Heard a great “buyer’s remorse” story…
“Sam” had quoted on a building job but lost to a much lower priced competitor.
But the job wasn’t done well. The builder went bankrupt and because he didn’t have insurance, the client had no comeback.
Sam then got a call, “I wish we’d paid double and gone with you!”
The job was redone at far greater expense. The client was happy, albeit with a lighter wallet.
There are a couple of major marketing and sales lessons here. Both from a prospect’s and supplier’s point of view.
Every purchasing decision comes down to a cost/benefit/value equation.
The client probably just made a decision based on price. Didn’t or couldn’t perceive the value in the higher quotes.
Which is perfectly understandable when we’re dealing with areas we have no expertise in.
As a vendor it’s your job to help your clients understand the value you provide. Why they should use you and pay your higher fees.
There are two aspects to accomplishing this.
First find out what’s valuable to them re the solution.
Use questions like, “Why do you want this done?” “What are you looking to achieve?”, “Why is this important?”
Then relate your answers back to the values expressed.
<Aside> A huge mistake made by rookie salespeople is “vomiting” over their prospects! They trot out every feature and benefit of their product and fail to notice their prospect’s eyes glazing over with boredom.
And second, educate your prospects on how to make an informed purchasing decision.
Often we don’t know what we don’t know. Especially true if your prospect is not an expert in your field. They don’t know what questions they should be asking and what answers they should get.
They have no way of evaluating the product or your expertise. Unless you educate them.
Many professionals gloss over explanations assuming prospects understand. Often they don’t. They may be too embarrassed to ask and not buy!
Tell them what they should be looking for and directly relate it back to the values you elicited earlier. Explain why your solution will give them the result they want. And then gently move them to purchasing.
Want help explaining your value proposition and eliciting what’s important to your prospects? And then gently moving them towards a sale?
Call Rashid on 0414-913-334 and we’ll work out a strategy that will help you close more business, faster.