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Where’s price ranked on buying decisions?
By The ICON Team on 31/10/2012 - 1 Comments
Ask most sales people why they lost an opportunity or what was the biggest factor in the buyers decision to place the work somewhere else and they will say ‘Price’.
Indeed surveys conducted in the US of 5,000 sales people, when asked to rank the most important factor on a purchasing decision in the buyers mind and they put ‘Price’. Now contrast this in the same survey with 10,000 buyers responses where asked what do they feel is the most important factor in their purchasing decision, they put price down in 6th place. Ahead of price were:
- Knowledgeable sales people who know the products, the market and can add value to the purchasing decision
- Delivery to required timescales
- Service back up and technical support
- Ease of doing business with the organisation
(Source Value Selling – Tom Reilly)
Our own experience at ICON supports this with too many business owners being focused on price and as a result yielding poor margins. Instead of selling the benefits of their product and the value it brings to the clients purchasing decision.
The role of sales in a business is to help buyers make the decision to purchase. Time must be invested into developing a robust sales process that informs the buyer of the information he needs and reassures him that the decision to buy from this company is a correct one and provides him with ‘Value for Money’
Selling is something all business owners can (and must) do well, if that business is to grow and be successful. Here are some important selling tips and techniques that need to be included in a sales process.
Be clear who your customers are Who is your target customer? What are their wants and needs how can you position your product and service to meet these needs
Be clear about the benefits
- What will the customer gain personally by buying your product or service
- Will it save them time/make them money/improve their status
- In what ways is it different and better than your competitors product
Plan your selling in advance
Think about the balance of power: does the customer need the product more than you need to sell it, or vice versa? What do you want to achieve from the sales meeting? What are you prepared to give away?
Ask questions and listen
Ask the right question to find out what benefits really matter to the customer. Plan your questions in advance and make sure you listen to the answers. That way you can focus your sales presentation on the aspects of your product that meets their needs. .
Empathise with your customer
You may not agree with their opinions or their attitude, but you are more likely to gain the sale if you empathise. “I can see why you feel this way about it, other customers have felt the same way but what they found was, it lasts twice as long as the others on the market. This simple: feel, felt, found technique is much less likely to cause offence that stating ”it’s not expensive, we build ours to last!”
Objections are a great opportunity, they demonstrate that the buyer is interested. Welcome objections and don’t see them as a threat. You may be able to use them to close the sale.
Ask for the order
Too often, nervous sellers miss key buying signals. As soon as the buyer is ready, close the sale. You may be able to simply ask “would you like delivery on Monday or would Tuesday suit you better?” Then stop and listen you will either get the sale or another objection.
Move the conversation on
Once you have closed a sale, do not wait for the customer to think of any more objections or regret their decision, get them to perform and action like completing the order form, move the conversation on an item of warm rapport that leaves a lasting good impression.
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Man And Van - December/23/2012
It’s such a greta article based on very useful information about to running a business just like if someone needs to make his business successful then what type of the things he or she needs to keep in mind. I’ve seen that this one is the best for business growth.