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3 of the Most Common Sales Myths Debunked

By: Morgan Holycross

Another day goes by with minimal meetings set up for the future. You and your sales team are wondering what’s going on — maybe it’s something to do with the market or just something in the air. 

If this sounds like something you’ve experienced before, you’re not alone, and we’re here to fill you in on what’s actually going on. 

It’s very probable you and your team are caught up in one of the three sales common myths we’re going to talk about in this post. 

If your approach to sales is “always be closing,” keep reading. 

If you think there are only certain times you should reach out for a meeting or times to avoid when asking for a meeting, keep reading.

If you believe allocators are flooded with emails and don’t want to hear from you, I beg you, keep reading. 

At Dakota, we’ve been very cautious in avoiding these three sales myths. We are an outsourced investment company raising money for other investment firms. Since our founding in 2006, we’ve raised over $35 billion for our clients, and add to this everyday by focusing on growing our total addressable market (TAM)

In this article, we will break down the three most common sales myths and why you need to avoid them. At the end of this article, you will have a better understanding of how to counteract these myths and the proper ways to go about sales.

Myth #1: ABC, or always be closing

One of the most popular myths in the world is sales is that you should always be closing. 

Most people believe that you should never take no for an answer; however, I’m here to tell you that you should take no for an answer. Don’t get caught up in the convincing business, it’s a waste of time. This goes back to the simple golden rule of sales: spend time on the accounts who buy what you sell

Reality: Always be prospecting

You can’t always be closing, but you can always be prospecting. In business, you should always be searching for people who buy what you sell. Align your investment strategy with people who invest in that structure. We have built our company off the belief that your TAM drives your company’s growth. For example, if you only have a separate account this would align with consultants, foundations, and endowments. 

Myth #2: There are only certain times to reach out for a meeting

Some people don’t like to reach out for meetings under certain circumstances. This can be anything from the market being down, on a Friday, before a holiday, etc, but this is not the case.

Reality: There are no bad times to reach out

The truth is, there is no perfect time to reach out for a meeting. You should always be reaching out to people, emailing, and requesting meetings. In order to generate revenue you must get meetings, and it’s impossible to get meetings if you aren’t asking for them.

A piece of advice I will give is to make sure you are reaching out in a respectful manner. If you send a succinct and to the point email, the recipient will be able to quickly decide whether it’s worth meeting you or not. 

Within your email, straightforward, simple subject line and deliver the highlights of your strategy in one sentence. Make sure your call to action is clear and direct with a specific time to meet, “Can you meet on August 4th at 3pm?”. This will result in the recipient realizing one of two things: they can meet and will set up a meeting with you, or they are unavailable at that time and will respond with an alternative to meet. 

Myth #3: Allocators are inundated with emails and calls and don’t want to hear from you

This myth is semi true. It’s fair to say that allocators get a lot of emails, but there is no such thing as too many. This is why it is so important to be clear and to the point with your emails. 

Reality: Allocators want to hear from you

The part people forget or fail to realize is that allocators do want to hear from you. 

As a salesperson, you bring them new product ideas and keep their wheels turning. In fact, did you know that allocators generate most of their good ideas by hearing from sales people? This is especially true of RIAs. 

You should be reaching out, despite the number of emails they may get. The more meetings you get with qualified buyers is all dependent on how many meetings you ask for. If you don’t get meetings, you either have a bad product, or a bad email. 

How to Get Started

Now that we’ve covered the three common myths about sales, reflect and ask yourself if you’ve been guilty of any of these in the past.

Remember, the key is to always be prospecting

With a larger group of people who buy what you sell, you have more opportunities to win. If you and your sales team are struggling with revenue, go back to the basics and look at who you’re trying to sell to. 

Always ask for the meeting - in a respectful, to the point way.  If you aren’t asking for meetings, you won’t be setting meetings up, and you won’t be making money.

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