If your Buyer thinks so, he'll make the decision on price -
the lowest price. Don't let your Buyer set your prices!
What can you do to be sure your competitors and your Buyer
don't set your prices?
The most important thing is something you can do right now.
You can do this in three easy steps. Don't wait! The longer
you wait, the more likely you are to either lose the deal
or win at the lowest price, and that may not be profitable.
Step 1: Get to know your Buyer inside and out. Here are
some questions you can ask about them: Who exactly are
they, and what exactly are their challenges? Be clear on
their: demographics and psychographics.
Find out: - How do they solve their challenges now? - Who
do they call on to solve their challenges? - How do they
make their money? - Do they buy products and services to
re-sell or put together deals for their customers? Who
provides those? - What is their Vision, their Mission and
their approach? - What prices do your Buyers pay? - What
additional services do they buy or look for? - What are the
negotiating points and "deal-killers"?
If you don't know the answers, read what they read, search
the Internet the way they do, and use the keywords and
questions they do. Study their marketing materials, their
Web site. Know their people, their Vision, Mission and
approach to solving customers' challenges. What do they
promise to their customers? How can you help them deliver
on these promises and be successful at what they do?
Find out how they look for partners and companies to help
them solve their challenges. Which companies do they
routinely call on when they're looking for solutions, or
buying products or services? Are you one of them? Why or
Why not?
Be your Buyer for a day. And ask your customers! They're
usually pleased to be asked.
Your purpose in being a detective here is to be able to
solve your customers' challenges and design products and
services that they can't wait to buy - from you - at prices
that are profitable for you. And to position your company,
products and services in relation to your competitors, so
your customer easily sees the added value you bring to them.
Talk to your salespeople about what they know about their
fellow salespeople and how they sell to your mutual
customers. Ask them how your competitors position you in
relation to themselves. What do they say about you, your
products and services?
A Comparison Matrix is often helpful in comparing the Top 5
companies that your customers consider when making a buying
decision. This is a matrix that you often see when you're
comparing computers or software. For example, the Basic
version provides certain (limited) features, and the Pro
version provides many more. Down one side, list products
and services that your Buyer looks for. And across the top,
list each of the Top 5 companies. Put check marks where
each company offers the service and leave a blank space
where they don't. You can design one that shows off your
company.
Step 2: Now that you know your Buyer, know your own company
inside and out. Ask the same questions (above) about your
own company that you asked about your competitors. Review
and critique your Web site, marketing materials, sales
presentations, product and service lines. How do your
salespeople position you in relation to your competitors?
Step 3: Ask yourself seriously and very specifically what
do you give your customer that affects their bottom line,
and is different from your competitors? That is, what is
the bottom-line Value you provide? Find out ways that your
products and services make a difference to their bottom
line. This could be increasing their sales and revenue,
increases their productivity (which can increase their
sales and profitability) or saving them money or time
(which saves money). Use numbers whenever you can, and make
sure you can prove those numbers. For example:
How is your approach different? For example, do you take
time to get to know them thoroughly, to work closely with
them, to meet with them in person? Is your project
management with them clear, concise, and consistent? No
surprises? On time and on budget? Is your delivery more
flexible?
If you take only one thing from this article, make it this
one:
Talk about the bottom-line Value you provide to your
customer starting in the first sales call. Don't wait until
it's time for the close or the proposal. By then, it's too
late.
Incorporate how you help their bottom line into your
30-second introduction. Leave a voicemail that says that.
Give them your name and number so they can call you right
back, and tell them which day you'll call them to follow up.
In future articles, I'll give you ways to work with
gatekeepers, and design your voicemails and emails and your
30-second introduction, so that you get through to your
busy decision-makers.
----------------------------------------------------
Jan Wallen works with companies that want significant sales
results. Jan is action- and results-oriented. Once you
start working together, she is 100% committed to
significant sales results for you. For a sample Comparison
Matrix as mentioned above, send an email to
info@janwallen.com and put Matrix in the subject line. To
learn more, call (646) 485-4059 or go to
http://www.janwallen.com
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