You are all probably familiar with ebay and have done some selling on there at one time or another. However, I am pretty much an ebay novice and it was only when we moved offices recently and had to sell a lot of stuff that I ventured into the world of online selling.
This whole experience has taught me a thing or two to apply to my own business:
Lesson 1: Cultural awareness and sensitivity is key to a successful sale – on both sides Find out about your target market and adjust your sales strategy appropriately.
Hamburg is a culturally diverse city with a good mix of immigrants (myself included!) and in the last few weeks I have dealt with visitors from many different nationalities all coming to the home office and looking at what was on offer. I found that all the Eastern European and Asian people who came drove a hard bargain – they really enjoyed negotiating and took their time – whilst the German people paid the asking price, stayed only a short length of time and were highly organized and reliable regarding time and date of visit.
In our institute we teach cultural awareness and we sometimes hear students say “Isn’t this clichéd? Aren’t you over-generalizing?” Well, the answer is “not really”. If you are selling a product or a service, whether that be a coffee machine on ebay or a highly specialized software system on your company’s website, it is essential to be aware of and, where possible, adjust to the mentality of your target customers.
Lesson 2: Know the difference between price and value
I generally aim for win-win. However, in one case I had to let the interested party go because he insisted on paying way too small an amount for something. Although I felt a bit bad about this, it reminded me:
Whatever you are selling in business, don’t be afraid to name your price, know your bottom line and stick to it. This is especially true for freelancers selling their qualified services: If you sell yourself under-value, you will start to resent things sooner or later. Also, never apologize for your prices. Explain how you add value and why you are worth your price. Better not to get the sale than to compromise too much and feel resentment.
Lesson 3: Respect your own needs
In your daily business as an entrepreneur your own needs are paramount. If you feel stressed or under pressure, the negative energy you feel will work against you. It is important to voice your own needs and wishes and prioritize them.
This is something I thought I was aware of. However, when I first started selling online I literally bent over backwards for all the potential customers – letting them always choose time and date to visit and adjusting my own schedule accordingly. Surely enough, this started to backfire and people sometimes just didn’t turn up, didn’t bother to cancel and stopped answering their phones even though they’d asked for a call-back. I was most put out until I realized that I was the one responsible for creating this situation. Now I stipulate time and date to suit me first and since then I haven’t had anyone go awol on me.
Until the next time – stay profitable!