SELLING TO THE BOTTOM LINE
C.J. Hayden, MCC
"Every person who has ever started a business, I imagine, thought he had
a good idea. It's the smart person, and the rare person, who tries
to find out the most important thing: do other people think it's
a good idea?"
-- Bernard Kamoroff, author of "Small-Time Operator"
If
you've ever wondered why more people don't respond to your sales
attempts and marketing messages, here's the first place to look
-- 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 customers about why it's worth their
while to buy what you are selling in the first place, you are fighting
an uphill battle.
A student in one of my 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 in the marketplace
was there, right? But when I asked him if students thought they
needed financial counseling, his immediate answer was no. They had
other concerns and ignored their finances, which was why he thought
they needed 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 customers not only have to know they
have a problem, they have to be willing to spend money to solve
it.
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 one nonprofit instead
of spreading their donations around. But finding the right fit for
a sponsorship was hard. She tried to sell companies on her ability
to locate appropriate nonprofits and help establish relations. But
they weren't buying. They knew they had a problem, but 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.
Let's
take as an example a life coach who tells clients he can help them
find more passion in life. The prospect tells a friend: "I'm
thinking about hiring a life coach to help me discover more passion
in my work." The friend is skeptical, 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 fact, 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.
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 client'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 communications
consulting. Get to know your market's spending habits and
you will know better how to sell to them.
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 work 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
© 2004, C.J. Hayden
Read more free articles by
C.J. Hayden or subscribe to the GET
CLIENTS NOW! E-Letter.
Editors, publishers & webmasters: You may reprint these articles
free of charge if you follow our reprint
guidelines.
|