Shorten Sales Cycles... By Capitalizing on Trigger Events
By Craig
Elias, Creator of Trigger Event Selling and Chief Catalyst, SHiFT Selling, Inc.
Jed (a hypothetical salesperson) keeps getting what sound like positive
buying signals with his prospecting calls. Somehow, though, he's not
getting very far.
"People tell me to call back in two months, four months, six months, when
they will be looking at this problem" he says, perplexed. "When I call
back, I get people telling me how glad they are that I called ... but my
close ratio is low, and my sales cycles are way too long. What's going
on?"
In response, I would give Jed the following advice.
"Jed, when you cold call someone in an attempt to sell them something,
you're interrupting that person's day. The dominant instinct is always
going to be for that person to find any reason to get off the phone and
get back to what they were doing before you interrupted them.
"Your goal has to be to maintain your poise and get past that first
fifteen to thirty seconds of the initial call ... which is always going to
be a little bumpy.
"BUT -- the reason you're riding out those first fifteen to thirty seconds
is not so you can try to turn the person into a short term prospect on the
spot!
"Actually, you're trying to discover if this person has experienced a Trigger Event. If there has been such an event you want to find out
what it was and when it happened. The Trigger Event could have
taken place quite a while ago, it could have happened only recently, or it
could still be on the horizon.
"These Trigger Events typically fall into one of three categories:
Bad Experience: The buyer has a bad experience with a product/service, with people, or
with a provider. For instance, there may have been a product/service
change that creates dissatisfaction.
Change / Transition: The buyer has a change or transition in people, places, or priorities. For
instance, there may have been a change in the buyer at an account.
Awareness
:
The buyer becomes aware of the need to change for legal, risk-avoidance,
or economic reasons. For instance: The person may have a new understanding
that buying from someone like you is less risky than continuing to buy the
existing solution.
"During the first minute of your call, use the opportunity to understand
which of the following three buying modes the buyer is in:
"Status Quo: The
buyer is completely happy with what he or she currently has. There has not
been a Trigger Event in the recent past, but there may be one on
the horizon. You may think this person is a waste of time and may want to
move on to the next person on your list. Actually, if this person has
money, authority, and influence, this is a great long-term
opportunity. A strategy for this type of call is to start the
relationship building process. I would also suggest that you check back in
on a monthly basis to see if a Trigger Event has recently happened.
"Searching For
Alternatives: This person is unhappy with what he or she has, has
spoken to several suppliers, and probably already has a favorite. A Trigger Event took place a while ago, and they've already taken action
on it. You may think that this is a short-term opportunity ... because the
buyer is actively talking to a number of potential suppliers. This is in
fact probably a medium term opportunity … because it is highly
likely this buyer already has a first choice! Selling to buyers
under these conditions typically results in a lower close ratio and a
longer sales cycle – exactly the problem that you are experiencing. A
strategy for this type of call is to position yourself as the buyer's
number-two choice -- so you get called first if the buyer's current
favorite falters. You should check back every other week to see where you
stand.
"Window of
Dissatisfaction: A Trigger Event has recently taken place and
this buyer knows that what they are currently using is no longer
sufficient, but has not done anything about it yet. Because they tell you
to call back in two months, four months, or six months you make a note to
do that and move on to the next person on your list. Wrong answer! This is
actually a short-term
opportunity, because the buyer is not talking to your competition --
yet. When you call back a few months later, even if you call a few weeks
early thinking it will give you and edge, it's very likely they will
already be talking to your competition. The strategy for this type of call
is to identify the business opportunity and pursue it immediately -- with
as much happening on this initial call as possible and future contact
taking place in the very near future. You must find a way to push a little
bit and learn more about the Trigger Event, then try to set a
near-term course of action.
"As it stands, Jed, you are focusing on those people who are already
talking to your competition … and missing the biggest opportunities: those
buyers in the Window of Dissatisfaction, who recently experienced a Trigger Event and have not started talking to your competition. That's why your numbers are as bad as they are; that's also why your sales
cycles are so long.
"Jed, you need to do a better job of ‘staying on your feet' for the first
thirty seconds or so of the call -- long enough to ask a couple of
questions that will help you learn whether the person has:
Not
experienced a Trigger Event in a long time
Experienced a Trigger Event a while ago and already doing something
about it
Recently experienced a Trigger Event and has done nothing about it --– yet
"Once you learn if, and when, a buyer has experienced a Trigger Event you can apply the appropriate strategy. When you do that, and focus FIRST
on those people in the Window of Dissatisfaction, who recently experienced
a Trigger Event and have done nothing about it yet, you will have a
much higher close ratio ... and you'll have much shorter sales cycles!"
The creator of Trigger Event
Selling™, and contributing author to the #1
Selling Book on both Amazon and The Wall Street
Journal "Masters of Sales", Craig Elias has
received coverage on NBC news, in The New York Times,
The National Post, The Wall Street Journal, The Nikkei
Marketing Journal, Sales and Marketing magazine, and had
his last company chosen by Dow Jones as one of the 50
most promising companies in North America.
For almost 20 years, Craig has used Trigger Event strategies to be a top sales
performer at EVERY company he has worked for –
including WorldCom where he was named the #1 salesperson
within six months of joining the company – and to win a $1,000,000 prize in a global, billion dollar idea
competition.
Shorten Sales Cycles
… By Capitalizing On Trigger Events Download this article
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