The UE Coaching Blog

What You're Doing In Your Business Right Now That's Killing Your Sales!

Making the sale. It's every business owner’s main goal, right? But what if the very things you're doing in your business are killing your sales?

Sales are the lifeblood of any business. Without a consistent flow of sales, your business will eventually die.

It's a scary thought, but it's true. There are certain things that can unintentionally sabotage your sales efforts and leave you wondering why you're not closing more deals.

Here’s 10 of the most common mistakes business owners make that kill their sales:

1. Not Having A Sales Process

Chasing bad leads is something that businesses often do when they don't have a sales process in place. This is a waste of time that could be avoided if a sales process were to be put into place. Having a sales process provides a roadmap to follow and increases the chance of closing more deals.

Do you have a triage process for new prospects? Do potential clients have to complete a qualification stage to ensure that they are a fit for what you do and offer? What do you sales calls look and sound like and what is your closing process? These are all critical questions to ask to ensure that you’re making the most of each and every lead.

2. Not Having A Defined Target Market

One of the most common mistakes businesses make is not having a defined target market. Without knowing who your ideal customer is, you can't create targeted marketing campaigns or sell effectively to them. When you're trying to sell to everyone, you end up selling to no one. Be specific about who your target market is and focus your efforts on reaching them.

It’s like fishing – do you just throw a net out into the ocean and hope to catch the most succulent brook trout? Of course not! You’ve got to know what you’re fishing for and where to find those fish! Clients are like that, and yes, it’s a lot like fishing. You want to know exactly what (who) your fishing for, and where they are.

3. Failing to Place Yourself as the Prize

When you place yourself as the prize, you’re saying that you are the best option and worth the investment. This creates a sense of urgency and desire in your potential customer to want to buy from you. By doing this, you’ll increase your sales and close more deals.

If you don’t see yourself as the prize in the sales process you’ve already lost. It’s of the utmost importance that you have unwavering belief in you and your product or service – that it can change people’s lives or that it WILL make a massive difference in their businesses. This is critical, because when you finally recognize that YOU ARE THE PRIZE, your deal flow will exponentially increase, you’ll not ever have to offer discounts, and most importantly, you’ll have the discretion to choose who you want to work with, not who you HAVE to work with.

4. Not Having A Strong Value Proposition

A strong value proposition is one of the most important factors in a successful sale. It can be the key to success in today's competitive marketplace. A value proposition must be clear, concise, and compelling, and it will make the difference between a successful sale and a missed opportunity.

When you create a value proposition that resonates with your target audience, you set yourself apart from your competition and give prospects a compelling reason to do business with you. 3 simple questions for developing a great value proposition – what do they want, what do they need, and what prevents them from achieving/having what it is that they truly desire.

5. Not Creating A Sense Of Urgency

Creating urgency is a great way to increase sales, and it can be done in several ways. One of the ways you can create urgency is by running a sale or promotion for a limited time only. Get clear on the timeline for your promotional period and then when it’s up, SHUT IT DOWN. No if’s and’s or but’s. You can also offer a limited time bonus for a specified period, and yes, you guessed it, when the period is up, the bonus is gone. By making your customers feel like they need to take action now, you're more likely to get them to buy your product or service.

6. Not Closing the Sale

The close is the most important part of the sale. It's where you tie up all the loose ends, make your final push for the sale, and get the prospect to commit, except… it’s not. When you're closing the sale, you of course must be confident, direct, and persuasive, AND, instead of pushing for the sale and asking all the typical questions (so… what do you think… or, will that be cash or credit?), you’re going to go ahead and teach them how to buy from you! The close is not the time to be shy or tentative - you must go all in and let them know exactly what you would do, or what the thousands of other people who were in the same circumstance that they are, have done, and then turn autonomy over to the client to make the decision. Remember – people no longer like to be sold to – they like to buy… and there is a BIG difference between the two.

7. Not Following-Up Or Nurturing Leads

Nurturing leads and following up with them is essential to a successful sales process. Without a system in place for doing this, businesses can easily lose potential sales. It's important to be in touch with prospects after initially contacting them, and to continue following up until a sale is made. Ensure you have a system in place for following up with your prospects. Never let a lead go cold; sales can be lost simply because the business didn't follow up.

There are an ever increasing number of way to follow up, be it direct calls to prospective clients, a proper email follow up sequence, or, artificial intelligence services to make your process seamless, so choose your method and follow it for a significant increase in your closing rates.

8. Not Getting Referrals

Satisfied customers are the best source of referrals because they are likely to recommend your product or service to their friends and family. In order to get referrals, you must ensure that you're providing an excellent product or service. Developing a system for asking for referrals is also important. Some businesses make this a part of their regular customer service process, while others send out periodic request for referrals. By asking for referrals, you can reach a larger audience and generate more sales.

9. Not Measuring Your Results

Finally, if you want to improve your sales process and make more sales, you need to measure your results. Tracking your progress is the only way to identify areas of improvement and make changes to your process. Without measuring your results, you'll never know what's working and what's not. Additionally, you'll be able to identify any bottlenecks in your sales process and take steps to fix them. Measuring your outcomes is an important aspect of running a successful business, so make sure you're keeping track of your progress on a regular basis and taking the required steps to improve your sales process.

Your business is your baby, and you want to do everything you can to make it successful. Having a great product or service is only part of the equation—you also need to be able to market and sell it effectively.

The top one percent of successful companies like Apple, Google, and Microsoft have teams of salespeople working around the clock to bring in revenue. They also have sales processes that are carefully planned and structured to close deals quickly and efficiently. On the other hand, many small businesses don't have a sales process in place at all. They wing it and hope for the best. This is a recipe for disaster, and that’s why the sooner that you’re able to identify, implement and execute on a rock-sold sales process, the sooner you’ll begin experiencing real bottom line growth.

Being a successful entrepreneur and business owner not only requires a lot of hard work, dedication, and focus, it also requires the sales skills to close deals and bring in revenue.

Only those who are able to master the art of selling and avoid the common mistakes that can sabotage their sales efforts will be able to take their company to the next level establish a successful business.