One of the most widely reported reasons for a sale to stall is the price. Salespeople often get stuck in a price conversation — which leads to the salesperson or selling organisation discounting their offer, or the prospect considering going with another provider. But it needn’t be this way.
Price conversations occur because there’s nothing for prospects or clients to perceive as value besides the number next to the dollar sign.
But a price is an arbitrary figure with no inherent value in itself. It is just a number and means absolutely nothing until it is made relative to something of value. Clients don’t see a price, they see and look for value.
Our mission as salespeople is to find out what value means to each of our clients.
To do this, we need to ask questions and move to discussions centred on effectiveness (how much better they can do), efficiency (how much more they can do), risk mitigation (what they stand to lose if they don’t do something) and total cost of ownership (what it costs them to do what they are doing now).
It is only after we ask these questions that we can begin to move away from the default price conversations so many salespeople find themselves in.
From the first contact with the prospect all the way through the buying journey, salespeople need to ensure client conversations are about value, rather than price.
The following six tips may help you design client solutions that will appeal to the majority of prospects’ hot buttons, including return-on-investment, profitability, and time and money savings.
- Sell in profits by showing them how much they will make as a result of your solution.
- Show the return-on-investment (ROI) by including a case study that is relatable for that client and demonstrates a tangible ROI.
- Determine the benefits and relevant risk mitigation and then tie dollars to these elements to highlight how much better off they will be taking on your solution and working with you.
- Compare a one-time investment with a long-term strategy or the long-term savings you can accumulate if they work with you.
- Offer a payment plan to make your solution more affordable.
- Become a problem solver, problem preventer and solution provider for your prospects and clients.
Remember everybody lives by selling something.
|Passionate about the state of Australian small business? Join the Smarts Collective and be a part of the conversation.|