Nearly a third of prospects have already decided which salesperson they’re going to do business with long before the official “selection” process begins.
That’s according to a recent Harvard Business Review article that points out the reason most sales are won or lost has a lot more to do with preparation than anything else.
Here are three keys to gaining a competitive edge before the selling process even starts, and boosting overall closing rates in the process:
1. Zero in on emotional triggers. Countless studies reinforce the notion that most buying decisions are primarily motivated by one of four emotional triggers:
- Ego. Will this product or service make me feel better about myself and/or the job I’m doing?
- Acceptance. Will this product cause others to respect or like me more? Will it cause colleagues to hold me in higher regard?
- Avoidance. Will this product allow me to overcome an obstacle, alleviate a “headache,” or avoid an undesirable outcome?
- Survival. Do I need this product to succeed? Will I suffer severe consequences without it?
Sales expert Steve W. Martin even goes so far as to insist every other component that figures into the decision (e.g., ROI, cost-benefit, convenience, etc.) is simply a means by which the buyer justifies his or her choice.
The key: Ensure all of your email copy, marketing collateral, RFPs and presentations speak to one or all of these four needs. It’s a viable way to build rapport with worthwhile prospects before the initial handshake actually takes place.
2. Train via ‘cultural transmission’. In management terms, “cultural transmission” refers to a training method via which employees learn by emulating proven strategies (or successful practitioners). The three specific types of cultural transmission which most best-in-class companies include in their training and development sessions are:
- First-hand examples. Integrate top salespeople into your new rep training program, as well as sales meetings. Have them cite recent examples of real-world strategies they’ve used to overcome common obstacles and close stalling prospects.
- Role play. It may sound elementary, but the more practice sales pros get at sharpening their approach, the more effective they’ll be, and the more kinks that’ll be ironed out prior to a hard-line negotiation.
- Monthly mentoring. The only way to keep salespeople on-point at all times is by joining them on at least one sales call a month (if not more). Follow up with a feedback session, during which managers can ask the salesperson questions that lead him to uncover the answers for himself.
Once a quarter, it may even be helpful to switch roles, allowing each salesperson to accompany you on a call. It’s a great way to earn the average rep’s respect, while reinforcing some of the key fundamentals of your process.
3. Segment your lead lists. Cost-effective organizations increase the effectiveness of prospecting efforts by prioritizing each lead based on four specific criteria:
- Probability. How likely is this prospect to buy (based on an audit of past sales data)?
- Strategy. How decent of a fit is the prospect for your offer and your organization?
- Finance. How profitable could winning this prospect’s business be for the organization?
- Buying interest. Which products would benefit this lead the most, and how integral are those products to the company’s bottom line?
Prioritizing leads based on these criteria allows salespeople to pursue prospects who not only need your products, but are also in a position to take advantage of your offer.
Source: “What’s Wrong With Your Sales Training Program,” by Steve Martin, Harvard Business Review Blogs, 7/16/12.
