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In Greek mythology, there is a legend that the gods became mad
at a criminal by the name of Sisyphus, the son of the king of
Thessaly. As punishment for his deeds, he was sentenced to continuously
roll a boulder up a hill for eternity.
Trying to move forecasted sales opportunities forward can feel that way.
Here are 8 action steps you can take to move business deals ahead.
1. Find your prospect's pain and be a doctor!
In today's economy, prospects are buying products and services
that improve corporate earnings. It is the pain that gets the funding. Clients
are paying for surgery, not band-aids. During your client discovery conversations,
you must focus on finding the prospect's biggest pain so you can be a doctor
and fix it with your product or service. If you don't
know what your prospect's biggest wound is, then you will not get the deal.
People are spending money, but only on high priority projects. Be the doctor,
find the pain, and fix it.
2. Talk to prospects with titles of VP or higher.
Mid-level managers and directors in small privately-owned firms and Fortune
1000 companies are not the decision makers. Bypass them immediately and go
directly to VP's or above. My general rule of thumb in sales is,
if the person you're dealing with does not have at least a VP title, then you
do not have a qualified prospect for your sales forecast.
3. Hand-deliver every proposal and discuss it in person.
When selling products and services, set up an
appointment to hand-deliver your proposal and discuss the business details.
Email and overnight delivery services have reduced the personal closing techniques
and sales skills of salespeople during the last fifteen years. You need
to walk through the proposal in person with the prospect to keep the one-to-one
relationship perpetuating forward as you deal with the prospect's objections.
Hand-deliver all proposals and you will close more deals.
4. Offer pricing options over time to initiate purchases.
Companies
need to offer better financing terms to their prospects to spur purchases.
As long as you are comfortable with the prospect's business viability, stretching
payments over time (while delivering the product or service
on the original schedule) may close a tabled deal.
5. Cut up your offering into time pieces.
Another method to reduce the prospect's up-front investment is to cut your
project's price point into smaller more digestible pieces. Find out what your
prospect's current budget cycle is and spread their investment
over multiple fiscal quarters (i.e., Phase 1 during Q2, Phase 2 during Q3,
etc.)
6. Turn your product into a service.
At times, companies postpone capital investments that have been assigned
as a budget item because of their perceived high cost. To bypass the capital
budget item issue, turn your product into a service and sell it as a cash flow
investment option (i.e., selling application software as a multiple-year license
that is paid monthly, etc.).
7. Offer a discount that is attached to a specific date.
Giving customers a real discount to close business by a specific date may
push a hesitating buyer to invest now instead of later. However, it must be
a real discount and the date needs to be enforced. Letting the client buy later
at the discount price makes you lose all credibility. (P.S. Remind your CFO
that discounting to get revenue is better than having no revenue.)
8. Give a bonus and add value.
People who make buying decisions are just like
you and I. They buy houses and cars and vacations. Like you and I, they want
a great deal. One way to repackage your price point is to give something for
free (tied to a purchase date) that clients value highly (i.e., sell an 18-month
maintenance agreement for a 12-month price or give them a free service,
etc.).
Selling has never been easy. To grow sales, successful
firms need to modify their corporate business model to maximize
revenue. These eight suggestions should help.
"A mediocre salesperson tells. A good salesperson explains.
A superior salesperson demonstrates. A great salesperson inspires the buyers
to see the benefits as their own."
Anonymous
Writers Resource Box
| Paul DiModica founder and CEO of Value Forward Group and the senior
practice consultant in our firm. In addition to delivering content-rich speeches on marketing, strategy
and sales best practices, Paul is the editor of the world’s
largest sales, marketing, strategy and financial management newsletter called High Tech Success read by over 160,000 weekly subscribers in over 110 countries.
Paul has been featured or interviewed by the New York
Times, Investors Daily, Fox News, Selling Power Magazine,
Sales and Marketing Magazine, CIO Magazine, CFO Magazine, Entrepreneur
Magazine, Training Magazine, Marketing Magazine, The Manager's Intelligence Report,
Agent's Sales Journal, Time Compression Technologies Magazine,
Minorities and Women Magazine, Broker Agent News, Pennsylvania
Business Central Magazine, and
many others. For more information, visit http://www.valueforward.com |
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