A few weeks ago, we talked about the importance of really digging in and exploring a prospect’s P.A.I.N. once you’ve found it. But in order to find the pain in the first place, you have to get your prospect talking.
While that might seem like an easy task, sometimes you have to steer the conversation in the right direction in order to really get to the root of their problem.
After you’ve created a buying atmosphere, there are three essential questions—a “question bundle” if you will—that you can ask to really get the pain flowing.
I recently shadowed my client, a loan officer, in a first-time home buying seminar. She had a group of prospects interested in getting pre-qualified with her, but she was bound and determined to get through every single piece of her presentation before moving on to next steps.
She went through slide after slide—I’m not exaggerating when I say she had 20 slides of testimonials—and the longer she took to get through those slides, the more her interested buyers were showing signs of disinterest. But because she was so locked into finishing her presentation, she wasn’t paying attention and didn’t see any of it.
We all know it, and we all dread it: the lost sale. They said they wanted to buy, and now they don’t. Or a current client wants to cancel. And you can feel all the time and effort you spent going down the drain.
The knee-jerk reaction here is to immediately defend our products or services and talk about how great they are. We try to “fix it” and convince them to stay with us or to stay and buy. But what’s even more important than that is that we learn how to listen.
We’ve all heard that “time is money,” right? Well, it’s true. And most of you probably know that determining the value of your time can be the first step in becoming a more effective professional.
You may have even tried using your hourly rate to make better time management decisions. But if you are a salesperson, you’re selling yourself short when you calculate the value of your time using the traditional “hourly rate” formula. There’s a much better way.
Like most salespeople, I suffer from a total squirrel mentality. I’m always going; always trying to do a million things at once. If not properly managed, this can obviously lead to an extraordinary amount of stress—and stress is one of the biggest stumbling blocks to success.
Meditation has long been recommended to reduce stress levels and increase focus. That didn’t prevent me from thinking it was entirely too hokey and a total waste of my time, though. I tried it for two whole days in a row before making up every excuse in the world about why it wasn’t going to work for me.
No matter what field you’re in, there’s an established flow on how to best land a sale. You can tweak it to fit your particular industry of course, but there are seven essential steps to success, known as the Sales Cycle.
Like the circle of life, you should look at your sales cycle as a never-ending loop; new leads converting to contacts that turn into closed deals who refer more new leads. But over time, even really good salespeople tend to focus more time and energy on the tasks they excel at while paying less attention to other, equally important aspects of selling.
To be a master salesperson, you must master the entire process! Let’s take a look at the seven steps of the Sales Cycle and see if you can spot one you may be neglecting in your business.
There are plenty of everyday tasks you do for your business that are important. But does every single thing you do actually generate income? Of course not. Learning to distinguish between what actually makes you money – your Income Producing Activities – and what doesn’t is key to maximizing your earning potential.
Income Producing Activities (IPAs) can fall into one of three levels.