1.  What does your boss need to hear in order to approve the purchase? This one applies to all those if-it-were-up-to-me prospects who lay the blame at another decision maker’s feet. When confronted with that type of situation, asking this question gives you a much better sense of whether the prospect is an advocate who’s interested in what you have to offer, or a stalling storyteller who really has no intention of buying. If it’s the former, the two of you can work together to develop a value proposition that’ll earn the boss’s approval. If not, it’s probably better to move on to other prospects.
2. Do you have any idea how much money your company is losing? This sounds like a bold choice, but customers who are losing money every day they continue to do business with an incumbent supplier (or who aren’t taking advantage of the type of services you offer at all) aren’t going to agree to a change unless there’s a compelling reason to do so. Salespeople who can demonstrate (in dollars and cents) how much the prospect’s company is squandering are in a much better position to earn a prospect’s respect, attention and business.
3. Do you realize some of your competitors have gained a major advantage by doing business with us? Sure, there are more diplomatic ways to phrase this, but the point is nothing gains a high-level prospect’s attention more than knowing top competitors are taking advantage of a valuable resource they aren’t. Salespeople who can help prospects level that playing field are likely to win more sales.
4. What type of relationship do you have with the C-suite? Prospects who have an adversarial relationship with the C-level execs in their company are probably eager for an ally. Salespeople who can partner with prospects to help them either gain acceptance from the C-suite or overcome some of the challenges they’re facing — in terms of upward communication — are not only one step closer to winning the sale, they’re also bound to earn the prospect’s trust.
5. What don’t you like about our product/service? Knowing the answer to this question may be the key to closing countless sales. Once you identify what the prospect feels less-than-comfortable about, you have an opportunity to address that problem. If there is no major obstacle, asking this question will help you zero in on why the sale isn’t moving forward.

Yes, buyers are jumping ship in record numbers.

But they’re only doing so because fierce competitors are swooping in and proving they can offer buyers more bang for their buck.

Here are four ways the best in the biz capitalize on the opportunities other salespeople leave behind:

1. Zero in on the buyer’s pain. Nearly 60% of buyers who change suppliers these days do so because they received poor service after the sale. Tight competition has afforded buyers the right to be picky, and statistics prove today’s prospects won’t hesitate to switch to a supplier who offers something better. Value-added salespeople make the most of this by asking prospects where the current supplier’s coming up short and offering solutions that address those problems. It’s a direct approach that speaks to prospects’ pain, while allowing them to tell salespeople exactly how to win their business.
2. Show the money. The biggest concern for any prospect (especially in a sluggish economy) is having some assurance that they’re making a safe investment for their company. Top salespeople respond to that by breaking down in dollars and cents how much the prospect stands to lose by staying with the current supplier and demonstrating all the areas where they can help prospects save on costs or generate more revenue. It may also be helpful to ask where prospects are looking to grow in the coming months, and use that as an effective tie-in for your value proposition.
3. Show proof. According to sales expert Tom Reilly, there are three reasons why buyers hold off on making buying decisions during a tight economy: (1) a heightened need to justify the necessity of every purchase, (2) layoffs and low morale shifting the focus from seeking new opportunities to reducing turnover, and (3) fear that any change might have a negative impact and cause others in the organization to question their judgment. The key in times like these is to provide buyers with a sense of security that they’re making a safe (and smart) decision by doing business with you.
4. Show where to go from here. Finally, buyers want salespeople to make the buying decision as simple as possible. Top salespeople keep contracts on hand at all times, so buyers can sign on the spot once a deal is struck. Some salespeople even file the forms online so they can access and print them at a moment’s notice from any given location. Making deals as quick and painless as possible is a great way to earn a prospect’s trust, and it could lead to even more business down the road.

Unlike the past when a value proposition usually meant presenting a list of features and benefits in a unique way, today’s managers are better served to base their value proposition on the “experience” of doing business.

Researchers insist to survive in today’s marketplace, businesses need to orchestrate interesting events for their customers, engaging them on a constant and vigilant level.

The Miller Heiman study uses the example of FedEx, a company which has a very simple value proposition (that doubles as its slogan): “When It Absolutely Has to Be There Overnight.”

This has replaced FedEx’s previous credo (i.e., “Delivering the world on time”) because it’s more specific, and speaks to the reputation and reliability of FedEx’s system.

More importantly, it addresses the primary concern most customers have when considering how to safely get a package from A to B in less than a day.

In other words, value propositions need to be more active, explaining not only what a company does, but why it can be trusted to do it more efficiently than any competitor.

Or, as Rich Blakeman, VP of Miller Heiman, puts it, “Your customers absolutely cannot experience any variation associated with their expectations and the results of your value proposition.”

“Without predictable, consistent value in your customer experience, you’ll have no predictability in your results.”

Source: “Put the Value in Your Value Proposition,” Miller Heiman.

How do top salespeople bridge that gap to connect with prospects and consistently build strong relationships?

Here are four ideas to consider:

• Know the prospect’s priorities beforehand. Asking good questions is a great way to understand a prospect’s needs. But doing extensive pre-call research gives salespeople a chance to get acquainted with the prospect’s corporate culture, what has driven past buying decisions and how his/her company does business. The more a salesperson knows up front, the more comfortable prospects feel discussing business with him/her. Pre-call research also allows salespeople a chance to ask targeted questions and confirm what they already know, while demonstrating to prospects they understand their needs.
• Create a buyer-centric timeline. Top salespeople work with prospects early on to establish a timeline that takes into account all the factors that will contribute to their buying decision. This way they have a better grasp on whether a prospect is stalling, or if there’s another reason for their not moving forward with the sale. Great salespeople use timelines to send a message that they want to work as a partner, putting the prospect’s needs before their own.
• Prioritize each prospect’s need. Some needs are more important to a prospect than others. The salesperson who creates a value proposition based on the prospect’s biggest hot button needs is often in a much better position to win the sale. The best salespeople create a hierarchy of needs based on what has motivated a prospect’s past buying decisions and where prospects see their company headed in the months to come. Salespeople use that hierarchy as a gauge for how to focus the presentation.
• Take personal responsibility. Just as most prospects like to make a connection with salespeople before agreeing to do business with them, they also want to be assured that the salesperson will work as a partner for the duration of their relationship. Top salespeople are proactive, following up at regular intervals in order to ensure they’re: aware of any potential problems before the prospect has to contact them, constantly on the prospect’s radar and building the type of relationship that leads to higher levels of loyalty and satisfaction.

Source: Achieve Sales Excellence, a book by Howard Stevens.

1. Identify the crucial components of the account. Who is this prospect? What are his/her biggest needs? How can your company provide the best solution to the problem? Who else is vying for the account?
2. Research the competitor (or incumbent supplier) that is also vying for the account. What does the competitor offer that you can’t? What are its biggest selling points? How can you counter those? How do your major selling points match up against the competitor’s? What are the crucial differences between you and the competitor? How can you use that information to add more value to your proposal?
3. Create a definitive value proposition. If you’ve answered these questions, you know how your competition is going to approach the sale. Once you know that, you can anticipate the prospect’s questions and provide answers before they even ask.

Every competitive selling situation is like a game of chess. The player who’s thinking five steps ahead always has an edge on the opponent who’s only considering the next move.

1. Research and anticipate. Exceptional salespeople start out by researching prospects’ companies, their competitors, their needs, how their buying process works, and where the current supplier may be coming up short. Pre-call research allows them to anticipate objections, or avoid them altogether. It also ensures their value proposition is focused on a buyer’s specific hot-button needs, instead of a generic list of features and benefits.
2. Make a diagnosis. Great salespeople not only pinpoint where their products and services can have the most impact, they suggest fresh alternatives for creating additional streams of revenue. They drill down deep to determine what prospect’s biggest obstacles are and how their products and services can help prospects overcome those challenges.
3. Quantify the solution. The best and brightest also create easy-to-follow outlines that demonstrate exactly how much prospects will save or gain by doing business with them. Outlines should include how and where the return will come from, and how soon the prospect can expect to see results.
4. Position yourself a partner in the prospect’s success: A lot of selling is based on emotion, which is why prospects are inclined to go with the salesperson they feel best understands their business. Great salespeople collaborate with prospects to understand what those prospects really want out of the business relationship, and when they’re looking to make a final buying decision.

Sales leaders who expect to win more business make it a priority to learn (and teach their teams) the answers to these nine questions: 

1. What type of prospects (i.e., SIC, title, region, industry, etc.) traditionally generate the most revenue for your company?
2. What are your customers’ biggest needs and obstacles, and how have recent changes in the industry affected them?
3. How can you articulate the key points of your value proposition so they speak to those needs?
4. How can your solution help each prospect’s business grow?
5. What are the strategic benefits of your offer (e.g., decreased labor, cheaper shipping, better service, etc.)?
6. Do you have existing customers who can provide testimonial evidence of how the solution had a positive impact on their business?
7. How high on the executive ladder do you need to go to find the prospect who can benefit the most from your offer (as well as find the one who has buying power)?
8. Who else is typically involved in the buying decision, and how can you get them involved in the selling process?
9. What can you offer each prospect that other competitors can’t (or won’t)?

What questions does your team need to answer? Share them in the Comments Box below.

1. They don’t believe they have a problem (or they know they have a problem but don’t think it’s serious enough to do anything about). In other words, they don’t have an incentive to change.
2. They know they have a problem and want to take action, but don’t have confidence in the proposed solution.

Customizing solutions

That’s where solution selling comes in. But before attempting to offer any solutions, your reps should be asking themselves two questions:

1. Does the prospect know the true cost of the absence of the solutions your company sells?
2. Do they know the risks they’re exposed to if they don’t buy that solution?

Solutions may be confusing, translation skills required

Your reps can’t always count on prospects to recognize the value your company brings to the table.

Prospects are the judge and jury in a sale — and your salespeople are the guides.

Until your reps can define your company’s value in stages that enable prospects to understand what they’re missing out on, they won’t close many deals.

When a value translation is done properly, prospects understand how your offering relates to their world and can evaluate its worth.

Top sales professionals bring clarity to their prospects’ decision processes. They know how to translate their companies’ value propositions into value life cycles that are customized for each prospect.

3 levels of value

There are three levels at which your company can deliver value:

1. Product level — features, benefits, quality and price.
2. Process level — the ways your product or service will enhance the prospect’s business processes.
3. Performance level — the impact of your product or service on the customer’s business results.

If your sales reps can touch on all three levels with prospects, it’ll give potential buyers a clearer picture of what their missing out on and boost closing rates.

Adapted from the book Value Selling by Jeff Thull.

Solutions are not enough

Providing solutions to problems may not be enough to win business. Differentiating based on price-and-delivery or business strategy worked well in the past. But not today. It’s no longer enough for salespeople to adjust to change – they must try to understand the customer’s organizational challenges and become an agent for change.

Changes in selling

Becoming change leaders may require salespeople to change the way they sell. It might be helpful to review the four levels of selling:

• Level 1 (Transaction-Centric). A level-one salesperson competes primarily on price and delivery. The customer tries to fulfill a well defined need with a well defined product or service and looks for the best price and delivery terms. The key value proposition is saving — money or time. The buyer is typically a purchasing agent or middle manager.

• Level 2 (Solution-Centric). The solution-centric salesperson is an expert in product features and knows how to apply them to solve problems for the customer. The customer may be a manager at a higher level who is more focused on return on investment than initial price.

• Level 3 (Strategy-Centric). The strategic salesperson shows how products and services not only solve problems but also how they align with the customer’s business strategy. It requires a deep understand of the customer’s business and motivation. Prospects at this level are more concerned about the success of the business strategy than they are about reducing costs.

• Level 4 (Change-Centric). A level-four salesperson views business strategy as a way of making a change — to achieve the customer’s goals. The change-centric approach helps salespeople develop deeper, more profitable customer relationships and be more agile and adaptive to changing conditions. Prospects at this level are members of top management.

The first change

The first change your salespeople should try to make is to detach themselves from their products or services and focus their attention on the customer and the customer’s goals. They must see themselves as facilitators and counselors, rather than providers of goods and services.

Adapted from Selling Change by Brett Clay