Ever thought you had the sale in the bag, only to get a price objection right at the end? How could you avoid this in the first place?
There are four critical issues that have to be covered off in this order.
Pain: Your prospect has to have something they want or something they want to be rid of. It has to be big enough for them to want to take action to solve. No pain = No sale.
Gain: What do they want instead of the pain? What’s the outcome they’re looking for? Is the outcome worth more than the pain? If not, they’ll do nothing.
Value: Is the value you provide greater than the cost they pay? In money, time, effort on their part? Do they fully perceive and accept the value you bring to the table?
Emotions: Have you got emotional buy in for your solution? How will they feel when their problem’s been resolved and they’ve got what they want?
To illustrate the points let’s use someone wanting to buy investment property. You can substitute any high value professional service.
The prospect, let’s call him Jim, is young and looking to start his investment journey. He earns a good income, has a good deposit and the banks will look favourably on him.
Pain: Jim has been watching the property market and knows how easy it is to get it wrong and lose money. He knows that he doesn’t know how to invest and is fearful (emotion) of making the wrong decisions.
Gain: He wants to build up a portfolio over time which will give him financial options as he grows his family.
Value: Your consultancy helps Jim invest in up to 10 properties in 5 to 10 years. While Jim could do this himself, it’s unlikely he has the time to hunt for properties nor the knowledge and experience your 30 years in the business brings. Your fees are a fraction of the returns Jim could make. Your job is to ensure Jim understands this. Not doing so leads to the price objection above.
Here’s an example value statement:
“Our goal is to ensure you save far more than our fee both in the initial purchase price as well as future capital growth and yield. We guarantee you’ll save more than our fee off the listed purchase price of the properties we recommend or we don’t charge you. And as the properties we carefully select are in high growth areas, the better you buy, the faster you’ll realise capital gain and receive higher rent. I know we can help you reach your financial goals.”
Emotions: How will Jim feel 10 years from now knowing he has 10 properties under his belt? Knowing he has created a healthy level of financial security for himself and his family? Was working with you worth it to get this result? Note: This is the crucial step so many consultants miss at the final stages of the sale.
This article covers only 4 of our 15 step Discovery Process which we and our clients have used to successfully close significant levels of business.
If you’d like a copy of the 15 steps, send me an email and it’s yours. Gratis.