We all know that selling products and services are a vital part of any successful business. And every business owner, in some form or another is a salesperson. In my experience, many small business owners get stuck in sales situations because they don’t know important information that will aid the sales process and assist them in getting the deal done. In every sales situation, there are critical pieces of information that you need to know in order to have a better chance of closing the deal. Certain information can make or break the sale if not handled in the appropriate manner. If you want to know how I address critical situations in the sales process, keep reading.
There are few questions that will give you an inside scoop as to what your prospect’s situation is and how you may be able to position your product or service as the solution. Once your product or service is seen as the clear solution, the prospective buyer shifts and becomes more likely to buy from you. That shift is called conversion. It is the process of converting a prospect into a paying customer. Below are three questions you must address in the sales process. Learning the answers to these questions in every sales situation is what you must master in order to navigate the process and convert more prospects into paying customers. This is how you sell more effectively. Here are the questions.
- What is the challenge or painpoint? Has it been quantified and why do they need to address it now?
Understanding the problem or challenge held by your prospect is a pivotal point of concern. Without knowing their painpoint you are in no position to help them with a cure. If your product or service directly solves the problem, addresses a need and offers a solution, then you are in a greater position to be of service and your solution has more value to the prospect. Furthermore, if people have challenges or problems that do not pose a serious need, they are not likely to be in a hurry to spend money to address that issue. On the contrary if the prospect’s problem is big enough, they are more likely to want a solution quick, fast and in a hurry.
The prospect’s problems must be S.U.P.E.R. — I came up with this acronym to help my clients understand that they are in business to solve problems for profit. If you solve the problems of your prospects and customers, you will sell more and make more money. S.U.P.E.R. stands for: S –Specific, U-Understood, P-Persistent, E-Expensive and R-Rapid. Specific problems are understood by the person with the problem because they are aware of it. Additionally, problems that are persistent are usually expensive and require rapid attention.
2. What is the cost if the prospect does nothing?
Many salespeople miss this critical point. When you understand the cost of the problem that the person you’re selling to is dealing with, it helps you to position your solution in a way that may be a lot less expensive than if that problem were to get worse. Many people don’t understand the life cycle of their problems and the long term affects that not addressing that particular issue could create. In a sales situation, it’s a great idea to find out how expensive the problem has become to the prospect so you can help them determine how critical the problem is.
3. What loss of revenue or long term impact will be imminent if a decision is not made in a timely manner?
The threat of losing money, unfortunate outcomes and worsening conditions may be good enough reasons for some people to act on getting their issues addresses. However, those who like to gamble may need a little coercion to understand the severity of their situation and the urgency required to take actions to avoid negative long-term situations. Sometimes it’s critical to add up the costs and monetary value associated with each problem or challenge to determine just how big the problem is and why the failure to address it will present extended damage to the prospect in the long run.
As you can see, the above 3 questions offer a critical method of analyzing a sales situation that will help you to get further along in the sales process as well as understand your prospects and customers better. Once you’re armed with the right information, you’re able to close more deals and sell more effectively.
Now the ball is in your court. I’d like to hear from you. What critical questions have you asked your prospects that have helped you to close the deal more effectively? Share your comments below.
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This article was written by Lori A. Manns. Want to use this article on your blog or website? Here’s the author credit you must include.
Lori A. Manns is an award-winning marketing expert, sales coach and trailblazing business strategist who works with small business owners to help them elevate their brand, get more dream clients and grow revenue. Lori is President of Quality Media Consultant Group and founder of the Trailblazer Business Mastermind and Trailblazer Business Academy and where advancing entrepreneurs go to learn growth strategies and how to run a profitable business the soulful way. Lori is the creator of the Sponsorship Sales Secrets System™, which shows clients how to get more sponsors and sales for their business, guaranteed. To learn more about the work Lori does to help business owners and entrepreneurs all across the U.S. to accelerate their revenue and succeed in business, visit www.qualitymediaconsultants.com