One factor that business leaders have to keep close tabs on are sales. Without a strong sales team, a business will quickly be in trouble. One critical question on business leaders’ minds is how to avoid having your sales team fail to close. There is nothing worse than prospecting, taking the time to pursue potential customers, and then having the deal fall through.
Competitors are one main reason why your sales team might be losing deals. But it is not the only reason. Business analysts who observed sales calls found that 48% of the prospects did not have a big enough budget. And 38% of the prospects were not in a rush to make the purchase. These problems are not as complicated as they sound.
One can resolve them much faster than they think if they put in a little effort. Now, these three questions can be the prospect’s qualification question. Your team should plan on using SPIN, MEDDIC or any other sales methodology that is available. Now each of these strategies will help you in identifying not just the budget but the urgency and the buyer.
The best sales teams are those who are well-disciplined qualifiers. They are good at identifying prospects that are unlikely to enter into a deal. As a result, they will not spend a lot of time with candidates that do not seem that promising. The funnel, as a result, becomes a lot more efficient, and this will eventually help the team to earn a lot of money.
Sales methodology is nothing but the “how” of selling. It takes goals and converts them into steps that are actionable. For example, the step might require you to ask your prospect a particular question at a specific time in your conversation to fetch positive results.
Like a sales process, a methodology to sell does not apply to an entire sales cycle. It is only relevant to one specific part that is to qualify, discover, demo and so forth.
Listed below are some of these methodologies that you may plan on following.
SPIN is an acronym for four kinds of questions that salespeople should ask the prospects:
S stands for Situation
P stands for the Problem
I here stands for Implication
N stands for Need-Payoff
The questions that you ask will assist you in identifying the challenges and pain points of the buyer. Eventually, it will also help the seller to build a good rapport with the buyer.
Situation question will help you in knowing and understanding the prospect’s current status and resources. Even though this will help you a little, it is wise to do enough research before you proceed to call a prospect. Problem questions aim to identify the core issue that a prospect is facing.
Listed below are some examples for your reference:
How well is your current hiring process working?
Are you finding it difficult to find the right candidates with qualifications to fill in the senior leadership ranks in your company?
If you are unable to fill in the leadership position in your company, how is it going to affect your organization?
How is getting a quality executive candidate going to help your organization and your HR?
Never tell the prospects why they have to purchase a product or service. But have them realize the benefits by asking them these type of questions.
MEDDIC is one of those qualification processes that is useful in an enterprise or complex sales. MEDDIC is an acronym as well. Here is what it stands for:
M stands for Metrics
E stands for an Economic buyer
D stands for Decision criteria
D stands for a Decision process
I stands for Identify pain and
C stands for Champion
By asking yourselves or the client these questions, you will quickly identify the necessary information:
Metrics – Provides the economic impact of the situation.
Economic Buyer – One who can control the budget.
Decision Criteria – The formal evaluation process that the company is following to pick a specific vendor.
Decision Process – The steps that the company is going to follow to handpick a vendor.
Identify Pain – Know about the trigger events and the financial consequence a problem is going to cause.
There are so many other methodologies that you may choose to follow. Take time to understand and pick one that might fit well with your team’s requirement and take things forward.
The two reasons why we might fail at work is because we are ignorant in the first place; that is we do not have sufficient knowledge to succeed. Secondly, we are not prompt in applying our knowledge well. Having a checklist in place is necessary to solve the problem. It will help us to become disciplined, and in turn, assist us in achieving our goals.