Underlying forces
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The basics: A sale happens when someone with the ability to purchase values the thing purchased more than the money spent. To get a sale, you need an able buyer with both the authority and resources required who is also convinced that the value of the thing being sold exceeds the value of the cash. You get the cash (which you want more). They get the product or service (which they want more). Everyone wins.
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Product–service spectrum: Every offering falls on a spectrum, with physical products (a fork, a smartphone) on the extreme left and custom services (consulting, agencies) on the extreme right. The left side is characterized by features/advantages/benefits, clarity of pain solved, and ease of replacement. The right side is opaque and flexible in the pain addressed, and requires trust—therefore longer cycles and more personal sales.
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Vitamins vs. painkillers: Demand comes in two general forms. One involves actively pursuing something that immediately addresses a known pain (a painkiller). The other surrounds something people could use, but they don’t realize they have a problem or don’t know your solution exists (a vitamin).
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Searched vs. unknown: It’s far easier to get in front of existing demand than to create it. Every second, people search for products and services (Google). Companies step in front of that demand and deliver (Amazon). You can create demand with outbound sales, but it’s a costly war of attrition.
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80/20 rule: Almost every sales situation follows the Pareto Principle. Likely: 80% of profits come from 20% of customers, 80% of support issues from 20% of customers, etc. Huge gains come from understanding the 20% and largely ignoring the rest.
Making sales
“Every sale has five basic obstacles: no need, no money, no hurry, no desire, no trust.” — Zig Ziglar
Obsessively prepare
- Know your audience. What type of person do they buy from? Why? What are they trying to achieve? How will buying make them look?
- Investigate timing. Under what conditions will they buy and why? How can you create urgency?
- Know your audience’s audience. What is your prospect’s value proposition? Why do their customers buy? How can your product help them help their customers?
- Explore commonalities. Trust requires context. Do you share an alma mater, know the same people, have the same interests, or come from similar backgrounds? The quickest way to build trust is to have it transferred.
- Read what’s written. Many decision makers write — or are written about. Find out what they deem important.
- Work the puzzle. Categories help, but people are complicated. Piece together story, personality, and constraints.
Nail the opportunity
- Understand the goal. Not all sales cycles are immediate.
- Be enjoyable. People don’t buy from jerks.
- Be confident. Fear smells terrible.
- Demonstrate competence. People buy your expertise.
- Uncover pain. No pain (for them), no gain (for you).
- Hunt excuses. Figure out why they might say “no” and overcome objections.
- Shut up. The more they talk, the more likely you are to get the sale.
- Ask for the sale. This is the biggest hang-up for most salespeople.
- Establish a plan. Make the next step clear, mutually agreed upon, and time-sensitive.
- Set expectations. Reinforce the process and what’s required.
Always remember:
“People buy for their reasons, not yours.”
Go out there and sell them something.