Find the Buying Motive
by Mike Brooks, Mr. Inside Sales
Last week a closer shared this situation with me: she was asking for the order from a prospect when he announced that he had done some research and found that a competitor had a lower price for the same service.
He said that if she could match the price then he would go with her company. She told me the problem was she couldn't match the price. What should she have done? She asked me.
My answer was – “Find his real buying motive."
I told her I would have asked the prospect the following question: "_________ I'm not saying I can match this price, but if I can, and with all things being equal, why would you go with me and my company and not the other?"
I told her that one question would reveal why he preferred her company, and that buying motive would become the leverage she needed to close the sale right then.
In the end, even though she couldn't match the price, she revealed that the prospect called back and purchased the service from her. I asked why and she said the prospect explained that he liked the way she dealt with him, took time with him, and explained things thoroughly.
This was his real buying motive and it outweighed the difference in price. Had she asked the question suggested earlier she probably would have been able to close the sale earlier as well.
In the end, understanding your clients real buying motive can often mean the difference between making the sale or not. And as we've seen, sometimes all you need to do is ask a simple question to find that out.
Have a great week!
If you found this article helpful, then you can get 10 more GREAT TECHNIQUES for FREE by downloading my Special Report, “10 Techniques to Instantly Make You a Better Closer.” You can read about this by clicking here: http://www.mrinsidesales.com/report.htm and you can get it for FREE by signing up for my FREE weekly Ezine, “The Secrets of the Top 20%” by clicking here: http://www.mrinsidesales.com/ezine.htm
Friday, July 27, 2007
The 5 Elements of a Qualified Lead
by Mike Brooks, Mr. Inside Sales
People ask me all the time what I think makes up a qualified lead. It's simple, I tell them. There are five things that every Top 20% producer knows when he or she hangs up the phone with a prospect.
Know these five things and chances are real good you're going to close this prospect. Leave one out -- or two out -- and chances are even better that you're never going to close this prospect.
It's a simple as that.
Here are the five things you need to know about every prospect you speak with:
#1) Decision maker and decision process. When speaking with your prospect, you need to be real clear on whether or not they are the sole decision maker, or who else is involved. Are there more than two involved in the final decision?
Also, what is the decision process like? What's involved? Who's in charge? If you're not absolutely clear on this when you get off the phone, you don't have a qualified lead.
#2) Time frame. Part of knowing who and how the decision is made also involves knowing the time frame for making the decision. You must be clear on when they need your product or service, what type of urgency there is (if any), and when they are making the final decision.
Moreover, after getting this information, you need to be clear about what needs to happen next.
#3) Other quotes. You also need to know what other quotes, products, solutions, or options your prospect is considering. If they have a regular vendor and are getting other bids, you especially need to know:
How many other bids are they getting?
Why they are looking for other bids? (Do they just need to get to other bids before going with last year's vendor?)
What are they looking for in another bid/product/solution?
What will make yours the one they choose?
#4) Buying motives (needs and wants). It is crucial for you to have a clear understanding of what is truly motivating your prospect to buy. Only when you know this will you be able to pitch to their listening. You must be able to answer these questions.
What exactly is the prospect looking for?
What are their unique buying motives?
What do you need to say to sell them?
#5) Why they won't buy. Just as important as knowing why they'll buy is knowing why they won't buy from you. When you hang up the phone you need to know:
Why are they really getting another quote?
What are some of their sore spots?
What are they trying to avoid?
Why won't they buy?
These five elements are the bare minimum of what you need to know about every prospect you qualify. These points form the basis of your qualifying checklist, and you need to have scripted questions that you ask on each and every call to find these thing out. You do have a qualifying checklist don’t you?
If not, use the above questions to form your initial checklist and start finding and qualifying buyers today!
If you found this article helpful, then you can get 10 more GREAT TECHNIQUES for FREE by downloading my Special Report, “10 Techniques to Instantly Make You a Better Closer.” You can read about this by clicking here: http://www.mrinsidesales.com/report.htm and you can get it for FREE by signing up for my FREE weekly Ezine, “The Secrets of the Top 20%” by clicking here: http://www.mrinsidesales.com/ezine.htm
by Mike Brooks, Mr. Inside Sales
People ask me all the time what I think makes up a qualified lead. It's simple, I tell them. There are five things that every Top 20% producer knows when he or she hangs up the phone with a prospect.
Know these five things and chances are real good you're going to close this prospect. Leave one out -- or two out -- and chances are even better that you're never going to close this prospect.
It's a simple as that.
Here are the five things you need to know about every prospect you speak with:
#1) Decision maker and decision process. When speaking with your prospect, you need to be real clear on whether or not they are the sole decision maker, or who else is involved. Are there more than two involved in the final decision?
Also, what is the decision process like? What's involved? Who's in charge? If you're not absolutely clear on this when you get off the phone, you don't have a qualified lead.
#2) Time frame. Part of knowing who and how the decision is made also involves knowing the time frame for making the decision. You must be clear on when they need your product or service, what type of urgency there is (if any), and when they are making the final decision.
Moreover, after getting this information, you need to be clear about what needs to happen next.
#3) Other quotes. You also need to know what other quotes, products, solutions, or options your prospect is considering. If they have a regular vendor and are getting other bids, you especially need to know:
How many other bids are they getting?
Why they are looking for other bids? (Do they just need to get to other bids before going with last year's vendor?)
What are they looking for in another bid/product/solution?
What will make yours the one they choose?
#4) Buying motives (needs and wants). It is crucial for you to have a clear understanding of what is truly motivating your prospect to buy. Only when you know this will you be able to pitch to their listening. You must be able to answer these questions.
What exactly is the prospect looking for?
What are their unique buying motives?
What do you need to say to sell them?
#5) Why they won't buy. Just as important as knowing why they'll buy is knowing why they won't buy from you. When you hang up the phone you need to know:
Why are they really getting another quote?
What are some of their sore spots?
What are they trying to avoid?
Why won't they buy?
These five elements are the bare minimum of what you need to know about every prospect you qualify. These points form the basis of your qualifying checklist, and you need to have scripted questions that you ask on each and every call to find these thing out. You do have a qualifying checklist don’t you?
If not, use the above questions to form your initial checklist and start finding and qualifying buyers today!
If you found this article helpful, then you can get 10 more GREAT TECHNIQUES for FREE by downloading my Special Report, “10 Techniques to Instantly Make You a Better Closer.” You can read about this by clicking here: http://www.mrinsidesales.com/report.htm and you can get it for FREE by signing up for my FREE weekly Ezine, “The Secrets of the Top 20%” by clicking here: http://www.mrinsidesales.com/ezine.htm
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