Two months ago, one of my clients was asked to pitch for some new business. She would usually have submitted her lowest price, hoping to get a foothold with the new customer. But this time she prepared a mid-range proposal and arranged to meet the buyer to talk through some different options, as well as to find out a bit more about their business.
It quickly transpired that the proposal was in the right ball-park, that “confidence in delivery” was more important to the buyer than price, and that there was a much bigger opportunity on the horizon for which her business was extremely well positioned. Within a month they had signed a deal over five times the size of the original pitch.
Rather than guessing, or assuming she knew the real need of the buyer, she went there and asked. And in the process built a far more valuable relationship. Understanding your buyer’s needs and priorities is the corner-stone of profitable selling. Here are three simple tips:
Go meet them: Most buyers will meet you if a) they think you’ve something interesting to say and b) you ask them. Let the conversation flow, but have clear objectives and prepare your questions.
Listen, then talk: The sales pitch is dead. Sure you’ve got ideas but no two buyers are the same, so don’t waste your bullets shooting in the dark. Start with an outline or with what’s worked elsewhere; ask for their thoughts and their experiences. Understand from them what they see as the opportunity and what would need to be true to go ahead.
Always ask why: Buyers tell you want they want, but rarely tell you why. It’s crucial to understand their real objectives, so always ask why? What are they hoping to achieve? What would be a great outcome? Never assume you know, always push for their ultimate objective, and then explain how your business can help them achieve it.
BOTTOM LINE: Smart buyers don’t want to be pitched to. They want to know you can improve their situation; to sense how well you can meet their most important needs. The better you understand their needs and can articulate how you meet them, the faster you’ll make a profitable sale. Get it right and you’ll make the sale before you ever talk price which, by pure coincidence, is the topic for next week.