Making the larger sale – Change your game immediately

Bury your ego

As a head of sales (VP, Director) we might be holding on to some traditional thinking that blinds us. Closing, objection handling, and probing are old sales tactics that never worked in making that larger sale but sometimes we egoistically hang on to them. I have heard many a time my colleagues say “What does this new chap know that I don’t”! The most fundamental step is to bury your ego.

(Inspired by Neil Rackham - SPIN Selling)

What doesn’t work?

Behavioral Marketing in the Digital World

The traditional sales approach generally stems from typical strategies like opening call, understanding needs, communicating benefits, objection handling and closing. Any VP of sales would bear witness that they have gone for various trainings on closing techniques. Most of what we have learnt will not work with a large sale. They may work with smaller value sales. In fact, most of the traditional sales approaches work with small sales and should be shunned when it comes to larger sales. The problem lies in the fact that most salesmen begin their careers with smaller value products and their sales tactics work, they are used to them and they feel they can apply the same selling strategies on larger sales. Shrug it off immediately.

Don’t bank on the sales pitch. A good sales pitch is a sign of a good salesman. Thus, we tend to focus on the pitch a little too much. The sales pitch might leave a lasting impression in the client’s mind, but it may only last a few days. The customer will not give us the purchase order based on the sales pitch because the investment we are discussing here is large. The high value sale will require many calls, many sales meetings, many considerations and analysis. In fact, being pushy with this kind of sale will distance the prospect from you rather than bringing them closer to the close.

Also, we should understand that though product knowledge is vital in any sale, selling technique is much more important.

The way forward - Questions

Is it hard to believe that questions can turn a client more than any sales tactic discussed above?

1. Situation Questions

This is the first step in the sales technique that we are gonna focus on in the future. The sale should be approached with data gathering, information collecting type of questions. Don’t focus on open ended or close ended questions. Have a decent conversation with the client and probe for information to understand the client’s situation as well as you can without irritating them. Use both open ended and close ended questions as you deem appropriate.

2. Problem Questions

As you have gathered enough information for you to comprehensively understand the situation the client is in, move on to problem questions. E.g. “Are you thinking that you may be spending too much money on your maintenance?”. Now you will begin to understand the problems the client is having.

3. Implication Questions

This is a larger sale and this is a key area. Ask the client questions that would provide you the opportunity to present your case later. You have understood the client's situation, then you have understood the problem(s), now its time to understand the implications. E.g. "How will this problem affect your business profitability?". Implication questions are basically gathering information about the consequences that arise because of the problems you have identified. You will understand what's truly churning the customers stomach. And sometimes, the customer may have never known the implications that grows directly from a problem you have identified for him. This is the most crucial area that most sales people fail in and as a head of sales or CEO training the sales team to excel in this area is crucial and requires immediate attention.

4. Need-payoff Questions

No traditional, sneaky closing tactics but an honest, solution providing method of questioning that would push the customer towards jotting his signature on that paper. Ask him – “Will it help your bottom-line if we reduce your operational cost by 5%?” or “Do you think a 15% increase in the effectiveness of your budget would help you?”. All businesses know that 99% through does not mean the sale is done. This is definitely not the close of the sale which may take more time. This is how a larger sale has to be handled.

Last thought: The first step, investigation phase is the most important phase in this sales approach that has a direct impact on the last stage.v

(Inspired by Neil Rackham - SPIN Selling)