3 ways to eliminate the price objection mark hunter craig elias steve connolly
TRANSCRIPT
3 Ways to
ELIMINATE THE PRICE OBJECTION
Mark Hunter Craig Elias Steve Connolly
How to Eliminate the Price Objection
1. Sell high
2. Sell value
3. Minimize the risk
Mark’s Book
Release Date:February, 2012
Amacom Press
C + C = C = O =P
Continuity
Competence
Confidence
Opportunity
Profit
C + C = C = O =P
Minimize the risk
C + C
Pre-qualify
“WWW”
3 Steps to High Profit Selling
1. Learn
2. Teach
3. Sell
Who Are You Selling To?
Strategic Tactical
CEO Buyer
Poll Question
Who do you spend most of your time selling to?• Executives• Mid-level managers• Buyers• Users
What Are You Selling To?
Assumptive
Large Corp.
Inquisitive
Small Company
Why are They Buying?
• Urgency of time
• Plus one of:
–Minimize risk
–Maximize gain
Value of Time
Maximizing Profit
You cannot maximize profit until time and risk, or gain,
can be quantified.
Price is NOT an Obstacle When…
• User– The defined objective is
accomplished in a timely manner.
• Buyer– The ability to justify is
greater than the pain.• CEO
– The strategic benefit is greater than the tactical cost.
Verifying Needs
• Must be verified at least 2x.• Not a need until the customer says it is• The quality of information the customer
provides diminishes the closer the customer feels the salesperson is to trying to close the sale.
Maximize Profit by Narrowing the Target
Profit
Revenue Expenses
? ?? ?
?
????
? ? ?
Triangle of Needs
High Profit Quadrants
Cri
tica
l
Low
Low
HighUrgency
Impo
rtan
ce
Craig’s Book
Endorsed by• Steven M.R. Covey• Keith Ferrazzi• Ivan Misner• Gerhard Gschwandtner
Get to highly motivated decision makers at EXACTLY the right time the sale almost happens by itself.
You’ve had timing happen before, this book will show you how to make it happen again, and again, and again.
Top SalesBooks of 2010
Status Quo
Searching For Alternatives
Window of Dissatisfaction™
Timing and Value
© COPYRIGHT Craig Elias 2002 - 2011
Valu
e
Valu
e
Valu
eWindow of
Dissatisfaction™
StatusQuo
Searching forAlternatives
Timing and Risk
Window ofDissatisfaction
™
StatusQuo
Searching forAlternatives
The impact of switching now and something
goes wrong
The impact to business if
nothing is done about it
The impact of choosing the
wrong supplier
© COPYRIGHT Craig Elias 2002 - 2011
Timing and Close Ratios
0% 60 – 90%* 16%**
**Aberdeen Research: Lead Lifecycle Management: Building a Pipeline that Never Leaks, 2009* InnerSell Survey of over 200 sales executives and sales people, 2003
Window ofDissatisfaction
™
StatusQuo
Searching forAlternatives
© COPYRIGHT Craig Elias 2002 - 2011
The Wrong Timing
“70% of the buying decision
is already made…before a sales person
gets involved”
Eric Berridge, Cofounder of Bluewolf at Sales 2.0 Conference – San Francisco March 2011
© COPYRIGHT Craig Elias 2002 - 2011
The Right Timing
• Loyal• Profitable• Testimonials & referrals
The Silver Bullet in Sales
TIMINGGetting to the right personat EXACTLY the right time!
© COPYRIGHT Craig Elias 2002 - 2011
• Less than 10% said a vendor proactively contacted them
How was your first point of contact made?
Isn’t Everyone Doing It?
© COPYRIGHT Craig Elias 2002 - 2011
What Triggers Change?
© COPYRIGHT Craig Elias 2002 - 2011
Events NOT Circumstances
Timing and Trigger Events
Searchingfor
Alternatives
StatusQuo
Windowof
Dissatisfaction™
Afford
Just
ify
Want
© COPYRIGHT Craig Elias 2002 - 2011
Want Trigger Event
Opens The Door...
Starts The Domino Effect
Focus On The Right People
• Money• Authority• Influence
What Events Trigger Purchases?
Won Sales Analysis™
1.What event(s) lead up to this purchase?
2.When did these events happen?
3.What made you choose us?
4.What can we do to make it easier to become our customer?
© COPYRIGHT Craig Elias 2002 - 2011
Trigger Event Sources
© COPYRIGHT Craig Elias 2002 - 2011
Poll Question
What do you use to find opportunities?• Social Media• Google Alerts• Information Service Provider• Monitoring company web sites• Other / None
Seven Challenges
1. Lag time
2. Lost productivity
3. Lack of relevance
4. Lack of actionability
5. Information overload
6. Lack of completeness
7. Limited ability to customize
Prospecting Challenges
• PROSPECTING - Best Practices for New Business AcquisitionBy Anne E.P. Smith, Customer Information Manager and Seleste Lunsford, Senior Product Manager 2005
iSell: One Source To …
• Over 19m contacts and decision makers
• Integrate 2,600 real time news sources
• Incorporate LinkedIn updates
OneSource Sales Triggers
http://sellingpower.typepad.com/gg/customer-relationships/
Using iSell In 4 Easy Steps
(or “So easy a busy sales person can use it”)
1. Define Your Targets
2. Expand Contacts & Get Details
3. Research the Prospect
4. Make Your Call/Email Relevant
Mark’s Final Words of Wisdom
• Confidence
• Learn, Teach, Sell
• The worst time to think of what to say is when it is already leaving your mouth.
Craig’s Final Words of WisdomHave A Relationship Plan
© Craig Elias 2002 - 2011
64% 16% 16% 4%
Craig’s Final Words of Wisdom
© COPYRIGHT Craig Elias 2002 - 2011
•No Trigger Event
• “Not interested”
•Build a relationship
• Recent Want Trigger Event
• “Looking in a few months”
• Create new Status Quo
•Recent Afford Trigger Event
• “Send me a quote”
•Become #1 alternative
iSell Trial
• Companies selected based on your specific target markets
• Contacts based on who is your key buyer – powered by millions of direct dial numbers and emails
• Timeliness prioritized by relevant sales triggers and how well they fit your sweet spot
• Key Issues highlighted through rich information about your target companies and prospects
FREE TRIAL: www.OneSource.com/iSell
First 25 Respondents Get Extended Trial of
iSell. Phone Only!866.325.8143
The hottest opportunities prioritized by what’s most valuable to you…
Q & A
Mark Hunter• +1.402.445.2110
• TheSalesHunter.com
• Linkedin.com/in/MarkHunter
Craig Elias• +1.403.874.2998
• TriggerEventBlog.com
• LinkedIn.com/in/CraigElias
OneSource• +1.978.318.4300
• OneSource.com/iSell
• Linkedin.com/company/7540
Resources• TriggerBook.com
• TheSalesHunter.com
• OneSource.com/iSell
• WonSalesAnalysis.com