Blogs & News - Colombia's Best

The Best Procurement Software for Small Businesses

Mon, 12 Sep 2022 07:46:00 GMT

The Best Procurement Software for Small Businesses The Best Procurement Software for Small Businesses If you’re a small business owner, chances are you wear many hats. You’re the CEO, the CFO, the head of HR, and the janitor all rolled into one. With so many balls in the air, it’s easy to let things fall … The Best Procurement Software for Small Businesses Read More »

What Is Business Development?

Tue, 28 Dec 2021 14:05:00 GMT

What Is Business Development? You’ve just created the perfect product! You are so excited because you know how much people will enjoy and love it, if only they knew it existed. What can you do to help get your product on the map and into their hands?

What is consultative selling and why is it key to your business success?

Fri, 24 Dec 2021 22:18:00 GMT

What is consultative selling and why is it key to your business success? “You only have to do a few things right in your life so long as you don’t do too many things wrong.” – Warren Buffett This well-known phrase could make any business think that avoiding a wrong decision or process is as … What is consultative selling and why is it key to your business success? Read More »

How to make a winning sales pitch

Wed, 24 Nov 2021 16:40:00 GMT

Composing a successful sales pitch is no simple task, yet with some dedication and effort, it can be accomplished. Your sales pitch serves as the initial impression your customers receive and will determine whether or not they choose to purchase from you. That is why it is essential to meticulously prepare an excellent sales pitch beforehand.

What Is a Sales Pitch?

A sales pitch is a finely tuned line of persuasion that sales representatives use to initiate and close a sale. It is a strategic and carefully planned presentation that can be delivered in various ways, including in-person, online, through social media, web chats, phone calls, and more.

When it comes to creating a sales pitch, it is crucial to have a clear and concise strategy. A well-crafted sales pitch need not be lengthy or verbose to be effective. In fact, the more direct and focused it is, the more impactful it can be. A sales pitch should be tailored to the audience and their needs, highlighting the benefits of the product or service being offered and addressing any potential concerns or objections they may have.

In today's fast-paced and ever-changing market, it is vital to stay ahead of the competition by having a strong and effective sales pitch. This requires constant research, testing, and refinement to ensure that it resonates with the target audience and delivers results. As a sales person, it is your job to capture attention, build trust, and ultimately, drive sales.

What Is a Product Pitch?

A product pitch is similar to a sales pitch, except product pitches are specifically focused on a product or service and go into detail on how it works, the specific benefits it will bring to your customers, and more.

A sales pitch can have a very broad focus that a product pitch does not. For example, a sales pitch can explain a company’s wide range of products and services to a potential prospect. In contrast, product pitches can focus on one specific product/ service and its benefits.

How To Make a Sales Pitch

A great sales pitch has these five qualities:

Make it brief

In today’s world, we constantly have so many things competing for our attention, and the average human attention span is ever-shrinking. So the last thing your audience wants is a lengthy spiel of your proposed solution to their problem.

Make it clear

During and after your pitch, your buyer should be able to have a clear understanding of what you’re offering. Do this by being direct and using transparent, understandable language. If they can’t explain shortly and simply what you’re offering and its benefits to a friend or family member, then you may need to reconsider your approach.

Describe how your product alleviates their pain points

Your customer base should have an ongoing or one-time need for what you’re offering. Once they realize that they need what you’re offering, this is the best time during the sales process to show them why they should buy from you and not your competition.

Sales reps can do this is by utilizing data points and proven case studies to show that they’re a trusted advisor and seller that will solve a specific pain point they have.

Show your prospect the success they will have when choosing your brand

Make them see how the benefits of using your offered products apply to them in real daily lives.

For example, if you sell cleaning goods, convey how it lessens the time they have to clean and adds to time they could be spending reaching their goals or spending time with their families.

Tips on How To Start a Sales Pitch

Conclusion

It our sincere belief that you can make the process of pitching a less awkward and difficult experience by applying these tips and ideas to your technique. Whether you are a newcomer to the world of sales or a seasoned veteran, there is always room for improvement in your approach. By taking the time to hone your skills and implement these strategies, you can increase your chances of success and stand out from the competition.

To begin with, it is essential to do your research ahead of time. This means understanding your audience, their needs, and their pain points. Armed with this knowledge, you can tailor your message to resonate with your potential clients and address their specific concerns. Additionally, be sure to practice your pitch ahead of time, so you feel confident and prepared when the moment arrives.

Another crucial element of successful pitching is to be clear and concise in your communication. Avoid rambling or using too much jargon; instead, focus on delivering a clear and compelling message that highlights the benefits of your product or service. It can also be helpful to use storytelling techniques to engage your audience and make your pitch more memorable.

Finally, remember to be personable and authentic in your interactions with potential clients. Building a rapport with them can help establish trust and increase the likelihood of a successful sale. By focusing on these key elements, you can make your pitching experience less awkward and more effective.

In conclusion, there is no magic formula for successful pitching, but by applying these tips and ideas, you can improve your chances of success. So, happy selling and go out there and make those connections!

Best Cold Calling Techniques and Tips to Ramp Up Your Sales Success

Wed, 17 Nov 2021 17:17:00 GMT

Best Cold Calling Techniques and Tips to Ramp Up Your Sales Success Everyone has received that random phone call from a salesperson during the middle of the day where you hang up before even finding out their reason for calling. At some point in time, someone has had to ask why they keep trying at … Best Cold Calling Techniques and Tips to Ramp Up Your Sales Success Read More »

Overcoming Sales Objections

Tue, 16 Nov 2021 18:33:00 GMT

Overcoming Sales Objections Rejection, in general, can be extremely off-putting and disappointing for most of us, but there are ways to turn that frown upside down, especially when dealing with a sales objection. So why do sales objections need to be overcome in the first place? Conquering sales objections is crucial to building a lasting … Overcoming Sales Objections Read More »

Building A Value Proposition

Tue, 19 Oct 2021 17:02:00 GMT

Building A Value Proposition If you look at any successful business today, they all have one thing in common, and that is a compelling value proposition. In the world of business, well-crafted and great value propositions tell your customers why they should buy from you and not your competition. Having your own value proposition is … Building A Value Proposition Read More »

Getting The Most Out Of TradeShows

Sat, 18 Sep 2021 17:26:00 GMT

13 Tips On How To Get The Most Out Of Trade Shows And Conventions The time has come. Here is your chance to show the world all about your business and what you have to offer! It may be overwhelming, but this amazing opportunity can pass you by if you’re not careful and attentive. So … Getting The Most Out Of TradeShows Read More »

15 Strategies That Can Help You Get More Sales Referrals

Mon, 12 Jul 2021 21:05:00 GMT

15 STRATEGIES THAT CAN HELP YOU GET MORE SALES REFERRALS Referrals are one of the most effective ways sellers generate leads and new customers. However, many struggle with generating them consistently. We know customers generally depend on colleagues, associates, and peers to recommend a product or service. So when a prospect is introduced to your … 15 Strategies That Can Help You Get More Sales Referrals Read More »

Building Rapport

Mon, 12 Jul 2021 20:45:00 GMT

BUILDING RAPPORT When we connect to someone by getting to know them and doing so beyond the surface level, this is called rapport. This is a state of understanding that is developed with another individual or group of individuals. No matter the definitions used, building rapport is very important to consider in business relationships and … Building Rapport Read More »

Must-Knows About UPC Codes

Tue, 25 May 2021 20:53:00 GMT

A UPC code, which is stands for Universal Product Code, is a 12-digit numeric based code that a company uses to uniquely identify its product. The term GTIN (Global Trade Item Number) is often used when speaking about UPCs and refers to the same thing.

Your Guide to EAN Codes

Tue, 25 May 2021 20:46:00 GMT

Frequently Asked Questions

SKU Numbers: What Are They and Why Are They So Important For Your Business?

Wed, 19 May 2021 20:27:00 GMT

In the field of inventory management, SKU stands for Stock Keeping Unit. It is the term often used in retail with emphasis on a company’s system used to manage their inventory.

SKU numbers are unique alphanumeric codes that the supplier assigns to each product, thus making it easy to distinguish this product from others. As a result, SKUs alphanumeric code is sometimes referred to as the product code. The SKU numbers in retail are most significant when it comes to setting up and managing inventory – it can be a crucial part of the sales process for any retail business.

The proper setup of the stock-keeping unit or SKU will allow for the accurate tracking of all items.

SKU NUMBERS vs BARCODES

Unlike barcodes -which are an optical machine-readable representation of the Universal Product code also called UPC codes- that can be reproduced onto retail products, SKU numbers are used internally and not externally.

Further, they can easily be read or interpreted by individuals and do not have such strict standards as barcodes and Universal Product Codes (UPC codes).

An SKU number system may look like this: SP-Cot-Br-38 .

At a first glance, it may appear to be a random, meaningless array of letters and numbers, but if we decipher the SKU meaning it’ll be possible to see “ Short-Pants, Cotton, Brown, Size 38. ” This example gives a clearer understanding of what an SKU number system is.

Creating SKU numbers is one of the most important prerequisites for the management of your inventory. Without SKU numbers your system will not function properly, so it’s crucial to know how to establish SKU numbers and manage them.

Why Are SKU Numbers So Important?

Efficient and effective management of inventory

With SKU numbers, one can easily search for and track inventory and their movements. This inventory tracking system can aid in the management of inventory costs.

Improved accuracy

SKU numbers can also be contained in barcodes. With barcoding tools now available, this significantly reduces the incidences of human errors that may happen when entering the data manually.

Faster and easier access to data

With an SKU number system, it’s possible to get the required information about a specific product with the click of a button.

Location-specific data can also be accessed if items are stored at multiple locations. This is a good tool to track inventory and access sales data.

Improved quality of service

SKU codes help you make sure that the warehouse employees do not pick or ship the wrong items but will provide the exact product to customers.

The use of an SKU number system will help to better manage inventory, customer satisfaction, and gain customer loyalty.

Protection from theft

You can track movement and location, therefore if something is missing you will immediately know about it. You’ll also have a unique number that identifies exactly which product is missing and can also provide a store location.

Greater oversight brings less likelihood of theft. As such it’s much more difficult to steal an item with a unique number, even if it’s a small item among lots of other items inside a big warehouse.

SKU numbers allow you to track and organize your inventory so you know where everything is at any time.

Ability to create threshold limits

For each SKU number, you can specify the reorder point and safety stock levels. This means you can control your inventory amounts and be alerted when you should replenish them.

This will ultimately assist with smarter inventory decisions as there will be a better stock count.

Inventory Management Software

Inventory Management system software is the best tool for the management of inventory. An inventory system that is easy to use allows you to create and manage your SKUs effectively and efficiently.

How to create SKU Numbers

There are no hard and fast rules when it comes to creating an SKU number. Listed below are some simple steps that are commonly practiced SKU naming conventions to help get anyone get started.

Design a format

Start by creating a standard format for naming SKUs. SKUs are normally alphanumeric so a combination of letters and numbers can be used to create your SKUs.

Determine the order in which you will arrange product features. Some examples of product features include the brand name, size, color, or item type. Best practice dictates that you should only include the most outstanding product features in SKU names. For instance, your standard SKU format might be:

Name of manufacturer-the color of the product variant-size

For example, an SKU number for ‘black Old Navy slippers in size 12’ might be:

OLN-BL-12

Once a pre-decided SKU naming format is followed, you will be able to easily create SKUs for any new products that your company decides to distribute.

Create a coding system

The next step is to establish a list of attribute codes to identify different aspects and or features in your SKU names such as brand names, sizes, types, and colors.

This can be done in spreadsheet software such as Excel or Google Sheets by simply mapping the attribute name to the attribute code.

The main benefit of establishing a list of standardized attribute codes for SKU naming is that all members of your team will be following the same key when assigning SKU names.

This will also contribute to enhanced management of inventory, improved customer frequency in making purchases, and in turn, maximize sales.

SKU Numbers System Made Easy

Step 1: Ensure that the SKU is very easy to understand and user friendly

SKU names should not be complicated, but straightforward and easily explained. This helps different departments within your company – such as customer support, frontline/sales departments, and operations and logistics properly understand exactly which product the SKU refers to.

This will augur well for good internal and external customer experience and boost profits.

Step 2: Words should be arranged based on the level of importance

It’s best practice to arrange SKU variables in the order of their importance. One way to do this is by looking at a product description and identifying the key attributes that are most outstanding.

Depending on the types of products the company offers, these product attributes might include the brand name, model, color, or warranty information.

The attributes that are most significant or constant, such as brand name or model, should be placed at the beginning of the SKU section. Assign other variable product attributes (like size and color) towards the end of the SKU section.

Step 3: As far as possible do not use letters that often look like special characters

It is noteworthy to mention that there are some letters and numbers that look very similar, this can be very confusing to the end-users and should be avoided.

Additionally, you should also avoid using special characters. Below is a list of examples:

Special characters like the forward-slash “/” will be treated as a data separator in Excel.
“I” (uppercase i) and “l” (lowercase L) look the same.
Symbols like @, >, <, *, don’t always have a standard, clear meaning.
The number 0 and letter O appear to be similar in most fonts.

Instead, it’ll be best to stick to using numbers and letters to name your SKUs as illustrated in the following example:

Fruit Juice, No Added Sugar, Medium-White = FJ-NS-M-WH
Fruit Juice, No Added Sugar, Large-Green = FJ-NS-L-GR

Step 4: SKUs should not start with zero

Some data storing tools disregard zero’s altogether. For example, entering 05587 in Excel would actually store 5587.

Therefore, to minimize data storage issues avoid using zeros to start your SKU.

Step 5: Avoid the use of Manufacturers’ SKUs

Regardless of the business type, that of online retailers or a brick-and-mortar retail store, it’s always best not to incorporate the manufacturer’s SKUs but use your own SKUs.

Different SKUs will limit confusion in general with other inventory and with sales staff on the sales floor. Each team member will know exactly what product is being referred and can easily track inventory.

Step 6: Keep SKUs simple

Not to the least keep your SKU names simple since “much is said with little and little is said with much”. A simple SKU naming system will allow you to make it easier for team members to memorize SKU naming conventions and quickly identify the correct product variants.

Frequently Asked Questions

Shipping Terms Explained

Thu, 08 Apr 2021 12:31:00 GMT

Frequently Asked Questions

Manufacturing in Colombia

Wed, 07 Apr 2021 21:48:00 GMT

In 2015, Colombia boasted a Gross Domestic Product of USD$32.6 billion, with its manufacturing industry accounting for a noteworthy 12.2% of the total GDP. This makes it the fourth most significant sector in the country.

With such impressive statistics, why not consider Colombia as your manufacturing destination of choice?

Quality

Location

Because of its strategic location, Colombia is in an ideal position to bridge between the countries in North and South America. It is less than 6 hours away by plane from all the major cities on the continent and closer to Central and North America than many other Latin American countries.

Trade Agreements

There are also some other significant advantages that make the sector more competitive. For instance, they have tariff preferences on several products in various markets through the trade agreements signed by Colombia. Colombia boasts an extensive free trade agreement network, giving preferential access to more than 60 countries and 1.5 billion consumers around the world. In 2015 manufacturing exports reached USD$7 billion, proving the merits of Colombian manufacturing.

Culture and Language

Colombia being a Latin American country has very similar culture to other Western countries and is very close to the other Latin American countries. The national language is also Spanish which is widely spoken throughout the Americas. Shared values and familiar language allow for smoother business dealings and greater understanding.

Committed Government

Colombia is known for its political stability and solid institutions, making it one of the most politically stable markets in Latin America. Regardless of the president in office, the government has a long term commitment to the continued development of private businesses, and follows the standard of best economic and social practices. This made it possible for the country to join the Organization for Economic Cooperation and Development in 2020.

What Products Can Be Produced?

Colombia has an abundance of nonrenewable resources, including reserves of gold, coal, and petroleum; its renewable resources include rich agricultural lands and its rivers, which have been harnessed increasingly for hydroelectric power. These resources put Colombia in a good position to be able to produce a variety of products.

Tip - Read our in-depth Colombian Manufacture Guide .

As Colombia is in the tropical region, its rich agricultural lands produce a wide range of unique resources that can be used to make food and beverage products.

It’s natural resources can also be used to create various construction materials that are environmentally friendly. This can give your company a much valued environmentally green image.

The petroleum resources open the way for a huge possibility in products made from synthetic fibers and plastics.

So, if you are looking for incredible manufacturers, then choose Colombia.

At Colombia’s best, our dedicated team sets up agreements with the best suppliers and connect them with buyers around the world that want to grow their business with great products. Contact us today to see how they can help your business thrive.

Google My Business – A Tool For Your Business

Wed, 07 Apr 2021 21:43:00 GMT

GOOGLE MY BUSINESS – A TOOL FOR YOUR BUSINESS If you ever have performed a search for businesses on Google you will likely have seen many businesses listed, including a map location and possibly some details of the business. By setting up a Business Profile on Google for your business, you too will have a … Google My Business – A Tool For Your Business Read More »

How Social Media Can Help As A Distributor or Manufacturer

Wed, 07 Apr 2021 18:07:00 GMT

HOW SOCIAL MEDIA CAN HELP AS A DISTRIBUTOR OR MANUFACTURER With nearly 4 billion users worldwide, social media is a great way to advertise and promote your products. Here we have compiled a list of some of the most popular social media platforms, highlighting what they’re about and how they can help your business. LinkedIn … How Social Media Can Help As A Distributor or Manufacturer Read More »

Blogs & News - Colombia's Best

The Best Procurement Software for Small Businesses

What Is Business Development?

What is consultative selling and why is it key to your business success?

How to make a winning sales pitch

What Is a Sales Pitch?

What Is a Product Pitch?

How To Make a Sales Pitch

Make it brief

Make it clear

Describe how your product alleviates their pain points ﻿

Show your prospect the success they will have when choosing your brand

Tips on How To Start a Sales Pitch

Conclusion

Best Cold Calling Techniques and Tips to Ramp Up Your Sales Success

Overcoming Sales Objections

Building A Value Proposition

Getting The Most Out Of TradeShows

15 Strategies That Can Help You Get More Sales Referrals

Building Rapport

Must-Knows About UPC Codes

Your Guide to EAN Codes

Frequently Asked Questions

SKU Numbers: What Are They and Why Are They So Important For Your Business?

SKU NUMBERS vs BARCODES

Why Are SKU Numbers So Important?

Efficient and effective management of inventory

Improved accuracy

Faster and easier access to data

Improved quality of service

Protection from theft

Ability to create threshold limits

Inventory Management Software

How to create SKU Numbers

Design a format

Create a coding system

SKU Numbers System Made Easy

Step 1: Ensure that the SKU is very easy to understand and user friendly

Step 2: Words should be arranged based on the level of importance

Step 3: As far as possible do not use letters that often look like special characters

Step 4: SKUs should not start with zero

Step 5: Avoid the use of Manufacturers’ SKUs

Step 6: Keep SKUs simple

Frequently Asked Questions

Shipping Terms Explained

Frequently Asked Questions

Manufacturing in Colombia

Quality

Location

Trade Agreements

Culture and Language

Committed Government

What Products Can Be Produced?

Google My Business – A Tool For Your Business

How Social Media Can Help As A Distributor or Manufacturer

Describe how your product alleviates their pain points