Sales Chump

What do you do when the sale comes down to price? First, you should probably ask yourself, “How did I let it come to price?”

In basic economics class, we learn the sprit of capitalism. Charge what the market will bear. This means that if find a diamond on the ground and pick it up, that I shouldn’t simply sell it for $1.00 just because it was free to me. The object has value and it is entirely fair and ethical for me to charge what the market “buyers” will pay me for it. Even, if that means selling it for thousands of dollars!

Before going into your presentation and talking 80% of the time, ask them lots of questions first. You want to know what their situation is, how long it’s been that way and what they want to accomplish with you or any other vendor. Is your product or service a part of a larger strategy that you may possible to offer something entirely different?

By uncovering the needs of the prospect, you are creating value. This accomplishes two major wins in your direction. 1, the customer is thinking about their situation being better with your product or service and 2, they are beginning to believe that you are sincere in helping them look good to their superiors. Even top executives have to answer to someone (i.e.: shareholders) and everyone wants to look good to those they answer to.

When you are asked, “How much is it?” or “What’s your price?” you should confidently tell the prospect the amount. Do not hesitate, obviously the prospect will sense your uncertainty and will lose confidence with you and worst of all, your offer. Customers buy from people they trust and like. Even in a bid situation, the customer will feel better about paying a higher price, if they believe in you. Sell value, not price.

We see it all along the internet but what does it mean?  B2B Sales (Business to Business) can be defined from Wikipedia as:

Business-to-business (B2B) is a term commonly used to describe commerce transactions between businesses, as opposed to those between businesses and other groups, such as business-to-consumers (B2C) or business-to-government (B2G). More specifically, B2B is often used to describe an activity, such as B2B marketing, or B2B sales, that occurs between businesses and other businesses.

Depending on your industry your primary contact may be with other businesses (B2B Sales).  There is nothing wrong with B2C (Business to Consumer) sales but we will focus on selling to other businesses for a moment.  The type of buyer is different.  There are different needs that motivate each and within each different business there are different motivators or needs that will cause a business to buy.

I will sound like a broken record but it is important to realize what is important to the business when selecting the service that you offer.  Do you make it about price?  Well you should stop making it about price.

A consulting firm I know surveyed 1000 Canadian CEO’s two years ago. They asked: “What are the criteria you look at when making a buying decision. The first criterion was “trust”. Number six on the list was “price”.

There you have it, price is not a deciding factor in most circumstances.  While there are ultimate times where price is a factor, there are several other things.  As above, trust is a big concern.  It looks to me that if the person you’re dealing with trusts you, the price is the least of their worries.

So how do we figure out what compels them to make their decision?  We ask!  Yes it really is that simple.  If you don’t ask, they won’t tell. 

B2B Sales is normally a longer sales cycle than B2C due to the fact that you’re working with businesses rather than individuals.  Now that’s not always going to be true depending on the industry, customer, etc.  There will be short sales cycles time to time but be prepared for longer sales cycles with businesses.

What has worked for me in the past is not even talking business the first couple times.  Get to know the business and the person you’re working with and gain their trust.  This is the first step to a successfull B2B Sales process.  As stated above, trust was the top concern of buyers and can normally wipe out the idea of price being a factor.  Price is only an issue when you make it one.

We’ll hit many other topics in this multi part postings of B2B Sales over the next several weeks.  Please reply with topics or areas that you would like covered in this multi part saga covering B2B Sales.

My father was the quintessential salesperson. He believed completely in his product. He was confident but not arrogant. He truly cared about the well-being of his prospects and clients. And they knew it. It was a pleasure to watch him interact with his customers. Needless to say, he was very successful.

Let’s explore each of these aspects of the successful salesperson in more detail.

1. Belief in one’s product or service.

If you are going to sell something, you should believe it is the best thing out there. Understand what makes it stand out; what its benefits truly are. Be realistic. If there is something better on the market - know what it is and what makes it better. Then ask yourself – can I really sell my product?

I don’t know about you, but I would find it difficult to sell something I didn’t believe in completely. What you believe emanates from you. If you aren’t completely sold, people will know it. Then they won’t want what you have to sell.

On a separate note, your knowledge of and belief in your product will provide you with your marketing message. What you know and believe about your product or service is what you want to share with others. Small business owners have an advantage here. They believed so much in something that they were compelled to start a business around it. All that is left for them to do is share.

2. Confidence not arrogance

This is critically important. Being confident – in yourself, in your product or service, in your message – is essential. However, being overly confident or arrogant will destroy you. Arrogance leads people to ‘sell’. To talk instead of listen. After all, they believe they know best.

You simply have to think about your experiences with arrogant people to know this is true. They’re self-absorbed but not self-aware. A confident person doesn’t have anything to prove. They possess a depth of belief so they don’t feel the need to convince anyone of anything. You see, arrogance is born from insecurity – it’s overcompensating for what one doesn’t know or believe.

3. Truly care about the well-being of your prospects and clients

It is this caring that creates an environment where you are actively listening, and processing what you are hearing. You are realistic, honest, and capable of seeing things from the client’s point of view. It’s basic respect. You aren’t trying to ‘sell’ them. Rather, you are trying to help them solve a problem.

You care about their well-being when you:

-Care that they get their problem solved – whether YOU can solve it or not

-Care that they pay a fair price

-Care that they make an informed (not coerced) decision

You can see how when you believe in your product or service, are confident in yourself, as well as your message, and care about your client’s well-being, you will develop outstanding relationships. It is those relationships that will bring you quality business for years to come.