The Most Important Sales Strategies To Be a Successful Female Entrepreneur
Lilou Hoffman
Female entrepreneurs have made, and continue to make, incredible strides in business. One recent example is the impressive stock market launch of Bumble. Bumble is a female-led dating app headed by CEO Whitney Wolfe Herd. Herd is the youngest female CEO to take a company public, and also the youngest to earn billionaire status.
However, despite the progress made, women still face unique challenges that can make it difficult to scale their operations. Some of the challenges include access to funding and inadequate support. In this article, we look at tips from the best sales programs that female entrepreneurs can use to flourish in business.
Master the art of negotiation
It's well documented that conscious and subconscious biases play a role in why women often don't get what they want. However, studies show that many times women don't feel confident enough to ask. When women do ask, they often ask for less than they need and are also less likely to negotiate counteroffers.
Being unable or unwilling to negotiate can stunt the sales of even the most promising companies. It's therefore crucial that female entrepreneurs learn how to make and close deals successfully.
Learn how to self-promote
From a young age, women are often conditioned to avoid self-promotion. However, highlighting your success can be key to getting ahead in entrepreneurship. For example, showing what you've accomplished can inspire confidence in investors and customers that leads to more sales.
If talking about what you do best makes you nervous, an entrepreneur's sales program could give you confidence in your approach. In particular, a program geared toward female business owners is a great place for women to refine their self-promotion skills.
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Invest in financial literacy
Sufficient cashflow and working capital are often linked to stronger sales performance. For instance, solid financial skills can help you with pricing, budgeting, and seeking funding. Of course, this assumes that you have a valuable product or service that people want to buy.
If you have little to no finance knowledge, you can learn the basics from finance blogs, websites, and books. Then, check out industry-specific business sales and finance courses to deepen your knowledge and skills. Even if you hire a finance manager or team, it's always advisable for business owners to keep an eye on their company's financials.
Build effective networks
When done right, networking can bring opportunities and fresh ideas that women can use to build a successful business. It takes time and effort to nurture valuable business relationships, which can be a challenge for women. For one, female business owners tend to bear a heavier burden when it comes to work-life balance.
If you're pressed for time, sales networking programs suggest being more intentional. Instead of attending random work events, find those that line up with your business objectives. Also, for each event you attend, draw up a plan of what you want to achieve.
Be persistent
Entrepreneurship is not for the fainthearted. Research shared by Investopedia shows that over 20% of startups fail in the first year, 30% in the second year, 50% in the fifth year, and 70% in their 10th year. No matter how great your idea is, chances are you’re going to have setbacks. If you can learn to persist, you stand a much better chance of coming out on top.
Take the case of Sara Blakely. Today, Spanx founder Sara Blakely is a billionaire. However, her company almost failed to launch as she struggled to find people to manufacture her shapewear. She also received rejection after rejection when she tried to sell her products. As with many other successful female entrepreneurs, Blakely credits persistence for much of her success.
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