Whether you are just getting started or not, your sales are directly tied to the number of people you can reach who are genuinely interested in what you are selling. Winning more sales comes down to solving these three challenges.
1. Choose your customer
If you reach more of the right people, you will get more clients! In business, 20% of your customers generates 80% of your revenues. It’s the 80/20 rule or Pareto Principle, named after Vilfredo Pareto, an Italian economist who found, in the early 1900s, that 80% of the land in Italy was owned by 20% of the population. This may come as a surprise, but this distribution occurs frequently in all areas of life. It is also an incredible tool to grow your business. So why spend energies on these target customers that will generate the least?
By identifying the characteristics of your 20%-customers, you can focus your efforts on reaching people who match that profile. I’ll show you how to in the next steps.
2. Find their big problem
The basic premise of business is to offer a product or service that people would pay for. In short, if you fix their big problem they will pay for it. Value is in the eye of the beholder!
Do you truly understand what their pain is? When the first laser printer came out, as Hewlett-Packard was getting their new model to market, they realize that customers didn’t care about printing the most beautiful graphics. What they wanted above all was silence! Their big problem was that, at the time, existing printers were making such a racket, it was difficult to concentrate with such a loud background noise.
3. Genuinely interest them in buying
Innovators often focus on the mechanism i.e. the ‘how’ they deliver the solution. This would be for example the laser printer and how beautifully it can print full color graphics. Customers do not buy a product or a service. They buy satisfaction! As an entrepreneur, our job is to find what super power customers expect from us. With that information, we can craft a clear message and have meaningful conversation with people who are sincerely interested.
How can you find out? Ask them! Create a poll on social media, meet people, etc. I’m currently working with a wellness wearable device company. The team had assumed that their customers would expect comfort as the super power they were expecting. Three Facebook polls later, it turns out that control was the magic word.
Brainstorm with your team using the tips above and share in the comment what you have discovered. Let the world know that you are a game changer.
Carine Dieudé is a Partner & Director of Strategy at Altima Business Solutions—On-Demand Executives, On-Demand Solutions for the fundamental of business: Capital, Profit, Critical Path, Sales and Advisor. Board of Directors for Girls in Tech—Phoenix and Chair of the Mentorship Committee.