What I Learned About Selling As I Built a Successful Company

The truth is, everyone needs sales skills. These five simple rules have served me well as I built my business.

By Judith Humphrey

Everybody needs sales skills. We all have something we want others to buy into, whether it’s an idea we have, a proposal we want supported, or a product we are pushing. When our pitch is successful, others help us achieve our goals. When it’s not, we feel disappointed (and often less wealthy than we had hoped).

I learned to sell when I was building my company, leadership communications firm The Humphrey Group, over a 30-year period. I found that the key to selling effectively comes down to five rules. They will serve you well, whether you’re starting a new business yourself, pitching a product, or trying to start a new initiative at your current job:

1. Go where the money is

First, go where the money is, and if your clients can’t afford the product you’re offering, look elsewhere. If your prices are too rich for a particular market, it doesn’t matter how good your offering is.

When I launched my business, I researched possible markets. I asked middle managers what they’d pay for training. I soon found that what they were willing to spend would not sustain my business goals.  

In contrast, I discovered that for C-level executives, there was no limit to what they’d pay if I and my team could make them look good and sound good at the podium. In fact, an executive I knew told me that my clients would value our training even more if we upped the fee. Sure enough, that proved to be true.

Whether you’re launching a business or selling a product to clients, take a hard look at the returns you can expect from your sales. “Show me the money” should be your mantra.

2. Seek leads

You also have to be aggressive in seeking leads. I had been a speechwriter for CEOs, so I went to those executives and said “I am starting a business that will train leaders how to speak . . . can you give me the names of executives who would be interested in this training.” The references I received were golden.

The person offering the leads became a wonderful endorsement when I approached the new client. I’d say, “David Daniels suggested I talk with you. He is happy with the work I’ve done for him.” Or if you’re selling a product, say “Vanessa is thrilled with our product, and she feels you will be, too.”

Always thank your supporter for the gift of a new client. Keep them in the loop by updating them on the evolving relationship.

3. Do your research

Third, research the prospective client. This is key, whatever you are promoting.
I closely studied every new contact I made by reading all the speeches they had already given, attending their public presentations, studying media coverage of them, and asking those who knew them what they felt about their speaking. Were they an eloquent or hesitant public speaker?

I’d use that information as part of my sales pitch. When I spoke with them I’d say,  “I heard you speak at the Conference Board last month. I enjoyed your talk, and clearly the audience did, too.” Make them feel that you value them. This will cement the relationship and allow the prospective client to trust you.

4. Don’t tell them what they need. Listen instead

Begin by listening, and resist the temptation to start off by pushing your product. 

I would go into a VPs office and ask tons of questions, such as, “Do you do a lot of speaking?” “How important is it in your new role?” “How do you feel about it?” “Are there any areas in particular that you’d like help with?” I would not tell them about our program or show them any paper on it until they asked about it.

This “listening first” approach worked wonders. It meant that they paved the way for my understanding of what they wanted and needed. I’d tailor my response to what they felt they needed. If you listen to your prospective customers, they will tell you just what they want. Your description will then be tailored to their goals. Too often, though, sales people rush to describe their product before having gathered enough information.

5. Learn to close 

Finally, learn to close. I discovered in building my company that closing can involve several steps and comes in many forms.

Ideally, I would get a commitment then and there. Other times I’d recognize that further steps were needed, and I would leave the meeting with a request for a customized program.

I rarely closed deals by cutting prices, although if someone was buying a considerable amount of training for themselves and their direct reports, I was open to accommodations. My motto was, sell on quality not on price. Don’t offer “freebees” or give away your service.  When a client would question our pricing, I would say, “Maybe you are not ready for the training.”  They’d typically reply, “Oh no, I am ready. When can we start?”

Not everyone has executive clients with large expense accounts, but make sure you go as high up in your selling as possible, so you reach people who can make decisions and who have the budgets to close on your services.