Fifty years ago, you would have experienced a sales person coming to your house to showoff the newest set of encyclopedias. Then, they would proceed to explain all the great features and benefits, all for a low cost.
What the encyclopedias sales person practiced was the traditional sales method. In the traditional sales method, the sales person will create some level of interest, present their product, close the deal or handle rejections, then if the customer does not take interest, the sales person will chase. The traditional sales method allows the buyer to be in control rather than the sales person, creating longer selling cycles and leading to less profit for your business.
Your company is not doing business the same way you did 50 years ago or even 20 years ago, so why should your sales team sell like the traveling encyclopedia sales person? They should not. Here are three roadblocks your sales team faces in today`s market and how they can overcome them:
- Price is an issue- Often your sales team will hear objections to price from consumers, such as "there is not enough in the budget" or "your quote is too high." One way your sales team can address these issues before the price of the product is discussed can be to discuss budget before presenting. Discussing budget as a qualification step leads to less time spent on prospects that will never purchase. Asking questions like “what do you expect a service like this to cost” or “how much is in the budget for XYZ service or product,” allows the sales person to gauge whether the prospect will be interested in learning more about the product.
- Open ended Communication-When making cold calls your sales team will often hear, “just email me the information” or “I’ll think it over.” This can lead to the vicious cycle of the sales person chasing the prospect. To avoid chasing prospects and uncertainty about the outcome of a relationship with said prospect, creating upfront contract. Allow the prospect to know you are willing to accept a “no” as an answer.
- Inability to reach the decision-maker-Many times the person your sales team will speak with is not the only decision-maker. A way to make sure each decision-maker is reached can be to talk over with the prospect what they will say to each decision-maker. Then, follow up with the prospect to make sure they are communicating with the other decision-makers as they said they would. Discussing the process step-by-step allows a sales professional to know if the prospect has lost interest in the product at any point or if another decision-maker did not agree with the purchase.
Introducing your sales team to each of these objections solutions will help them step away from the traditional selling method, allowing them to spend more time on prospects that will have a positive outcome, leading to higher returns on time spent with prospects and thus higher revenues.
In enterprise selling, the buyer network is wider, more diverse, and much more complex than in simpler, more traditional sales interactions.
Knowledge is power. Know what you're up against with enterprise sales.