Understanding reasons for sales can lead to increases
By Leanne Hoagland-Smith May 27, 2012 9:02AM
Why do people buy?
Boy, if you could answer that question just imagine how much closer you would to be the ongoing small business goal to increase sales?
One of my colleagues, Thomas Capone a small business owner of a technology firm MTP and Purdue graduate, suggested in a recent social media posting (gotta love Facebook) that people buy for four reasons:
He went on to state the following:
• “If all things are equal and your price is lowest, you will get the order”
• “If your service is terrific, your salespeople warm and knowledgeable, and your guarantee of satisfaction ironclad, people will buy”
• “If you are exclusive, the only game in town (e.g., Rolls-Royce, Segway, Picasso), you will make the sale”
• “When the brand screams quality (e.g., Pyrex, Rolex, Hermés, L.L. Bean) people will buy”
Capone is correct. However, I believe his four buying criteria fail to identify some of the other objections crazy-busy small business owners to sales professionals encounter every day as they make phone calls, knock on doors (yes cold calling is still going on), make appointments and in their free time (what’s that?) engage on social media.
Years ago, my very wise and experienced father who had been a salesman his entire career, held up his left hand and shared with me the five buying or if you prefer sales objections that all salespeople must overcome if they wish to successfully increase sales.
Sales Objection No. 1 – You
With everything being equal, if the potential buyer does not know and trust you, your ability to earn the sale is at a distinct disadvantage. As David Collins, corporate relations for Opportunity Enterprises in Valparaiso, recently said: “People will pay more and be satisfied receiving less quality than paying less and receiving better quality if they like the salesperson.”
Sales Objection No. 2 – Your Company
Some buyers associate brand with the company’s name as Capone mentioned. However, today’s business world is a little different with new aspects coming into the buying decision process, including sustainability and corporate social responsibility (CSR). Some buyers are looking at what type of community partner your business is to even the core values demonstrated by the business.
For example, here in Northwest Indiana one of the banks, Centier (a family-owned financial institution), engaged in a marketing campaign about not accepting federal bailout money. For many customers I am told this message directly connected to core values resonated extremely well; strengthened customer loyalty and attracted new customers.
Sales Objection No. 3 – Your Solution
Again, this sales objection was identified by Capone and extends into not only fit but to other aspects of quality. Within your solution there must be a bridge to the potential customer’s value perception.
Sales Objection No. 4 – Price
The price of your solution works better when you can determine a return on investment or when it further enhances the potential customer’s value perception.
Sales Objection No. 5 – Delivery
Even the most trusted salesperson from the most credible company with the best price-driven solution will not earn the sale if the solution cannot be delivered within the customer’s needs or expectations.
By keeping these five very real sales objections in mind can expedite the sales process and increase sales.
P.S. As today is Memorial Day, a shout out to all those who have died in service or our nation as well as to those who continue to serve and keep us from harm. Thank you U.S military for your dedication to keeping our country safe.
Website: http://www.mtp-usa.com – MTP USA