SELLING TO THE BOTTOM LINE
C.J. Hayden, MCC
If you've ever wondered why more
people don't respond to your sales attempts and marketing messages, the first question to ask may
be -- are you selling something that people are willing to spend money on?
It can be hard enough to get your
marketing message heard and work your way toward closing a sale when you're offering a product or
service that prospects already know will help them. But if you also have to educate prospective
clients about why it's worth their while to buy what you're selling in the first place, you are
fighting an uphill battle.
Do Your Prospects Need You?
A student in one of my marketing
classes proposed an idea to sell financial counseling services to college students. He reasoned
that more and more young people were incurring massive amounts of debt and declaring bankruptcy.
Obviously, the need was there in the marketplace, right?
But when I asked him if the
average student would think that he or she needed financial counseling, his immediate answer was
no. They typically had other concerns and ignored their finances, which was why he thought they
should hire him.
Right there is the catch. He
thought they needed him; they didn't think so. The vast majority of buyers -- whether they are
individual consumers or buying on behalf of a business -- only purchase products and services
that solve a problem they have already defined. If you are the one who has to tell them that they
have a problem in the first place, you have a pretty tough sale ahead of you.
In fact, your prospects not only
have to know they have a problem, they have to be willing to spend money to solve it.
Are Your Prospects Willing to
Pay?
A client of mine was marketing
her services to companies to help them build community partnerships. She knew that many corporate
donors were choosing to sponsor just one nonprofit instead of spreading their donations around.
But finding the right fit for an exclusive sponsorship was hard.
My client was trying to sell
companies on her ability to locate appropriate nonprofits and help establish relations. But the
corporations weren't buying. They knew they had a problem, but they weren't willing to pay to fix
it.
So it's not enough that people
want what you offer, it has to be something they will spend money to get. And very importantly,
they must also be able to justify that purchase to themselves and others. This is where you can
provide exactly what your prospective clients need to make a buying decision.
Can Your Prospects Justify the
Purchase?
Let's take as an example a life
coach who tells clients he can help them find more passion in life. The coach's prospect tells a friend:
"I'm thinking about hiring a life coach to help me discover more passion in my work." The friend
is sceptical, and says: "Sounds a little vague to me. If I were you, I'd spend my money on taking
those art classes you keep talking about." The client has been unable to justify the purchase and
she is now having second thoughts.
But what if the same coach told
the prospect he could help her find a new job? When the friend asks for details, the prospect,
briefed by the coach, responds: "He says he can partner with me to help me seek out the
opportunities that match what I'm really looking for, and stay motivated while I'm looking." A
much more likely response from the friend now is: "Sounds like it could be helpful. What's the
coach's name?"
What the coach has done in the
second case is sold to the client's bottom line. He has offered a result that not only the client,
but her friend, seem willing to spend money on. He has also given her the language to explain his
solution and justify the purchase to both her friend and herself. In actuality, the nature of the
work he ends up doing with this client may be exactly the same as it would have been when he
offered her "passion." The difference is that the sale just got much easier.
What Is Your Prospect's Bottom
Line?
The more concrete you can be
about the results clients can expect, the more likely they are to buy. And the closer your offer
is to a result that is already in their budget, the easier your sale becomes. When selling to
organizations, these factors become even more critical. Every purchase has to be justified to a
boss or a board, and if it's not in the budget, your sale may have to wait for next year.
One of my clients was marketing
herself as a facilitator. In her sales pitch to corporate clients, she talked about her
experience and produced glowing testimonials. But all her hard work produced only a few contracts.
Then she began marketing her facilitation in the form of team-building retreats. All of a sudden,
organizations that had no need for "facilitation" were eager for "team-building," and in some
cases already had that need defined in their training budget.
The key to selling to your
prospect's bottom line is knowing what that is. Ask the people in your target market not just
what their problems and goals are, but where they have spent money in the past. A client who has
worked with a massage therapist is a likely prospect for chiropractic. A company that has hired
graphic designers is probably a good target for copywriting. Get to know your market's spending
habits and you will know better how to sell to them.
What Tangible Value Do You
Provide?
In every communication, talk
about the specific results you deliver and the amount of value you provide. When you can assign
an economic benefit to making a purchase, you increase the likelihood of a sale. This is why
finding a new job sells better than finding passion, and helping a company make teams more
productive attracts more buyers than helping them run a meeting. If clients believe you can
either help them make money or save it, working with you can pay for itself.
When you are selling a product or
service with no definable value -- for example, you can help to improve a person's quality of
life or a company's working environment -- be aware that you may have a tougher sale than when
your offer can be translated into currency. Look for how you can describe your value in the most
tangible terms possible, and be prepared to spend some time educating your customers before they
will become willing to buy.
Selling to the bottom line may
require no changes at all to what you do, just a change to how you talk about it. "Nice-to-have"
products and services may generate interest, but "got-to-have" ones generate sales.
Copyright
© 2009, C.J. Hayden
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COMMENTS FROM OUR READERS
"This article is outstanding. I'm an executive coach specializing in life sciences and
health care. Your article made me aware of how important it is for me to be as concrete as
possible when describing my services."
— Mark J. Campbell, Executive & Team Coach, Boston, MA
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