As I’ve mentioned many times before, your prospective clients are not interested in your product or service. They are only interested in what your product or service will do for them.
The more you can show your clients the true value you bring by quantifying those benefits, the more chance you have of gaining acceptance of your solution and increasing sales.
The problem is, many sales people talk about features and benefits but this is not enough. During your fact finding, it is your job to explore the financial impact of the challenges they are struggling with. This will allow you to present a solution which shows financial benefits to the business.
Here’s an example;
A number of years ago I was having a meeting with an international manufacturer. During my conversation I discovered;
- They were struggling to meet their sales targets
- Low profits were impacting on their share price
- The general morale was really low
- Staff turnover was increasing month by month
I could have left it there but I took it a step further and asked the financial impact of the share price and replacing staff, this involved;
- The cost of the falling share price
- The cost of advertising
- Time spent sifting through CV’s
- Time spent interviewing
- Time spent training
- The effect of placing these new recruits into an environment of low morale.
- An environment where they weren’t achieving their sales target.
We went on to discuss the cost impact of the time spent on these activities. We then multiplied this £’s number by the number of people leaving per month and then multiplied by 12 to give an annual cost to the business.
We also discussed the financial impact of the falling share price.
Without giving the specific details, it was MASSIVE. The CEO was shocked when we actually got down to those details.
My solution was to provide a training programme which would increase sales. Reduce the pressure on the sales managers who were putting a huge amount of pressure on the sales teams to improve performance. This in turn would improve morale and reduce the staff turnover at a cost of £xxxx
Added to this, we discussed the improvement of share price and the financial benefits to the business.
The investment for my sales training programme was insignificant compared to the cost of staying with the status quo.
During that meeting we also discussed what they would do with the increased savings. They told me they would invest in the latest machinery, which in turn would increase productivity and profits………and so it went on.
Can you see how impactful it is when you quantify the benefits to your prospective clients?
What to do;
- During the questioning phase of your meeting – dig deep and quantify the financial cost of their challenges.
- Present a solution that clearly demonstrates your true value by presenting features and benefits including financial benefits.
- Discuss what they will do with the increased savings.
- My favourite 3 words are “Which Means That…..’ these words take you to a deeper value, every time.
Have a great time selling.
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