Have you ever had a deal stall or fall through, but you weren’t sure why? That’s a frustrating yet very common experience for many C level executives. The good news is there are two simple questions that can eliminate most, if not all, of those scenarios. On today’s solo show I’ll be addressing what those two questions are.
In my experience, these questions are not asked often enough but when they are they provide a pathway to dramatic growth in any business. On this episode of Grow My Revenue find out what the questions are, how to ask them and when to ask them.
Listen to this episode and discover:
- What to say when price comes up in the conversation.
- How to seek the symptoms of why someone would switch, versus demographics.
- What to do if you know there are reasons people wouldn’t do business with you.
- How my recent purchase of a Tesla relates to today’s topic.
- And so much more…
Recently I was talking to a client of mine about a deal that had stalled for them. They were trying to come up with a good strategy to pursue this account and wanted to review that strategy with me. I asked them a very simple question first: Why do you think the client would switch from what they are currently doing to you?
We were on a conference call together and there was silence on the other end! And then the sales person in charge of this account gave a candid answer by saying he thought they would switch because of reasons X, X and X. He had good explanations for why they’d change.
But from his response it was clear those were his thoughts on why they’d change, not actual reasons anyone had gathered from the client. So I told him we want to find out the client’s actual reasons, and we want to know for sure why they’d change.
The lesson there: if you don’t know why your client would change from whatever they’ve been doing to you there’s a good chance you aren’t asking the right questions during the sales process. That is where you start: get a true understanding of why your clients would switch to you. And you do this as early as possible in the sales conversation.
You also want to know why they wouldn’t switch to you – the second key question to answer. For example one of my clients does amazing work and they are involved with a client who has huge project on the horizon.
But compared to other alternatives in the space my client isn’t as big of a company as their competitors. So I asked them if they knew why the client wouldn’t pick them for that upcoming project. My client said the only reason they could think of is their size: they aren’t big enough.
When I heard that I explained we needed to have that conversation early on and ask their client flat out if that was true. My client approached their client and asked if the small size of their firm would get in the way of potential business their client said it would.
While many others would be disappointed and dejected, my client responded by offering to help their client in their selection process of another vendor.They offered to ride alongside their client while they chose someone else and help the client get the outcome they need from the big vendor they ultimately chose. Naturally their client was thrilled.
Now my client is getting a good piece of business where they are most valued. And they may get a bigger piece of the pie down the road but regardless right now they are focused on an area where they are most likely to win.
This illustrates my point: you need to know why someone would switch to you, and you also need to know why someone would not switch to your products or services.
If you have a list of those reasons you should start creating content about them! Don’t just keep them mentally tucked away, post them on your web site. You can address each one and explain why it might not be relevant, and so in a way that is balanced and unbiased. You want to address these objections and concerns as early on in the sales cycle as possible.
On this episode of Grow My Revenue I explain why it’s important to address these topics early on, how to deal with the issue of price and why you shouldn’t be the first person to bring up the topic of price. Also find out why it’s important not make assumptions, but to find your client’s answers on today’s show.
Below are resources mentioned during the interview.
Also Sponsored By:
Checkout John Ruhlin’s new book Giftology. John is a brilliant guy, and his book is sure to be an instant bestseller.
What’s On Your Mind
As always, this episode provides inspiration, entertainment, and an actionable message that can drive remarkable results. If you have any questions for a future episode, contact me.