NOT HAVING ENOUGH PRODUCTS OR SERVICES
Provide a broader range of products or services for your clients. You’ll need to research your market to see if there is a desire for your proposed offering. Consider using some of your existing clients as a test group. Getting feedback from a test group can help you manage some of the risks and learn how the product or service can be improved. Pay special attention to marketing and promoting your new products or services so that people know about them.
NOT HAVING ENOUGH PRICE POINTS FOR YOUR PRODUCT OR SERVICES
It is important to have products and/or services priced across a wide spectrum from low prices to higher ticket items. A low-priced item may not have great margins. But it can serve to attract a new customer. Once you have the customer, then you can upsell them to one of your higher priced items.
NOT ENOUGH TRAINING
Most companies suffer from this mistake. They do not train their staff enough.
Staff training is a process of teaching employees the skills and knowledge they need to perform their job effectively.
Training in sales tactics, product knowledge and company culture are amongst the areas you should be paying attention to.
Training is a vital part of the company’s success. It can help make employees more knowledgeable about products, services, and company culture. Training also helps to improve performance by correcting mistakes and preventing future errors.
Training should be both formal and informal. Informal training includes on-the-job coaching, mentoring, and hands-on experience with the product or service. Formal training is often conducted in classrooms or online courses that teach specific skills or knowledge needed for a particular position.
NOT ENOUGH FOLLOW UP
Statistics show that most sales people contact a prospect only twice. Then they quit. This is one of the top mistakes company make.
See the image below, and it will give you a clear idea of how much opportunity you are leaving behind:
NOT NURTURING YOUR PROSPECTS
People begin to recognize and trust your brand after seven contacts. And only 2% of customers buy on the first interaction with your brand.
It is important to have a system that builds a bridge with your prospect. The recommended tactic is to send them information that is useful to them and that is related to your product.
An oft-cited equivalent is going on your first date and asking for the person’s hand in marriage. That doesn’t work.
For instance, if you are a dentist you will send your prospects emails with information on how to take care of their teeth, how to floss, a calendar of when to visit the dentist and other useful data. This information is sent for free. It is not a sales pitch. In this way you will create goodwill and trust with your prospect.
NOT KNOWING YOUR CUSTOMER
One reads about product market fit but that all starts in one place: knowing your customer. You may have the what you think is the world’s greatest idea but if your customer doesn’t think it solves his or her problems then you don’t have something that will sell.
Talking to your prospects constantly is a critical way to get to know them. You must strive to get into their heads and feel their pain points and their frustration.
YOU DID NOT TEST YOUR IDEA
The world’s greatest idea may not be the world’s best selling product or service. That is where a minimum viable producto or MVP comes in. You can create a website inviting users to beta test. Or to join a waiting list. Then you can gauge demand depending on how many people sign up.
IGNORING THE COMPETITION
It is important to know your space thoroughly. That way, you become an authority. What is the competition using to spread their message, what is their pricing, do they offer guarantees, how do they respond to queries in social channels, what do their reviews look like?
NOT SHOWING UP
Networking has often been cited as the #1 way to get clients. Presenting at events both physical and digital are a great way to be seen by people that may never have heard about you before and start generating. Look into guest blog posting as well.
BAD CUSTOMER SERVICE AND REVIEWS
Most consumers read reviews before they buy nowadays. If your customer service is poor, many of your buyers will be complaining about it in online reviews.
NOT KNOWING WHEN TO STOP
It is important to gauge if you are in a niche with healthy profit margins and if you have enough differentiation to make your offer competitive. If you have products with low margins, or high selling costs, it may be time to eliminate them or you may want to consider pivoting your company altogether.
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