Optimism

Optimism, resilience and a like of people are effective tools of the successful prospector. When you talk with another person you quickly pick up on whether they like you or are treating you as just another person — and you are much more likely to do business with those who like you.

Instinct

Develop a ‘nose’ for where gold might lie and enhance your instincts when talking to people to know whether they’ll buy or not.

Persistence

The longer you keep talking to someone disinterested, the more likely you are to convert them.

Process

Prospecting is not just a matter of writing and calling. It involves a repeatable and well-proven methodology. Sales people who get the structure and process right are more likely to succeed. This includes gathering and managing data, and wording of letters, emails and phone calls.

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Mistake 7: Not spending enough on marketing and promotion

Avoiding: Spend between 3 and 6 percent of your projected turnover when you’re starting out; and 1 to 3 percent of your projected turnover if you’ve been in business for two or more years.

Mistake 8: Marketing only when you have time
Marketing only during the slow times means that you could end up with periods where you have no customers at all.

Mistake 9: Failing to present a professional image
The more professional you look, the more confident your customers will be that you can satisfy their needs or solve their problems.

Avoiding: Make your brochures and stationery look professional

Mistake 10: Underestimating the importance of current customers
Studies have shown it costs five times more to win a new customer than to ‘resell’ to an existing one.

Avoiding: Keep a database of customers and be sure your marketing plan includes tactics aimed at stimulating repeat business from these.

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The don’ts of marketing

Mistake 1: Failing to accurately identify your target markets

Many businesses fail because they try to tackle too many types of customer on a limited marketing budget

Avoiding: Identify those customer groups that are most likely to need/want your product.

Mistake 2: Not doing market research

How do you know if people are going to want your product or service?

Avoiding: do some market research before anything else

Mistake 3: Relying on just one or two marketing tactics

Relying on one or two marketing tactics is a major marketing mistake because customers invariably need to be exposed to your message in at least three different ways before they’ll consider buying your product or using your service.

Avoiding: When you’re planning your marketing programme, choose from a variety of tactics.

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Here are some things to consider in order to differentiate yourself from other businesses.

- Lower your prices OR Raise your prices for premium goods & services
- Increase your inventory OR decrease your inventory and only carry specialty items
- Increase your area of expertise if you have a service-based business OR Specialize or narrow your niche
- Offer free shipping on all orders or on orders over a certain amount
- Offer a customer loyalty program
- Apply for a patent
- Achieve ratings, rankings, win awards from well-known associations or organizations