How to shape a better deal?
Hello! Welcome to another Lead Forensics Focus: Elevating your Marketing and Sales Success. Learn all about B2B sales and marketing from the experts.
In this video, I’m going to discuss how to shape a better deal, making your product more appealing to buyers.
On average, 74% of buyer research is completed before they contact your business. It’s important your sales team know how to portray a reliable brand and prove a return on investment.
1. Begin by tailoring your product to the buyer.
There’s no point telling a prospect all about your incredible product features and benefits if they don’t match what the prospect wants or needs.
With just 10 minutes of research, you can understand how a prospect would use your product, and tailor the conversation to highlight the specific information they would find most useful.
Credibility is quickly lost in B2B sales, especially when you ask a question you should already know the answer to, or that would take literally minutes to find out.
Before speaking to your prospect, aim to understand
a. The prospects industry and business size
b. What possible problem they could be experiencing
c. How your product or service can fix this problem
d. How the prospect can secure return on their investment
e. What specific product benefits relate to their business
Stop just pitching your product and start teaching your prospects about why your product is so useful and specifically how it can improve their business results and drive ROI.
In conjunction with this detailed product training is key- without it, you’ll struggle to tailor your pitch to meet the precise needs of the potential buyer.
2. Stop selling, start listening
Recent studies show the most effective sales approach is the 30/70 technique, where you talk for 30% of the call and spend 70% of it listening to the prospect.
Carl Richards of the New York Times describes a dinner party, where his colleague conversed with a businessman all evening, but didn’t speak beyond asking the occasional open question.
At the end of the evening, the businessman said he found Richard’s colleague highly insightful and engaging and wanted to connect with him again in the future.
Whilst Carl Richard was baffled at how his colleague had made such an impression, this example goes to show just how much impact you can make without directly speaking, proving that a sales conversation doesn’t need to be 50/50.
Always ask open-ended questions, acting as a provoker and a listener on a sales call instead of the speaker.
Should you be asked a question, answer coherently, but always end by asking another question. This can be especially effective when tackling a difficult topic such as price.
For example, if a prospect states they’re unhappy with the quotes you’ve provided and have found better deals elsewhere, ask exactly what the competitive deals include.
This continues the flow of conversation, giving you a chance to save the deal.
Listening is the secret to sales success, helping you identify what details are most important to your potential buyer, so you can shape a deal perfectly matching their business needs.
3.Creating Relevant Value
You need to ensure every communication relates back to the prospect and their business requirements.
Use lead qualification techniques such as BANT and GPCT to learn what’s important to your prospects.
GPCT stands for:
BANT stands for:
– B- Budget
This information helps you shape a deal that perfectly aligns with a prospect’s longer-term business plans and current capabilities.
Understand every prospect in this level of detail, and you’ll always be able to tailor the conversation to suit their needs.
4.Change how you close a deal
If you’ve effectively worked with a prospect to shape a better deal, a close will feel more like a mutual agreement rather than a Wrestling it over the line.
Both you and your prospect agree your product is the best choice. It offers the best solution and the best chance of future return.
If you don’t feel this way when making a sale- why not? You’ll be a better salesperson if you’re invested in every prospect to understand what will and won’t benefit their business.
Shaping a better deal isn’t about decreasing the price to make it more “affordable”- it’s about increasing the package: offering your buyers a better product worthy of their investment.
In negotiation, if you instantly lower the price, you might as well be saying “this product isn’t worth your full investment”, or “I know this product isn’t quite right, but I’ll give it to you cheaply”.
Closing and negotiation techniques is a huge subject and we’ll talk more about it in future videos however remember….
When you close a deal, you must always be confident you know exactly how your product is going to help the prospect achieve business success. If you’re not sure- how can they make a confident investment?
I hope you enjoyed this video and found it helpful. If you have any questions, please feel free to comment below and one of our expert team will get in contact with you.
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See you next time