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Problems and Solutions In Talking Money With Prospects

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To say that the discussion of money is the most important part of the sales process might be an over-reach. BUT, the fact is that if you aren’t willing to embrace the conversation about money, then you will be at a disadvantage further into the sales cycle.

Why do so many people have so many qualms with talking money? Well, in this Whiteboard Wednesday, Bill Caskey deals with it head-on, discussing the problems, the causes and the solutions that await you. As with any roadblock in the sales cycle, it all begins with “the inner game.”

5 New Ways To Think About the Selling Profession

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I wake up nights thinking about why I so detest the idea of ‘convince and persuade’ in the sales process. In fact, Bryan Neale said in a recent podcast, “No place in selling for persuasion or convincing.”  A bold statement, yes. But one I agree with.

So why is it so detesting to me?

I think I’ve always felt like persuasion and influence are something you do TO someone, not WITH someone. When a salesperson comes back from a sales call, the sales manager typically says (or thinks), “Did you convince them to use us?”

Or, if he doesn’t actually say that, it is an understood question.

And so begins the spiral of “doing it TO someone.”  Even the very word “SELL” is an active verb that implies you are doing it TO another person.

So let’s try this another way…

Instead of thinking, “How do I persuade, convince or influence someone?” let’s ask the question in another, more passive voice:

“What do I need to do so that the person becomes persuaded, becomes convinced, becomes influenced by me so they make the decision that they want to make?”(Not the decision I want them to make.)

I think if we use the passive verb of ‘become persuaded,’ it’s much more positive and powerful than it is to do something TO someone – as in the active voice of persuade.

Here is a list that I’ve assembled of the things I think you can do to help the prospect become persuaded. 

1.) Be sincerely curious and interested in their issues.

How many times have you been called on by a salesperson that is only interested in your issues in as much as it will lead to a sale for them?

  • Old Persuasion: Seller is interested in prospect because prospect gives them money.
  • New Persuasion: Seller is interested in prospect, whether they give you money or not.

2.) Fully understand the kind of pain they’re feeling.

The fact is that your solution probably solves a problem of some kind for most clients.  Even though we can suggest that “every client is different” (naturally, we don’t want to assume anything), we also have the luxury of experience in our businesses.

For example, in the sales training and coaching business, there are but a handful of problems that arise that we can help people with.  And we know what those are going in so that we can spot them when they become issues.

  • Old Persuasion: Seller pitches and convinces the buyer.
  • New Persuasion: Seller seeks to understand the prospect.

3.) Understand the economic impact of the problem.

A person can become persuaded pretty quickly if they discover, through your questions, that the problem is costing them $1.5 million per year.  If they come to that conclusion, you don’t have to be very “persuasive” or “convincing.”

  • Old Persuasion: Justify your price.
  • New Persuasion: Give attention to the cost of the problem-let them justify your price. Read more

One Minute Sales Process Rants

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Bill and Brooke bring their ‘rant faces’ to this episode. They’ve each been through some sales processes where they’ve experienced life as the buyer. And they bring these up to with a word of caution: ‘Check out yourself’ to see if you make these errors…

  • How you introduce yourself to people,
  • How you introduce others in a meeting, and
  • Whether you use the words ‘less’ or ‘fewer’ correctly. (That’s Bill’s and he acknowledge that has nothing to do with anything…he just got on a roll and couldn’t stop.)

There are some lessons here amidst the emotion. Check these out and see if they bother you as much as they do them.

Cold Calling In A Modern World

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As sales trainers, we get frequent questions centered around cold calling:

  • “What should my cold call sound like?”
  • “Should I even make cold calls anymore?”

Even on Twitter recently, where we asked the question, “What is your biggest sales problem?” the answer came back, “How do I get the motivation to pick up the phone and call people who don’t know me?” @laurenkriner

So in this episode, Bill and Brooke disagree on the answer, but still offer advice in a Point-Counterpoint style on cold calling.

Don’t Get Sloppy At The Wrong Time Like This Woman

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Arrogance seems to be a sure predictor of coming loss. I once knew a lady who was in line for a big promotion. She had pretty much counted on it happening. So she went into the last interview and her arrogance shone thru. All the leaders in the room saw a side of her they hadn’t seen before and she was passed over.

Do you get cocky in the sales process?

Do you ever say to yourself, “This is a no-brainer”?

Or, “This is a slam dunk.”

That’s the last thing you’ll hear before the word “On second thought, we’re not interested.”

Never Be Quick to Quote a Current Client

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Just as you wouldn’t be quick to quote a prospect—the same goes for your current account.

Many amateur sales people think that when a client calls and wants a quote on something that we are in service to them by emailing a quote with no process. Wrong. You owe your client the very basics of the sales process. Take them through the process.

“I’m happy to quote you. Can you tell me a little about where you are in the process and what you’re looking for?”

When someone makes the call to you asking for a quote, just remember they are 75% of the way down their process. That’s dangerous. Don’t get lazy and jump to the quote.

3 Strikes and You’re Out – How Bad Impressions Can Cause A Prospect To Run!

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I’m sure we’ve all heard that saying, but it’s important because it applies to many aspects of life – interviews, dating, networking and presentations.

A few weeks ago, I reached out to a company via email to determine if their services fit our needs.   The owner contacted me a few days later and we discussed the purpose of my email.   I clearly explained what we were looking for and we then set a time to meet.

 

STRIKE ONE!

Upon arrival, the entire staff greeted me, that’s all fine and dandy, but I was blind-sided because I didn’t expect them to join us for the meeting.

So how did that make me – the prospect – feel in this situation? Confused. If your prospect is confused within 5 minutes of meeting you, then you’ve struck out.

√ THE LESSON: HAVE A CLEAR AGENDA AND MENTION ALL THE KEY PLAYERS PRIOR TO A MEETING WITH A PROSPECT OR CLIENT.

Before you meet with a prospect and even a client, send them a CLEAR outline.  The idea is to share the content of the meeting and inform them of other people who might join the meeting.

In our eBook, Email It – A Seller’s Guide to Emails That Work, we lay out the framework of how it might sound.  One of the pre-written emails, specifically Email The Agenda Upfront, we lay how to write this email.

Here’s a checklist of things you should put in the upfront agenda:

  • What you’d like to discuss in broad terms
  • Ask them if there is anything else they’d like to discuss
  • Introduce other people who might join the meeting
  • Anything they should bring (if this applies)

**This gets back to the premise that a person with a plan will be in control of the process and will create a great impression! After all, I’m sure you don’t want to confuse or surprise your prospect.

 

STRIKE TWO!

At the beginning of the meeting, each employee stared at me like a deer in headlights.  Clearly none of them knew what we were meeting about.

√ LESSON: EMAIL THE AGENDA TO ALL PEOPLE ATTENDING THE MEETING.

Use common sense.  If you’re bringing a colleague, your boss, a friend or whomever into a meeting with a prospect or client– always fill them in on ALL the details beforehand!

 

STRIKE THREE!

Don’t suggest the FULL enchilada unless you know all your prospect’s problems.

The company recommended the entire enchilada—after blindly diagnosing my pains and problems.  Little did they know, the tasty taco would have fixed my problems.

√ LESSON: ASK THE RIGHT QUESTIONS BEFORE YOU OFFER SOLUTION.

One IMPORTANT part of the sales process is to find the Compelling Reason for change.  As sales professionals, we have to get to the bottom of why a prospect would change what they are doing now to a new solution.

Here are some optimum questions we recommend you ask to find pain:

  1. “What do you see as the biggest issue keeping you from your vision?”
  2. “Why is that a problem?”
  3. “What have you done in the past to fix it?”
  4. “What happens if you decide not to take action?”
  5. “How much does it cost you to have these problems?”

Babe Ruth said, “Don’t let the fear of striking out hold you back.”  But if you only have three chances to hit a home run, then why not put your best foot forward and make a great impression?

 

How To Manage The Sales Process

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One of the most common issues companies have is in managing (controlling) the sales process once it begins.

In this episode, you’ll get advice from all angles!

Enjoy!

Shortening The Sales Cycle and Passing On Price Increases

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These two topics today — how to shorten the sales cycle by changing your perspective — and how to increase prices (if you’re in an industry that is passing on price increases to customers) seem like two distinctly different issues. But once you see these ‘whiteboarded’ you’ll see how they are connected. What connects them is the mindset of the seller.

Raw material and commodity prices are escalating rapidly. Oil, which accounts for a large part in the manufacture of anything is projected to reach $100 by the end of the year. Some project even higher. So, if you haven’t passed on increases yet, you might be soon. This episode will help you with the emotional side of this AND the tactical side.