Create the Buying Vision to Win More Complex Sales
While you’re busy ramping up the complex sale, your prospect takes comfort sitting on the fence. He’s not searching for your products or services, or thinking you’re the solution to his problem. Sad but true. In fact, many prospects with genuine business issues fail to actively solve their problem.
Why is this? Two reasons cause buyers to tread space in the face of an important need:
1) They’re not aware of issues or do nothing because they don’t believe a viable solution exists;
2) They rationalize that the solution is too expensive, too complicated to execute, or too risky.
Whatever the reason, they’re stuck on the fence, content to live with the problem or issue.
The Rare Five Percent
In my 25-plus years of experience, I’ve learned that less than five percent of prospect companies are actually in the market “shopping for your product or service.” Studies point to the same conclusion. Incredibly, the remaining 95 percent of the market—with its vast and lucrative potential— is not in the market for your products and services.
Is the 95 percent without problems? No. And that’s good news. Great opportunities hide within these firms. Of course, they have problems, but aren’t actually engaged in solving them. Let’s explore.
When a financial advisor or professional services consultant uncovers an issue or problem, quantifies it, and suggests possible alternatives, he or she catapults the complex sale process forward by enabling the prospect to establish his “buying vision.” According to Forrester Research, 65 percent of executive buyers admit they prefer to buy from a company that first helps them establish the buying vision.
When a financial advisor or professional consultant sells into the “not looking” area, they’re holding the royal flush of sales because it’s the perfect opportunity to set or define the prospect’s buying requirements.
Working closely with your buyer, help him sense, see, hear, and understand that: 1) He has a problem worth solving and; 2) Your approach solves it for him, all the while you’re skillfully aligning your products and services to the buyer need. As a result, you’ll close that complex sale 90 percent of the time.
What If I Don’t?
You may think, if I don’t help create the buyer’s vision, can I still win? Yes, but the odds of winning decline. To raise those odds, you must take action on specific items. First, does your research on the buyer company and its industry reveal potential pain points? If there is no pain, the buyer/prospect will not change status quo.
Pain points range from any condition internal or external that blocks the buyer from growing revenues or profits. Before you attempt to sell your product, you must first sell the buyer on the problem to solve.
Next, discuss how you plan to evaluate alternative solutions; that is, layout your process. Provide a visual of how this works. Consider a white board video or an infographic. Google either term or you’ll discover a range of good providers. Early on, discuss alternatives and reinforce them with success stories on how you brought value by solving issues.
Warning: Don’t sell your product or service at this stage.
Pin Down Risk
During your process, you must help the buyer evaluate risk. By taking action, what consequences exist? What is the risk of doing nothing? A complete evaluation of the alternatives with quantifiable solutions gives your buyer the power and impetus to self-discover your solutions. By taking buyers through a collaborative process, and evaluating the risks and rewards of various alternatives, you are better positioned to earn trusted advisor status, so critical to building long-term, productive client relationships.
Feeling lucky? Go for it. You’re holding a royal flush and may not know it.
See you on the upside,