If you are a small business owner, you know what it is like to feel anxious once we see our cash flow dry up. And because of our eagerness for our sales to pick up again, we often fall trap to offering a ridiculous discount. That is, we lower our price of our product or service. Crucially, this is not what we want if we want to Win Deals!
However, we are not saying that a discount is not a great sales tool. Rather if you start to rely too much on price cuts, it can destroy your sales in the long run. Even if you have the latest tools and streamlined sales funnel. Basically, poor discounting practices can do more damage than good to your business.
DEFENDING PRICE
All too often salespeople assume it’s going to be a price-based decision. However, research proves there will always be other factors that come into play. Firstly, you need to know what these are, and their order of priority. For example, it may be that price is the last on the list! Or at least it’s a secondary factor. In addition to how, you need to know when the decision going to be reached, and who will be involved?
With this in mind, and in the current increasingly complex B2B sales environment, what customers truly value are suppliers that provide them with the right information. That is, through the right channels, to make the purchase process easier. Consequently, salespeople tend to invent their own timescale. That is, they forecast business at the end of the month or quarter without first checking if, in fact, this is the customer’s timescale.
MOTIVATION
People tend to feel higher motivation when they have goals to meet. That is, see results once those are achieved. That said, treat your sales goals as a commitment to yourself. As a result, that will help you strive harder to not break them.
Put simply, whatever your goals may be it’s important to monitor whether your goals are being met or not. That is so you can track progress and provide a tangible glimpse at your daily routine. This could be you making a certain number of calls per day, sending a certain amount of emails, to following up with certain contacts.
