As a New Business Person, Can you Close at the First Meeting?
Answers to a reader's new business question
A reader from Finland recently emailed a few questions, which I'll answer over the next few days. The first is, "When you're selling something as intangible as advertising, how can you close
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Timo, good questions and fodder for a future post!
I also believe it’s important to turn a virtual connection into a personal one, whenever possible. Having true face to face interactions will make your meeting more meaningful.
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I don’t think anyone here is posting in the Server Room to sell things directly. However, I don’t see an issue with presenting solutions available from our companies in an intellectually honest fashion (i.e. no hyperbole about just how awesome or lickable the product is, rather than addressing the scenario). If that happens to sell products, then I feel that’s fine by me.
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However, in my experience with over a thousand small business clients, it is clear that many small businesses wait too long to shut down their unprofitable or unworkable businesses, resulting in serious financial damage. There are as many reasons for this delay as there are entrepreneurs but the reluctance to shutter the business often stems from one of two main reasons: the business owner thinks that making small changes will turn the business around or simply doesn’t know how bad things Hens Night Ideas
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Customers tend to be a fickle group. If they hear rumors that your business is closing, they will begin to drift away and find other suppliers. Customers do not want to deal with the uncertainty that a business will still be around when they are in the middle of the purchasing process. In your business closure plan, make sure to plan for wrapping up all customer or client orders in a fair way, but do not announce the closure until the plan is in place. appartement a louer montreal | montreal apartments for rent | logements a louer montreal
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What if we’ve got it backwards? In my observation—and research bears this out—the outcome of the sale is determined within the first 30 seconds of a presentation. It’s during this key period that decision-makers often reach for the “turn off” switch.
Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful.
In the book, You’re Working Too Hard to Make the Sale!, researchers William Brooks and Thomas Travisano examine how a buyer’s emotional triggers influence the sales outcome from the first meeting. After interviewing hundreds of decision-makers, buyers and end-users, they conclude that customers want to buy from people they believe understand them. Features and benefits barely enter into the decision.
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Before making any decisions roughly the approaching of your commercialism, sit down with your bourgeois and go finished the financials, the business think and the obstacles you are covering. There is potential to be emotion mixed in with your instincts active what to do and your businessperson can provide you seem at the condition from a separated appearance.
Sell or promote a really good and quality product. If you are really sold on it, it will show and people will buy from you.
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Todd,
Thank you for covering this topic. I’m flattered.
Do you have any case examples of a typical cycle of a new business acquisition for situations when you have sold:
A. A single advertising campaign / tactical act.
B. A brand building process for a company or a product which lasts over an extended period of time.
I’m curious how many meetings it have taken for you get started with projects like these?
And what kind of topics have you covered in the meetings to move your prospect forward?
Right now, I’ve been trying two ways to acquire new business.
A. Try to get the first meeting to learn about my prospect without planning to sell anything. Then, if the needs match, I go to work on a proposal or stay in touch about how we can solve the prospect’s problems. (Either, way this takes lots of time and with no a clear map or a goal to follow.)
B. Set up a meeting, give a presentation about how branding works and give my prospect clear steps on how to start building his brand with us. This is where I try to close at once.
I can’t give you any exact data how many meetings it takes to close since I don’t have an enough large quantity of numbers to measure against, yet.
Although I know that closing at the first meeting has been done. At least here in Finland, which of course doesn’t have to mean anything - except that many of us, shy Finns, are too quick-decision makers and not fond of any unnecessary human contact.
You answered one question and now I shoot back two more. I hope you find some time to get back to these as well. Anyway, a great post once again. Thank you.
With kind regards,
Timo Jäppinen