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Hey guys
I actually sell stuff for a living, and I'm pretty good at it.
Now, I know that 9-5 and entrepreneurship are different, and industries differ...but some sales fundamentals remain the same.
I have small small 5 years in the game and here is what I have learned so far;
I actually sell stuff for a living, and I'm pretty good at it.
Now, I know that 9-5 and entrepreneurship are different, and industries differ...but some sales fundamentals remain the same.
I have small small 5 years in the game and here is what I have learned so far;
1. Audience and market are 2 different things.
Your market is who you're alreay selling to, and your audience is potential buyers you're connecting with on platforms such as SM.
Avoid conflating the two.
Understanding your audience is key in avoiding confusion- for instance;
Your market is who you're alreay selling to, and your audience is potential buyers you're connecting with on platforms such as SM.
Avoid conflating the two.
Understanding your audience is key in avoiding confusion- for instance;
Posting your wool products on a vegan message board isn't understanding your audience. You will make no conversions because what you're selling and who they are, are conflicting.
This applies to location, price point, and demographic factors such as age, sex, etc. as well
This applies to location, price point, and demographic factors such as age, sex, etc. as well
2. People give money to people they like
My go-to mode of doing business is relationship building. What does it mean? You build rapport on both sides; suppliers and clients.
And the market is tough; people are mean...but you build your pipeline and avoid alienating players
My go-to mode of doing business is relationship building. What does it mean? You build rapport on both sides; suppliers and clients.
And the market is tough; people are mean...but you build your pipeline and avoid alienating players
3. People's money isn't stupid
We all wanna make a profit and succeed, but the moment your client base feels scammed, you are going nowhere
Rule of thumb, an 8-15% profit margin before tax (depending on what you're selling) is fair. Anything outside of that range is in bad faith
We all wanna make a profit and succeed, but the moment your client base feels scammed, you are going nowhere
Rule of thumb, an 8-15% profit margin before tax (depending on what you're selling) is fair. Anything outside of that range is in bad faith
4. People aren't stupid
There is nothing in the world that is being retailed by a single source; clients will compare prices and if you cannot justify your prices...you're d*ad in the water
Also, the higher value your business is, the smarter and more shrewd your customers are--
There is nothing in the world that is being retailed by a single source; clients will compare prices and if you cannot justify your prices...you're d*ad in the water
Also, the higher value your business is, the smarter and more shrewd your customers are--
Rich people/business moguls make their money by being cheap
I've done business with companies of varying sizes and let me tell you now, the household names are the ones who will squeeze you the most for discounts
I've done business with companies of varying sizes and let me tell you now, the household names are the ones who will squeeze you the most for discounts
5. Aim for a win-win-win
If you're a reseller, you have a supplier. Instead of making 200% on your client's head, aim low for repeat business. Once that is established, get your supplier to give you a discount. They are winning from your repeat business as well
Everyone is happy
If you're a reseller, you have a supplier. Instead of making 200% on your client's head, aim low for repeat business. Once that is established, get your supplier to give you a discount. They are winning from your repeat business as well
Everyone is happy
6. Always create value
Again, you will never be the only person selling what you're selling
What sets you apart is the value proposition to your market.
Make it easy for people to give you their money.
Again, you will never be the only person selling what you're selling
What sets you apart is the value proposition to your market.
Make it easy for people to give you their money.
And to conclude....no matter what you do...don't shit where you eat; that's what the WhatsApp group chat is for.
Thanks guys for indulging me.
Hopefully this was helpful.
I'm also learning and the business is a dynamic business.
Share, and drop your tips below!
Thanks guys for indulging me.
Hopefully this was helpful.
I'm also learning and the business is a dynamic business.
Share, and drop your tips below!
