Effective Sales Techniques for Small Business

You must believe in what you are selling. Be passionate about your business and your customers will be excited too. As you build your sales team, keep in mind that every person has a unique method of selling that suits his or her personality. Train your staff on how to handle the special customers that may require special care.

Low pressure selling

Pushy high pressure sales people are dreaded by most buyers. Educate your customers about the features and values of your product. If possible, bring an item with you on sales calls to show and tell. Demonstrating your product in person allows the buyer to test out the product and will make your visit memorable. Explain why they should buy from you. Never talk badly about the competition. Keeping the focus on your company and what it has to offer can pay more dividends than forceful sales tactics.

Listen to your customers

Ask questions and let the client do the talking. Give them your undivided attention and find out what is most important to them. Once you get an idea of what they’re looking for in a product or service, you can adjust your sales pitch accordingly.

Helping buyers save their company money is usually one reason. Providing them with exceptional customer service and prompt delivery might be at the top of their list. Listening to your customers requests could open the door for additional products and services to increase your business.

Know Your Business

Not just your company, but the industry. Keep abreast of new technology and products related to what you are selling. Let your customers know you are educated in all aspects of the industry and they can come to you if they have any questions.

Build a Relationship

Get to know your customers. In a world of big box stores and online competition, you can remind customers that they are not just a number, they are special. Pay attention to their interests and hobbies. Keep a file on each customer to remind you of the little things before you call them. It is a friendly way to show them you care, and may produce a few extra deals.

Keep in Contact

How often you call or visit your customers may depend on the type of business you have. Pay attention to spending habits and pay them a visit just before their next order is about to be placed. Keep all customers informed of new products and services as soon as they are available. Be sure you let them know they can contact you if they have questions. Provide the client with your cell phone and email address. Staying up to date with their product or service needs could give you the edge you need to beat out the competition.

Customer Relations Management System

Customer history records are important to all facets of your business. Records can be stored manually in the office, but to be more productive, consider a customer relation management system can be accessed by your employees, as well as clients. Organize your customers starting with the initial contact point. Buying trends can be monitored by watching dates and quantities of each order. Praises, complaints and customer service issues can also be entered and resolved by approved staff members.

Ask for the Business

Whether you are on the phone or making a personal call, always ask the customer for an order at the end of your visit. You’ve likely done the leg work – don’t miss out on an opportunity.

Tips for Protecting Your Intellectual Property

Every great business starts with a “perfect” idea. In the fast moving, dog-eat-dog world of corporate business, however, ideas are stolen, duplicated and imitated as soon as they are conceived. If you have that million dollar idea, how can you go about protecting it while still attracting the attention of prospective investors?

Your first step, before presenting your idea to any companies or investors, is to hire a lawyer experienced in patent laws for your industry. Have this lawyer help you patent your idea, if applicable, which is a time consuming and expensive process. Depending on the complexity of the idea, it can cost you $1,000 to $100,000. Patents generally take over two years to clear and last approximately 20 years once in effect. As your patent clears, instruct your lawyer to write a nondisclosure agreement, which forces companies to promise they won’t copy your idea, under penalty of litigation. Penalties should be strict but fair, as to not frighten off investors. Penalties in nondisclosure agreements are usually monetary.

Be aware, however, that companies often have their own teams of lawyers whose sole purpose is to circumvent nondisclosure agreements and patent laws, modifying your design just enough to avoid litigation. In this case, your lawyers can first serve a cease-and-desist letter, followed by a lawsuit, if the company does not cease production. Taking on an alleged copycat in court can be extremely costly and time consuming. In many cases, the court will not rule in your favor unless you can prove monetary damages as a result of the copycat’s actions, which can be difficult if your product’s sales have been rising. This can also be difficult to prove if your idea is still in the nascent phase, and has still yet to turn a profit.

There are three questions to always remember when sharing an idea: whom, when and how much.

Remember who you’re speaking to about your idea – is it a partner whose business would be aided by its success, or an employee who can steal your idea and make it his or her own?

Record when you disclosed information. If the meetings are documented clearly, with an attendance record, then they are admissible in court to prove the theft of intellectual property.

Entrepreneurs often don’t know how much information to disclose. It is a good rule of thumb to disclose the minimal amount of information of the production phase when presenting your idea. In some cases it may be beneficial to mislead investors about the production process, as to detract any potential copycats. It is important, however, to get across the specific need your product fills, and its production margins. These are important factors that investors and companies will pay attention to.

In the corporate world, ideas are more valuable than cash. Major legal wars are fought over ideas, and a sub-culture of corporate espionage has even emerged to steal valuable trade secrets from competitors. Keep your valuable ideas clutched close to your chest and tread softly, when negotiating, but carry a big stick – in case those investors turn out to be copycats.