Let's look at your last sales conversation or discovery call.
How did that go? What kind of questions did the prospect ask, and how did you handle those?
If it didn't close, it was likely due to the VALUE GAP. I call this a value gap simply because there was a gap between what they wanted and what they needed. Prospects want to buy, but most do not want to be sold. So, there are techniques you can use to facilitate this particular scenario. Let's explore them.
5 Reasons People Buy
People buy because the money is right. They look at two aspects of money; (a) how to increase their revenues, and (b) how to save money. Those are money topics you should address. There are a very small percentage of people who legitimately don't have the money to buy. So, I don't buy this....
Some people say they don't have time. I don't buy that either. If I could save you money, you'll make the time. If I can show you how to make more money, you'll make the time. So, I don't believe the fact that prospects don't have time. Our job is to show them why they should make the time.
Yes, you can save them money and you can help them generate more money. However, your solution costs money - do they NEED it? Some prospects know they need this, and some don't know they need your solution. Just because they know they need it, do they need it right now?
Just because they need it, doesn't mean they'll buy it. The next phase it establishing urgency. Our job is to establish a sense of urgency of why they need to take action now. In other words, if they don't take action they won't save money. If they don't take action now, they won't make as much money. There are two sides; Pain and Gain. You have to sell both sides; Pain and Gain.
The last part is trust. You have to establish trust. If they don't buy from you, they simply don't trust you. You may have great claims and case studies, your situational analysis determines you don't address their needs. How do you develop more credibility in your presentation, case studies, pitch deck and presentation, then you're missing the mark.
Let's take this a step further. Have you been in a presentation where you're speaking technical aspects and the prospect doesn't fully understand the industry, product, service or solution? This is called a VALUE GAP.
HOW TO FILL THE VALUE GAP
Your job is to close that value gap. One simple technique I use is to ask them what they know. Let me explain.
"Mr. Prospect, can you tell me what you know about XYZ?"
A. Ask The Prospect
Ask the prospect simple questions like, "Mr or Mrs Prospect, what do you know about (product, service, solution or industry)? Can you explain to me what you know from your research and networking?
B. Shut Up
This is your time to shut up and let them explain to you what they know. You should allow them to speak and explain to you what they know about your solution. They may give you surface level information on the product, service, solution and industry.
C. Fill the Gap
This is your time to offer insights. As a sales professional, your job is to fill the gap with valuable information. This is 10000% about educating the prospect on how it all works. You want to share information with them.
D. Tell a Story
Now is the time to shine! Tell a story of a current or former client that is using your solution, had a specific scenario that is (1) Real, (2) Reliable, and (3) Relevant to their scenario and current challenges. This step does a couple of things. First, it nudges the prospect forward because you have a story that educates them on the solution you're pitching and it completely relates to their current situation, scenario and challenges, while you address those challenges and have experience in solving their problems - you're building value.
This is a step that most sales people miss. They don't prequalify properly. Use this particular step in the sequence to prequalify your prospect. Here is an example: "Mr Prospect, just to be sure we're a good fit for you, and you're a good fit for us - let me ask you..." Ask you set of prequalifying questions, and make sure you score them. Yes, score them. I like to ask 5 questions. I give the prospect 2 points per question. I award points for (1) Need and (2) Urgency. My 5 questions help me clarify whether they need my solution and if they need it now. At the end of the 5 questions, I have a score for them. If it doesn't meet my scoring criteria - I'll let them now. "Mr. Prospect, while I agree you have a specific challenge with (insert challenge), although, you appear to be fit/unfit, for our company.
This is the step where you pre-sell the prospect on the solution. You want to make sure you have all lights GREEN. You'll be asking questions that walk them through the process, and are meeting all of your criteria. You should be now in the stage of pre-selling. "Great! That is what the (Solution) is all about. It is an exclusive solution, you’ll get one-on-one sessions with our lead consultant, login credentials to the members-only website which is loaded with training materials from industry professionals. Is there any thing I have stated you object to?" This is simply a sequence of questions to allow them to object to what isn't acceptable. You can return to presentation if needed.
This is where you close the deal, and shut down the engagement. "Mr. Prospect, based on all of the information I have found here today, you're a good fit for us, and you have agreed this is something you need. Let me recap, briefly, what you'll be receiving (go into your recap). We have found you savings opportunities as well as new revenue opportunities, on top of that, we have showed you 2-3 ways to increase your efficiency. Based on this information, I'll be asking for a commitment from you. Does that sound fair.
Yes - Close the deal
No - Revisit objection strategies (you should have 3 objection strategies, minimum)
This is a sequence my team uses to close the value gap. Instead of using a Product Knowledge dump to share information, ask questions, and determine where the prospect is in the Buying Cycle, so you can match it to your Sales Cycle.
"When value exceeds price, people buy" - Grant Cardone
I hope this has been a helpful article for you, and should there be any questions, please feel free to visit our Facebook Page for more free (shared) articles, Live audios, and Live videos to better understand the sales process.
Superior Marketing Group
Curtis DeCora specializes in Business Development and Tribal Economic Development roles. Equipped with 10 years of experience in corporate sales, door-to-door sales, and outsourced sales - helping small businesses increase their sales and increase productivity.