Avoiding the Top 10 Sales Mistakes

10 common sales mistakes you must avoid:

1. Insufficient Investment in Self-Development
Think beyond today's quotas. You must continually invest in your skills if you expect to increase your close rates, boost your earnings and stay on top. Best-selling sales books and “guru” seminars provide a flood of information, but can be like drinking from a fire hose — you typically retain very little and waste valuable time.

2. Inadequate Post-Sale Follow-up
Show your customers that you value their business. Schedule a series of communications via phone or email. Plan a (non-sales) visit to see how your product is working. Take your client to lunch, or drop off bagels and coffee. Great relationships create loyal customers.

3. Premature Close
Listen carefully to your prospects. If they're not ready to buy, use the appropriate close to achieve your next desired course of action. Choose a technique — such as the “minor point,” “Ben Franklin,” “next appointment” or “clean up” close — based on the signals you receive.

4. Information Overload
Don’t overwhelm your prospects with a barrage of features and benefits. Use consultative sales techniques to determine your customer's needs and create value by explaining how your product/service addresses those needs.

5. Inattention to Purchase Behavior
Increase your close rates by finding out how and when your prospects buy products and services. Research their budgeting cycles through public records, financial reports and other resources, and stay abreast of industry happenings that may impact their funding or purchasing.

6. Inadequate Competitive Knowledge
Gather competitive information from a variety of sources. Talk to your colleagues and current prospects. Research your competitors online, paying close attention to their web sites and marketing materials. Be sure to study the competition's pitch at any trade shows and conferences you may attend.

7. Inadequate Product Knowledge
Gain as much personal experience of your product as possible; you'll have more credibility and be better able to answer your prospects' questions if you've actually used what you're selling. Attend sales calls, trade shows and training classes to see how your colleagues are presenting your product, and talk to your existing customers about their experience with it.

8. Poor Lead Qualification Practices
Don't spend time and money on leads that aren't likely to convert to customers. Ask the right questions during the first conversation – or make follow-up calls if you need additional information – to ensure your lead has purchase authority and funding for your product.

9. Insufficient Account/Territory Research
Reevaluate your prospecting practices. Is there room for improvement? Use all the resources available to you – including the Internet, clients, suppliers and networking – to discover who and where the best sales opportunities are.

10. Pipeline Neglect
Think ahead, rather than focusing solely on what will close today or this month. Set aside blocks of time out of your schedule specifically to make calls to new prospects and follow up with existing clients, who can be an excellent source for referrals.

Below industry experts and online faculty from the University of San Francisco tell you how to steer clear of common sales missteps that can hurt your numbers and ultimately stall your career. How savvy are you when it comes to the latest sales tools and techniques? Are common mistakes negatively impacting your numbers? We've identified 10 areas where even the most experienced sales professional can come up lacking. Fumbling during the sales process can not only cost you sales, but also slow your career momentum – when the other guy who does know how to avoid these pitfalls edges you out. Studying and implementing these crucial strategies will help you maintain a competitive advantage.