Human nature is typically “risk adverse”. They want what they want at the lowest risk possible.
The definition of risk differs for different people. Some people would rather pay more to feel that something is going to perform better or sooner or more consistently. Some people just want whatever’s cheapest.
A customer has – in their mind – a list of priorities they need to see from your products/service in order to make them feel comfortable to buy from you (which could often mean switching from their current provider).
These are the “must haves” you need to figure as a sales person. Don’t ever presume what’s important to people.
Why it’s Important to know!
- Talking the same language: By first understanding someone’s “must haves” – BEFORE you demo, test, quota or compare – you and your customer have a common ground to talk from when measuring your offer vs. their criteria.
- Being a consultant/Trusted Advisor: Beyond just the hard price (i.e. you being cheaper), some of the products or services your customer purchases may be hard to truly measure down to a specific dollar amount in growth or savings. Here is your opportunity to help the customer priorities their “wish list”. This will improve your customers’ experience with you.
- Measurability: If, before a demo, test drive or trial, you have agreed with your customer to the “must have” list needed for them to buy or switch, you have a leg up and can talk to those points when you meet.
Steps:
- How big is the “Pain”? At the end of day, the most important ingredient that will ultimately cause them to invest the time and potentially buy from you (or switch to you) is how big their pain is right now? It’s either big, small.
- Big pain: If, what you are offering, solves something very important to them, your chance of success is high.
- Small pain: No matter how much your solution solves a problem or saves them money, if it’s not important to them, your chances of success are low.
If your topic/solution IS important to them, proceed to steps 2, 3 and 4. If not, ask yourself, should you bother?
- Know their ‘must haves’: Beyond price, now you need to figure out what is going to make them purchase (or switch)? Unique features? Return on Investment? Accessibility? Speed of delivery? Response time? Ease-of-use? Increased quality? NOTE: If it’s only price, do you even want to compete unless you are positioned as the lowest cost?
- If your customer knows what their ‘must haves’ are, it is your responsibility to evaluate whether you can meet them or if they are realistic.
- If you know you cannot meet those ‘must haves’, you can either try to convince them that their expectations are inappropriate or unrealistic (i.e. their desire for a 100 times Return on Investment is unrealistic) or you accept defeat gracefully and not waste more time.
- If you know you CAN meet those ‘must haves’, then you can proceed to the next step (a quote, demonstration, presentation, etc…) with both parties knowing and agreeing to “what’s it going take for you to win their business”. Assuming your results match those expectations/variables, you will likely win the business.
- Help them figure out what their ‘must haves’ could and should be. Maybe your customer has been buying from your competitor so long he does know even know what else is out there. Here is your greatest chance to explain to them what options exist and what benefits they offer vs. their current option.