When you’re confronted with a situation you didn’t think to prepare for, you should have the confidence and good judgment needed to adapt. Remain flexible enough to make adjustments, so you can still find ways to succeed despite any obstacles that get in your way. 

You Are Passionate

“If you do what you love, you’ll never work a day in your life.” – Marc Anthony

Being passionate about what you do is what will keep you going. You can do things over and over again even if they don’t always go your way without losing your motivation and drive to succeed.

Use your passion to fuel your pursuit of greatness as a salesperson—and who knows? You may one day find yourself among the people you used to look up to.

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How to handle buyer objections to win more business https://whysalesnetwork.com/how-to-handle-buyer-objections-to-win-more-business/ https://whysalesnetwork.com/how-to-handle-buyer-objections-to-win-more-business/#respond Tue, 02 Nov 2021 23:38:44 +0000 https://whysalesnetwork.com/?p=1011 The post How to handle buyer objections to win more business appeared first on Why Sales Network.

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As a salesperson, your role is to communicate the value your product or service can bring to customers. Having the perfect solution for their pain points is only half the battle; you need to make your customers understand exactly how they could benefit from your offerings and why they need it.

Throughout your sales career, you are sure to encounter people who will doubt you. While it is easy to get frazzled or defensive when dealing with client objections, a good sales professional rises to the occasion and can win over even the most reluctant buyers. The good news is that anyone can hone this skill with enough practice and determination!

If you’re looking for some valuable insights on how to handle customer objections, this blog is perfect for you. Ready to learn? Let’s dive in!

Get to the heart of the objection

 

Most salespeople tend to immediately address their prospect’s concern without identifying its root causes. Throwing out solutions right off the bat can make the customer feel like you’re being dismissive or just out to make a sale. Trying to learn more allows you to fully grasp the issue and shows your customers that you genuinely care about what they have to say. You can do this by listening intently and asking direct but open-ended questions. 

When you have a deeper understanding, you can come up with better solutions for your client. If the issue is the price, circle back to the unique selling points of your product or service and make them realize that they are getting their money’s worth. If you hear that there’s a cheaper version of your product or service elsewhere, politely inquire who your competition is. Be firm with your price to avoid destroying the integrity of your offering, and then emphasize its quality. Never disparage your competitors, as this can be a turnoff.

If a client mentions that your product or service does not offer a specific feature that they need, you can opt to customize your offering or be honest about its limitations. And if they decide not to buy, don’t be disheartened; it only means that they were not your target market after all.

Think of objections as questions

Selling a product or service is not easy. Hearing objections even after giving it your all can hurt your pride. But taking things personally puts all your efforts to waste and doesn’t help you win any business.

Instead of viewing an objection as a personal failure, view it as a question from a buyer who wants to make a more well-informed decision. By keeping a helpful and positive attitude and responding professionally, you can gain customers’ commitment and build trust.

Bring up the objections before your client does

When dealing with a sales objection, the last thing you want is to be caught off guard and not have the right answers. But what can you do to avoid this and keep the upper hand throughout the entire sales process? Plan ahead!

Conducting market research is the key to discovering common hesitations of buyers and formulating responses in advance. During your pitch, you can mention some of these common objections, and then follow up with your solutions and counters. By anticipating your buyers’ needs, you show them that you truly know and understand them well.

Share testimonials from satisfied buyers

Sharing stories about other customers with the same apprehensions during the negotiation stage is a great way to ease your prospects’ concerns and assuage doubts about your offerings. Let them know how others did not regret proceeding with their purchase despite their objections. Knowing that people have tested your product or service and were satisfied with its value establishes credibility for your brand, which helps convince new buyers that it’s a less risky purchase. You can also share any available case studies so that they’ll feel more confident about doing business with you.

Final words

Voila! We have just discussed some ways you can deal with buyer objections to secure new business. I hope these insights help you successfully close more deals! Remember that your buyers can see right through poorly handled objections. If you can’t address their concerns with confidence, you could miss out on some excellent sales opportunities!

 

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Customers Buy Value, Not Products https://whysalesnetwork.com/customers-buy-value-not-products/ https://whysalesnetwork.com/customers-buy-value-not-products/#respond Mon, 20 Sep 2021 16:04:10 +0000 https://whysalesnetwork.com/?p=934 The post Customers Buy Value, Not Products appeared first on Why Sales Network.

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As a salesperson, how do you entice potential buyers to make the purchase? Do you go to great lengths to ensure they know all your product’s unique features?

While this selling technique is informative, here’s the reality: product demonstrations and long lists of features aren’t the key to generating sales.

If highlighting the features of a product was enough to close deals, then the entire sales profession would have been replaced by spec sheets!

Think of the mobile phone or computer you are using while reading this article. Do you remember its battery life, operating system, processor, RAM, or even its screen size? Chances are, you don’t.

When you take a few moments to analyze your path to purchase and see what influenced your decisions, you’ll probably realize that what made you buy it was not the product per se but the value it gives you.

When Apple launched the very first iPhone in 2007, it was called “your life in your pocket.” Steve Jobs understood from the onset that customers were looking for something that could help them in their everyday lives, all in one convenient device. More than the phone’s features, this promise, and its value to people were what made heads turn.

Today, the iPhone has certainly become the modern-age Swiss army knife, especially for tech-savvy millennials. It offers endless value—from being a rich source of entertainment to your ride home, easy access to food delivery services, a heartbeat and health tracker, and even your own intelligent voice assistant.

With hundreds of competing devices on the market, Apple was able to differentiate itself by offering people a unique experience.

The same goes for buying cars. When you decide between a Telsa and Audi, what are your key considerations? The “right car” isn’t just about its brand or its horsepower but what it can do for you, right? In other words, its value to you.

If you have a long commute to work then fuel economy will likely be valuable to you. For those with little ones, safety trumps everything, so you’ll probably be looking for a car that allows you to drive your kids safely to school or soccer practice.

If you’re the type who goes on trips often or transports a lot of things, you’ll enjoy the convenience of having a large trunk space.

Ultimately, what makes a truly excellent salesperson is their ability to identify their target market and understand them well. Before you can even begin to meet your client’s needs, you need to know their pains!

You see, each individual is unique. The same product’s value can differ from person to person.

As a sales professional, it’s up to you to find out what that is and then paint the bigger picture for your potential customer. This is your key to closing deals!

If you’re a business owner, you can also use these insights when you’re pitching ideas to potential investors!

How many times have you found yourself just listing off facts about your company and its achievement? Instead of doing that, emphasize the benefits they can get by doing business with you.

Trust me, that would certainly pique their interest more! Don’t just talk numbers; let them know the value they will get in exchange for agreeing with the proposal.

Conclusion

You don’t need an immense marketing or design budget to improve your messaging. Just focus on the ‘whys’—why are your products or services relevant to your target market? Why is the experience valuable? Why should customers pick you instead of the competition? Remember, it’s not the product but its value that matters most.

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The Cost of Changing Jobs $$,$$$ https://whysalesnetwork.com/the-cost-of-changing-jobs/ https://whysalesnetwork.com/the-cost-of-changing-jobs/#respond Mon, 26 Apr 2021 01:29:00 +0000 https://tpctestbed.online/?p=189 The post The Cost of Changing Jobs $$,$$$ appeared first on Why Sales Network.

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How much did you leave on the table with your last company? When changing companies does the new salary increase outweigh the long-term investment? Recently I read a LinkedIn article, “Why employees leave their jobs”. The article noted, “What convinces employees to leave vs. what compel employees to leave”. Interesting on both lists was the obvious; better compensation and benefits. However, depending on the timing of your last job change you could have left more on the table than you gained!

For example: A sales person earning $100,000 a year receiving profit sharing, pension, stock options, 401k or a combination leaves their company after four (4) years. The company requires five (5) to be 100% vested. One could leave nearly six figures to go back into the company’s rainy day fund. According to a report on About.com/Financial Planning “Changing Jobs and your 401k” states someone earning $40,000 a year leaving one year to soon can lose as much as $15,600.

Ask yourself a few questions before making the decision to change employers:

  1. When do you retire? If within five years of being fully vested in a retirement plan. Why leave? Is there an opportunity within the company that provides the same challenge?
  2. How much money are you leaving on the table? Take time to understand your current and future investment plans. Communicate what you are leaving behind to your new employer and negotiate a signing bonus or additional salary to recoup loss within one year.
  3. What soft cost are you not considering?
    1. Longer commute
    2. Additional cost to commuting
    3. Longer work hours
    4. Additional Travel -Time away from family
    5. Dress code that may require a shopping spree!

Next time someone makes you an offer “you can’t refuse” take a closer look at your financial statement. Prior to making a decision understand the present and future financial impact. If you are leaving as a result of other reasons; work/life balance, better leadership or career advancement opportunities and received what you were looking for then you’ve nailed it!

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How to Close the Deal Virtually as a Sales Professional https://whysalesnetwork.com/how-to-close-the-deal-virtually-as-a-sales-professional/ https://whysalesnetwork.com/how-to-close-the-deal-virtually-as-a-sales-professional/#respond Wed, 24 Feb 2021 02:38:00 +0000 https://tpctestbed.online/?p=222 The post How to Close the Deal Virtually as a Sales Professional appeared first on Why Sales Network.

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The world has changed into a globalized world and resultantly it has changed all major aspects of life. It has changed the prospects of business activities as well. Effects of covid19 in 2020 have further catalyzed the process of changing the nature of business activities. The business community is always in search of such innovative means that can further expand their business, and the virtual environment of selling has been the recent and effective step forward.

Traditionally face to face interaction of salesperson with the customer has changed in virtual interaction. This change has altered the nature of the interaction as well. The effective and powerful response that was possible in direct interaction is difficult to manage, but not impossible.

If you assume that the virtual environment is not normal for you then it would not be the same for the customer as well. You have to keep it simple and normal during a virtual sale, for yourself and for the client as well. You don’t have to adopt an apologetic tone or panic, rather be confident in your conversation. This stress would not be beneficial for your virtual sale deal.

For closing a deal virtually, you have to keep things simple. For instance, you do not have to bombard information and features of the item(s) that you want to sell. You have to develop the habit of listening to the problem of the customer. Without listening to his/her problem, you cannot propose your product as the solution to his/her problem. You have to communicate in an organized manner rather than showing unnecessary hustle. For a sales representative, it is well-advised to speak less and listen more, to earn more.  When the customer is talking then do not interrupt him, this would not leave a positive impression.

The other thing that can help in closing the virtual deal is to develop empathy. The customer would have a feeling that this person has listened to me, understood my issue, and this impression results in his empathy. With this empathy, you can propose your product as a solution to the problem of the customer. While being in virtual communication with the customer, keep your energy level high. You have to communicate with a combination of emotions and energy.

In a virtual deal, you have to ensure that the client feels himself/herself in a comfortable environment. Use those tools and applications with whom the client is most familiar with. For a virtual deal, equipment should be appropriate and should give a feel of the business environment, for instance, lighting should be proper and camera quality should be up to the mark. These are the factors that can have a complementary effect in closing the deal.

Once you have done this, you are close to finalizing a virtual deal. The masterstroke would be to propose your product as a solution. Don’t use the term like “I think”, rather talk with conviction and confidence. You should not have uncertainty in your thoughts, your approach should like “I have done this time and again and it has worked perfectly”.

Once you follow these do’s and don’ts then this is most likely that you, as a sales representative would successfully close a deal virtually with the customer.

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Rebuilding Small Businesses During The Pandemic https://whysalesnetwork.com/rebuilding-small-businesses-during-the-pandemic/ https://whysalesnetwork.com/rebuilding-small-businesses-during-the-pandemic/#respond Wed, 23 Sep 2020 02:45:00 +0000 https://tpctestbed.online/?p=229 The post Rebuilding Small Businesses During The Pandemic appeared first on Why Sales Network.

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Sadly, the pandemic has had disproportionately adverse effects on small businesses. According to a study conducted by the Proceedings of the National Academy of Sciences of the United States of America (PNAS), the pandemic had already caused massive dislocation among small businesses just weeks after its onset. Across the 5,800 small businesses surveyed, 43% of businesses had temporarily closed, and nearly all of these closures were due to COVID-19, reductions in demand and employee health concerns. On average, the businesses reported having reduced their active employment by 39% since January. These trends are devastating. 

As consumers, our job is simple: support more small businesses. 

local coffee shop

Small businesses are businesses, partnerships, or independent ownerships that typically have less revenue and employees than a larger company or corporation and/or fewer assets. The actual term “small business” is protected by the Small Business Association (SBA). According to the SBA, depending on your industry, a small business could be defined as a business with a maximum of 250 employees or a maximum of 1,500 employees. This size and scale is shocking to many – most imagine a small business as less than 100 employees, but the SBA actually includes businesses much larger than that. Overall, they’re privately owned corporations, partnerships, or sole proprietorships that have less revenue than larger businesses. 

What are some easy ways to help? First of all, rethink your everyday spending habits: can you transfer any of that spending to small and local businesses? While some transactions are extremely difficult to transfer to the small business landscape, such as insurance, try to rethink your other purchases. Although they may be smaller purchases, they add up. Where do you buy your gas? Your coffee? Your groceries? Your clothes? Whom do you employ to do your accounting? Your landscaping? These are all sectors that generally have more options in the small business realm. If we don’t want the economy to be even more monopolistic than it already is, it is up to consumers to put our money where our mouths are.

Conversely, small business owners must be prepared to take risks. Your business expenses, especially post-COVID-19, may have trended to being higher than your current business income. For example, there may not be enough money to pay all the necessary operating expenses, such as insurance, taxes, labor wages, equipment rental and maintenance, business licenses, and other associated expenses. As a result, you may be forced to take on extra financing. SBA small business loans may be a good resource for your business.

To be successful, your small business must grow. Even if your business starts out with low overhead and little or no investment, it is important to keep building your business through marketing, sales, and expansion. While many people believe that all their efforts are wasted if they are unable to turn a profit, a successful business will continue to grow through marketing and growth. It is important to realize that the only way to have a profitable small business is to make sure that you keep expanding and growing as your business grows.

In order to build your small business, you will first need to choose a niche and a specific product or service to sell. To rebuild a failing small business, oftentimes, a pivot is necessary. Take a step back and analyze what needs you are serving, and if those are objectively necessary.  You must offer a unique product or service that others do not offer in your area or you may choose to specialize in a specific industry. Ensure you are doing something to set yourself apart. Examples of pivots during COVID-19 include co-working spaces that created virtual meeting spaces, and fashion designers who started designing face masks.

Secondly, marketing is an essential component of growth. There are many types of marketing strategies that can be used to market your business. In normal times, the most effective strategy is word-of-mouth advertising. Word-of-mouth advertising may be as simple as reaching potential customers by distributing fliers or having signs at local events where people will be interested in your business. Encouraging your customers to reach out to their communities also helps to expand your business and may include recommendations your customers leave you on Yelp, Google, or even on LinkedIn.

That said, business can rarely function entirely dependently on word of mouth advertising. Consider hiring a publicist to help get the word out. Though that may seem like a massive financial commitment, there are small Public Relations companies out there that consider smaller accounts and temporary projects. Do your research to see what’s out there. Contemplate also using social media to help market your business. This is a cost-effective tool becoming more and more expected and necessary as time goes on. According to MarketingProfs, 57% of publicists state that their clients’ businesses have pivoted their PR strategies since COVID-19, and while many larger PR agencies have experienced losses, many small PR firms are accepting small business clients at competitive rates.

No matter if you are a small business owner or a consumer, supporting small businesses is important and appreciated. 

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