Few people like to talk about money during the sales process. Eventually, though, buyers will ask, “How much does it cost?” If the price is more than nominal, they probably need budget approval. How well can your sales team shift the conversation from finding and solving customer problems to money?
Every member of your sales team needs the right tools and skills to successfully navigate this transition. Of course all conversations must focus first on identifying customer needs and demonstrating how your offering can solve those problems. This is often easier than talking about money. Here are two proven approaches for helping your sales team feel more comfortable.
1. Quantify Economic Value
After identifying the potential customer’s problem, add a quantification step to your sales process to grease the skids for the money conversation. The goal is to estimate the value your solution provides, in currency, making the question of cost much easier to answer. This means providing your sales team with value selling tools and training to optimize their use.
Value Calculators and ROI Tools are ideal for quantifying the value of your solution. Populated correctly, they will compare the solution cost and its estimated value to determine the buyer’s return on investment (ROI). As long as the cost is reasonably less than the economic value created, they shouldn’t be shocked by the price. And, they will have a much easier time justifying the investment if you can deliver a solid economic business case to back it up.
2. Qualify Opportunities
Quantifying the economic value of your solution is also an excellent way to qualify an opportunity. If the estimated value is too low, or even below the total cost, that’s a pretty good indicator this is not a good opportunity and that you should pursue other leads. Such clarity can help sales reps confidently discuss the viability of the solution.
It is rarely a good idea for a business to invest in a solution that does not provide economic value. Likewise, it is equally bad for you and a potential customer to waste time pursuing something that benefits neither party.
During these challenging economic times, businesses are scrutinizing every investment and only spending money when it is cost-justified. It is more important than ever to arm your sales team with the tools that they need to close business.
Showing a potential customer how you can help them solve a problem is a great first step. You will fall short, however, if you don’t also show them how your solution financially benefits their business.
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