Good morning everyone!
How many times have you been nervous to hear a result? Whether it was a test result from your doctor, that first time you asked a girl out in school, or how about when you sent the price over to a prospective customer and were in the silence which seemed like forever?
Most sales people have gone through this period at least in the beginning of their careers when they get to the fourth buying decision for the customer. It’s when the customer will inform the sales person if the work put in and the price align, or if they are not sold yet. During this buying decision far too many sales people will start spouting off more benefits and features, price dropping, etc. before the customer ever provides feedback.
When we start justifying our price as soon as we send it, we immediately devalue our proposal psychologically. Now the customer has no other course, but to challenge the price. The old saying less is more applies here. When the sales person send over the price, they need to stop speaking. Just like in a negotiation, the first person that speaks loses.
Now I temper that with a statement that submitting pricing is not an us vs. them situation, because we have done all of the steps in the sales process and are trying to serve the customer. What I am saying is that when we submit the pricing, we need to not devalue our proposition to the customer. Now the discussion should be on the customer to decide how to proceed.
Maybe the customer needs a little more information because we did not answer one of their needs that is high value. That’s okay because we can address that need quickly to help them make sure this is the best product / service they are about to purchase. Maybe the customer is in the research phase of decision making. This should have been discovered early on in the first buying decision, but maybe they are trying to budget. Then it is up to us to make sure we identify the next step for them to take and how we can help the customer.
There is nothing wrong with hearing a no right after we have provided the price. This is how we adjust and understand what may be limiting the customer from making the purchase. Just like shooting a rifle from 1000 yards away from a target. Sometimes a small adjustment needs to be made to hit the target in the center. This is our opportunity to correct and address the customer’s needs and help them.
If we don’t sell the product / service right after the first time we submit a price, that is okay. Sometimes there is a better option for the customer, but if we have done a great job, the customer will tell us why we may have lost this sale, but they will tell others how we helped them if we walk with them through the five buying decisions correctly.
As a side note most sales people never go back and find out why they lost a sale. This is valuable information if that happens to adjust the sales approach going forward!
We just need to make sure we do no devalue ourselves, or our offerings while working through the sales process with them.
Have a great day!
Sincerely,
Kevin Sidebottom
“Businesses wonder why the majority of their sales teams struggle at winning profitable business. I teach your sales team to walk with the customer through the five buying decisions, and in the correct order to generate more sales with high margins!”