6 SIMPLE Revenue Boosting Sales ComponentsAug 29, 2023
Let's be honest, sales is the most important thing in business. When you know what to do and how to do it... It's a game-changer
The only thing standing between your sales success and failure... 6 main components... 6 that's it.
Seems simple enough, right? Think about these components as a large puzzle piece. You lose or throw one of them away and the picture just doesn't look right. This turns into lost opportunities and revenue.
Let's jump in...
- Building a pipeline… You know this one (I hope). Without it, or enough of it, you will struggle to consistently hit targets. Having a strategy based on who you are helping and what they are dealing with is the key. To build a strong pipeline the focus is more on your buyer and less on your product. The right strategy with the right methods and tools can help you build a strong pipeline.
- Domino Effect: Not enough pipeline tends to create a scarcity mentality. You keep deals that aren’t qualified so that you have something to work on. Wasting time and energy. Even worse… selling to the wrong ICP can make you a quick buck but have long-term effects on customer satisfaction and churn.
- Discovery… where the fun really begins. This is where you turn what you think you know about the prospect into their real world. Who are they, what matters to them, and what’s the impact of not changing? Better yet… impact of them using your solution.
- Domino Effect: Not going deep enough on Discovery impacts you in several ways. 1) Demo… not giving you a way to cater your demo to their needs and what matters to them. 2) Them… getting them to think about their current pain points and start thinking about the life they would have if you solved their problems. You need to understand them and they need to face their pain and want it to be solved. 3) Handling objections… they will be there and this information you learn is the thing that helps them remember it’s not about you making a sale, but instead what they want and need.
- Demo… this is everyone’s favorite. Give them a glimpse of how you can solve their specific problems and pain points. You should never give the same demo twice. Focus on exactly what you learned in Discovery and cater your talk track to their needs. Explain how your solution will solve specific pain points for them and benefits their current needs. It’s at this stage you should be getting a verbal that your solution does solve their problems and how big of a deal it is for them.
- Domino Effect: When you don’t connect the dots from their specific problems to how you solve these, your close rate drops. Sure they can potentially get there on their own but you are leaving it up to luck and chance. Also, they may not value your product as much because they missed where you can help them**.**
- Pricing… where the rubber meets the road. This should never be just a “here’s our pricing”. Focusing on everything you have learned… the value of what it will do for them. The cost to them if they don’t do this. It’s all coming from what you learned in Discovery and on the Demo as you engaged with them. Using their words is more powerful than using generic language you use with everyone.
- Domino Effect: When the value doesn’t match the price, you set yourself up for objections, a longer sales cycle, a “project on hold” and even killing the deal. You misstep on pricing and it has a major impact.
- Closing Time… putting it ALL together. To be clear… closing should NOT be the first time you are asking them if they are ready to move forward. The reality is… You should be doing mini-closes all throughout. Ask questions along the way if this will solve their problems and if you are the right solution for them. Knowing before pricing, that as long as pricing matches up, they have any hesitations in moving forward. With pricing, can they see the value you are bringing to them? For the final closing… You aren’t asking for the sale, you are asking if it solved all their problems (listing their specific problems 1 by 1), that was going to have that specific impact on them. Worth highlighting here to also highlight the cost to them if they DON’T take action.
- Domino Effect: You don’t get this right you don’t get the deal. Obviously missed revenue. 2 other major impacts… 1) Momentum… when deals are getting closed, it drives that excitement and momentum. 2) Referrals. Every closed deal (especially when all the above steps are done right) will potentially drive referrals. They liked the process because they saw crystal clear how it was going to help them**.**
- Handling Objections... a must-have in the sales tool belt. This happens all throughout the process. When I think about handling objections, I think about helping them remember what’s most important to them. If they’ve told you all the pains and frustrations they have along with how it’s impacting them… then say, we think we are going to just wait on this. Reminding them of what they said and what is important to them. Or pushing against price and helping them remember that the cost of inaction is bigger than your price. The biggest thing here is understanding the most common objections and knowing how to handle them. Better yet… proactively bringing up objections and taking them head on before they do. Example around pricing… if you know they always have sticker shock and struggle with seeing the value. Emphasize before you ever get to pricing that most have sticker shock until they focus on X (the value you bring). My favorite Objection Handling is AFTER I understand their objection and why they feel that way is Feel, Felt, Found. I understand how you FEEL (stating what they have said). Others have FELT that same way, What they FOUND (stating the same value they are looking for). It’s a way to move it away from between you and them and rely more on how others have overcome and the value that has come to them.
- Domino Effect: Whether they voice them or not… they are there. So better to get them out in the open to have a discussion about them, then risk them not bringing them up and the deal gets squashed without a chance to revive it.
There you have it… the 6 pieces to the puzzle that when they are all together is a picture-perfect Revenue Machine.
Any one of these can be the thing that leaves money on the table when it’s not there or done halfway. This causes the buyer to go with a competitor or decide not to take action at all.
If you are the solution to solve their problems and the impact for them is bigger than your price tag… It’s on you to make it happen. You are the problem solver so DO YOUR JOB!
PS… there are a lot of details in each of these 6 components. They aren’t just simple checkboxes. Each of them should have a process and framework to make sure they are done right every single time.
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