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As soon as you understand the best technique, promoting stuff isn’t almost as exhausting as most entrepreneurs suppose.
Yearly for the previous seven years I’ve given college students in my Duke entrepreneurship class the identical inconceivable problem. I hand every of them a Jolly Rancher — a 5 cent piece of exhausting sweet — and I ask them to promote it for $100 in an hour. Not surprisingly, no person has ever been in a position to promote it. Nonetheless, I simply completed giving my most up-to-date class the identical problem, and 5 folks succeeded.
So what occurred? How did 5 20-year-old entrepreneurship college students instantly handle to do the inconceivable and promote a bit of sweet for 2000x its worth when lots of of scholars who’d come earlier than them couldn’t? Are GenZ-ers simply that significantly better at gross sales?
Definitely not!
The rationale my college students lastly bought the candies was as a result of I modified one thing about how I structured the problem, and that one small change made promoting the candies a lot simpler. When you discover a option to make the identical change in your startup’s gross sales course of, it’ll be simply as worthwhile for enhancing your outcomes.
I’ve all the time recognized that promoting a Jolly Rancher for $100 in an hour is feasible. It’s not even significantly exhausting. It simply requires understanding the nuances of buyer acquisition higher than the typical 20-year-old entrepreneurship pupil.
Most younger entrepreneurs suppose successfully promoting one thing consists of explaining the advantages of proudly owning a product after which convincing folks to purchase it. In consequence, inexperienced entrepreneurs strategy gross sales as if it’s a technique of browbeating potential prospects into submission. You chase them down till they’ll hearken to you. As soon as they’re listening, you give your finest pitch that explains each doable good thing about what you’re promoting. After which, when the pitch is over, you retain pestering folks till they lastly agree handy over their hard-earned cash. “Don’t take ‘no’ for a solution,” is the recommendation folks all the time give.
To be truthful, the strategy of gross sales I’ve simply described can work underneath the best circumstances. However that doesn’t…
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