Gary Vaynerchuk once said that because of a wrong take on entrepreneurship and the startup culture, people think that they are entrepreneurs when they never sold anything in their life. Business is about making profits through sales – not about getting Series A, B and C funding and boosts the company valuation even when it’s not generating a single sale.
Product and service sales are the keys in business survivability, and your success is kickstarted when you actually sell your product to your first customer. Then another. Then another.
As sales are the key to a successful business venture, I’d like to remind you about these three things when you’re selling your products for the first time.
1. The growing pains
There are a lot of problems that have to be conquered by new business owners who need to find a way to enter a specific market. It’s not an easy task, really, to be a small business owner.
Not only that but business owners also need to devise a way to convince people to invest in their product or service. Doing so is critical if that business is going to have any chance to survive the startup process.
A lot of attention has to be given to the actual sales process because having customers to sell your products or services to is a critical aspect of business success. A lot of research will be required concerning your target audience and how to best present your products or services to them in order to ensure that you have a viable market.
A fine balance will have to be obtained between making enough sales while staying within your comfort level. In other words, delivering the demand of your target audience without overstretching your capabilities. Trying to do too much too soon can be almost as bad as not making enough sales because both could have long-term negative consequences.
Be patient. Growth takes time.
2. Create a dynamic business plan
You should write a business plan, and have it updated on regular basis. The question is, why?
Here’s one answer: You need to know exactly what your objectives is as far as that business is concerned, and you have to ensure that you know what to do to achieve those objectives. This will involve your marketing strategy and how you’re going to create a place for yourself in a particular industry while paying sufficient attention to establishing your brand, thereby making your business more attractive to your customers or clients.
The focus should be on customer service and the more convenient it becomes for your customer to purchase from you, the more potential sales could be made. Therefore, business owners have to pay a lot of attention to discovering ways in which to better reach their target audience. The objective is to ensure that the product or service is easily accessible to the customer or client, and all of these things are critical to ensuring business growth and profitability.
Another important consideration will be the online presence of your business because this is an excellent way to boost the visibility of your business and likewise, encouraging people to purchase online will increase the business profits significantly.
3. Engage and delight your customers
Startup business owners do better in those areas for which they have a particular passion or strong motivation. Someone with a passion for something will always go the extra mile to provide that product or service in a way which is certain to appeal to the customer or client.
The same thing is true for every aspect of your business. For example, when it comes to types of product packaging boxes, you need to pay more attention to the overall aspects of them – the design, functionality, and everything else in between. This is important because the presentation of your products is crucial in establishing your brand.
Not only that, but you also need to create a strong relationship between the business owner and the customer. Never forget the benefits of personal interaction with customers or clients because people are more likely to rely on the product or service which is strongly linked to someone with whom they have an excellent relationship.
Realize that your customers are human beings, who respond to stories, visuals, vibes and other aspects of customer engagement. Genuinely focus on those things, and you’ll have an edge over your competition.
Selling a product is not easy, but once you make it and successfully generate several sales, you’ll learn more about your customers, and how to approach them. Use what you learn to refine your products, sales pitch, and everything else in between.
Good luck in selling your products for the first time!