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The Hanger - Example
One of the
things that most salespeople have in common is their desire to
shorten the sell cycle. In pursuit of this goal, it's easy to
overlook the impact of rushing a call - which often leads to
lengthening the sell cycle or losing the business.
From my experience, salespeople, on the way
to second base, begin to hear the first examples of what they
believe are compelling reasons to buy, they get excited and skip
the most important part of the sales call, rushing into a trial
close. The salespeople might be ready to close, but the prospect
isn't! Let me give you an example:
The prospect has told a salesperson that
their faulty widget causes them to shut down for 3-4 hours at a
time and each time they shut down it costs them millions of
dollars. The salesperson, hearing this says, "if I could solve
your problem..." While the salesperson has A compelling reason,
he may not have THE compelling reason. But more importantly, the
prospect is not yet at the point where he is thinking, "Yeah.
This is THE expert. This is the person I want to help me."
So the salesperson needs to SLOW DOWN, not
rush to the close. The salesperson could uncover some much more
important information by asking additional questions like:
- When you say
millions, is that a few millions or tens of millions? ($10
million)
- How long
have you been losing millions? (6 months)
- Who sold you
this widget? (XYZ)
- What
happened when they came to replace it? (They wouldn't
replace it)
(This was an example of the hidden ball trick)
- When do you
absolutely, positively need it working properly? (yesterday)
- Who else
have you spoken to? (MNO and PDQ)
- What did
they say? (They weren't interested in helping)
- Who cares
about this problem? (I do)
- Why do you
care so much? (It's costing me $5,000 a week in personal
bonuses)
"So this has
already cost you $120,000 - out of your own pocket - and you're
saying that the company has lost $200 million dollars over this
and nobody has offered to help. Why is that?"
If you add up the
additional pieces we have collected, you can see that the
salesperson has much more effectively quantified the cost of
this problem, collected competitive intelligence, found the most
compelling reason to buy, and stayed with it long enough for the
prospect, after answering all of these questions, to conclude
that the salesperson just might be the one.
So
if you want to shorten the selling cycle, slow them down on the
way to second base!
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