Have you ever stepped your way through the sales process only to be disappointed by your prospect's objection to your price?
This situation unfolds all too regularly for many small business owners.
The other day I was talking to Joan who was lamenting how she'd spent a ton of time developing a relationship with a new prospect, but in the end wasn't able to make the sale. Over the course of six sales meetings her prospect seemed like a slam dunk. He was very enthusiastic about her product (inventory control software for the food service industry), he hadn't seen a similar product on the market (Joan's software has a unique and easy to use interface) and he and Joan seemed to have a great rapport (they both are avid snow boarders and each loves jazz) . But when it came time for Joan to ask for the business the answer was 'no'. Her hot prospect was cool on her price.
Where did Joan go wrong? She was quite befuddled with her collapsed deal and wanted to know what she could do to prevent such future failings. Not only did she not get the business, she ended up wasting her valuable time which could have been better spent developing a lead that turned into a sale.
Does this sound familiar? Have you ever spent time developing a great lead only to have the deal fall apart because your prospect objects to your price?
If so, you may have made the same common sales mistake Joan made: she tried to make the sale without having enough information to make her prospect the right offer, despite her six positive sales meetings.
What Joan neglected to do was to ask her prospect about his accounting needs with respect to inventory control. Unfortunately for Joan, she learned this important fact only after our conversation when she called her prospect back to find out where she went wrong. Her prospect had already decided to use the software of one of her competitors. Even though Joan's software features a nice accounting package, her offer included nothing with respect to accounting. Her prospect assumed that her software didn't feature the accounting functionality he required because Joan didn't mention it. She talked a lot about the software's innovative, easy to use interface and its great database functionality but she never mentioned the accounting features because her prospect didn't ask. Her price would have been fine if her prospect had known about the accounting capability of her software!
During your sales process be sure to ask all the questions you need answered to understand your prospect's needs. You can then use the information you've acquired to shape your pitch around exactly what is going to solve your prospect's problems.
Before you tell your prospect your price make sure the time is right by asking questions like:
· Does this sound helpful?
· Is there anything I haven't mentioned that would be helpful?
· What do you like best about our competition's product or service?
By obtaining answers to these questions you will be able to gauge whether or not you have enough information to make an offer that your prospect would be ill-advised to decline.
If you don't have enough information go back for more; schedule another meeting and then go through another probing round of questions.
If you do have enough information, make your prospect the best offer they've ever heard. If you've done enough homework you'll make the sale.
The author, marketing coach, Jeremy Cohen, helps small business owners and professional service providers attract more clients, grow their business and be more successful with his marketing guides and coaching service. Get his free guide at: http://www.bettermarketingresult s.com/marketing-services.asp.
ReferralsA substantial part of your business can come from referrals.... Read More
Any company in today's global economy must eventually face the... Read More
Part I of this article explored how strategies of Neuro-Linguistic... Read More
We would all like to think that our product or... Read More
Usually my essays discuss the issues that the 'sales' method... Read More
Once you have added a new customer to your book... Read More
First - being before all others. Fast - moving or... Read More
Sales information resource Just Sell, calls caring "sales love". Here's... Read More
You could just send out your brochure to potential customers... Read More
They say if you wait long enough, a style you... Read More
Looking for new leads, new contacts, new business opportunities? Do... Read More
Remember those school exercises that started "Compare and contrast....yada yada... Read More
WHY ARE YOU WRITING THIS BROCHURE OR SALES LETTER? A... Read More
I can remember the first time that I had to... Read More
Is cold calling dead? And if laws are being passed... Read More
When Dr. Frankenstein exclaimed "it's alive... it's alive," he thought... Read More
The question: "When should a growing company slow down its... Read More
So now the time has come to invest in Lead... Read More
No matter what you sell--products, services, or causes--one of the... Read More
Sometimes we can all use a friendly reminder to keep... Read More
Any time a clothing store opens or expands, they must... Read More
Selling is just a whole lot easier when you know... Read More
We use only 5% of God's given potential, 95% of... Read More
With the dot.com revolution crushing once solid business models on... Read More
For two winters I heated my house with an old... Read More
Telephone canvassing, or cold calling, is the practice of sitting... Read More
If you asked me to point to the heart and... Read More
Here are four simple things you can do to take... Read More
For many of you the Fear of Selling is a... Read More
Have you ever stepped your way through the sales process... Read More
Wherever you turn these days you'll find articles covering every... Read More
Any selling approach that lacks a proven strategy, a practiced... Read More
Yesterday I received a call from a financial planner named... Read More
ReferralsA substantial part of your business can come from referrals.... Read More
Selling To Women - Selling To Men - It Isn't... Read More
Writing fundraising letters can be an effective way to request... Read More
The number one requirement, whether you are a business owner... Read More
You could just send out your brochure to potential customers... Read More
I was sitting at my desk last week when my... Read More
Successful salespeople have the ability to turn the customers they... Read More
Most consultants I've talked to don't spend any time trying... Read More
Over the years, many prospects have hidden behind their well-trained... Read More
Long-term sales success has less to do with skills or... Read More
After completing a workshop on personal productivity or time management,... Read More
Selling is not talking. It's listening. You may have heard... Read More
Keeping the 80/20 rule in mind; that is that 80%... Read More
We all learned in Sales 101 we must follow up... Read More
Selling Against Goliath?How to Take on the Big Guys and... Read More
There are hundreds of books available to teach you how... Read More
Products for sale need to be displayed in a manner... Read More
The multi million pound cosmetics industry is acutely aware of... Read More
When I ask salespeople to define what a gatekeeper is,... Read More
Sales is all about negotiating. You are negotiating from the... Read More
Would you like an easy way to track the performance... Read More
This evaluation is not for the "weak-kneed". Real questions to... Read More
A mannequin head is a life-size head that includes all... Read More
The fastest way to get a decision made is to... Read More
Where many marketing conversations get off-track are the ones you... Read More
Make sure you target women. It's true for almost anything... Read More
There are many fund raising ideas on the market today... Read More
The time comes for all mortgage brokers and loan officers... Read More
Junk mail. We all get it. And it goes straight... Read More
While working with a new coaching client, I asked to... Read More
Still more discoveries from the recent studies in behavioral economics:Over-Valuing... Read More
The other night I was watching a classic western from... Read More
If you went to see your doctor, and he mentioned... Read More
Sales |