Being able to properly close a sale is paramount in any business, but so many people forget that, when they walk into a presentation room, they’re not selling. They are educating.
Using an educational approach helps customers make an informed decision. Not only will they trust you more, they often end up selling themselves on your product.
By knowing the four primary aspects of “educated selling”—product, client, competition and industry—you will be able to engage your customer in a full discussion of the advantages and benefits of your product. It’ll help you better understand the client’s needs—and spot stronger closing opportunities.
Step 1 // Know the Product
Knowing your product goes deeper than knowing its primary benefits. You have to know how to apply the product to the client’s needs. How will it save them time or money?
Each client is a little different, so there has to be “retrofitted selling” for each deal. By identifying and understanding the basic need you are filling for each client, you will be able to develop a customized approach for presenting the product.
Step 2 // Know Your Prospect
Before creating a strategy, you need to understand your audience. What are their names, what are their titles, how do they think? Understanding the personality type of the decision makers informs you on how to approach them. Are they data-driven? Do they need to be constantly reassured, or are they big-picture “do-ers” who just want the end result?
Make a few calls. Visit their LinkedIn and Facebook profiles. Ask your strategic partners on how best to present and close the deal.
Step 3 // Know the Competition
Do full product analysis on your competition. Know the benefits of their product and how your product will outperform theirs. Tell the true value of your product, as well as the true value of the competition’s product, laying out the strengths and weaknesses of each.
The “hinge pin” of the deal is how you are going to retrofit your product to the needs, tangible or intangible, of that consumer.
Step 4 // Know the Industry
You’ll gain credibility and status if you know—and can talk intelligently—about the latest government regulations, new products, competitors and the sector’s general “gut works” of statistics and metrics.
Ask your strategic partners and peers what is happening in the industry. Talk to your leading associations to see what topics are at the forefront in politics and lobbying. Then use this information to further the dialogue with the prospect.
Bonus Step 5 // Know How to Build a Relationship
If you are not genuinely interested in helping the customer, then you are in the wrong business. Short-term selling never works. Find a way to “break bread” with prospects and clients. This could be going out to dinner or golfing or a night on the town. Entertaining a client, prospect or customer almost always comes back in a positive way.
