If you are faced with the challenge of selling a new product or service, it’s highly likely that you need to stretch yourself outside of your comfort zone. You might need to try some new approaches to get better results.
If you need to have conversations with people in roles that are different from ones you are used to, you will naturally conduct some research about what is important to them. Equally important, take the time to understand your strengths and where your comfort zone ends.
A highly technical person who is very knowledgeable about product specifications can have in-depth discussions with other technical people interested in that product. However, they may not feel comfortable talking about a balance sheet.
Technical salespeople often wait until they can bring in a team of experts to conduct a pilot or proof of concept before they get into important topics such as Return on Investment. The cost of waiting might be lost sales.
Know What Measures Matter
Rather than being intimidated by the prospect of trying to conduct complicated financial analysis, you might want to try having a simple conversation about some key performance indicators. Understanding why certain metrics are important to the customer can help to yield a great deal in a relatively short period of time.
Being able to use the customer’s language about the potential value of solving problems or achieving certain desired outcomes can help build a stronger relationship. Gaining their trust can be quite useful when it comes time for the customer to walk you through the numbers.
You might want to casually ask them to take you through an example of how a certain problem shows up. By being curious, you might help the customer view their situation from a different point of view. Sometimes it is the extra question, the one that makes you feel a little bit uncomfortable that really hits home.
Sure, everybody wants their company’s stock to go up and the costs to go down. But remember, you are not selling to a company, you are talking to people. Each individual has their own additional concerns. They may want to shake things up and be seen as a hero in their company. Or, they might be afraid to expend whatever political capital they have to try out a new venture. Understanding the customer’s personal motives will earn you the right to ask more questions.
Giving the customer a reason to work with you can help them justify what is essentially an emotional decision. Eventually, you will need to be able to explain your ROI analysis in clear terms, so they understand when they can expect a return or what percentage they can expect. While the numbers can help them weigh different options, they may just go with you because they are comfortable working with you and feel you understand them.
Look for Hidden Costs
Of course, being able to specify how costs would be affected by a new initiative can add a great deal of credibility to what you bring to the table. Also, keep in mind that some of the most important costs to explore are often hidden costs.
For example, opportunity costs are often overlooked as they are quite difficult to measure. Nonetheless, the cost of doing nothing can often be the most compelling.
Calculate the Cost of Doing Nothing
Experienced salespeople know that status quo – doing nothing – is often the biggest competition there is.
Executives who are afraid to take chances and take on new risks might be missing out on ways of obtaining new customers and generating new revenue streams.
Let’s take a look at an example. A company who is maintaining a large data center and not taking advantage of the amazing functionality that the cloud offers might be missing out on a lot of opportunities. If they fail to utilize emerging technologies, such as artificial intelligence and machine learning, they might find that they are not capturing potential revenue streams.
Even worse, they may not make the connection.
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