Every sales professional is enabled or has mastered the art of qualifying in an opportunity thoroughly and of course, that is perhaps one of the most crucial stages in a sales cycle.
We all believe sales reps are more often than not enthusiastic and confident of closing the orders coming their way but the fact of the matter is, Is it even practically possible?
Well, we all admit the fact that sales colleagues are directly responsible for revenue generation hence their time allocation is absolutely critical and anything affecting that instantly hampers the organization’s revenue growth.
An experienced sales professional discovers that the most important commodity for his/her is “Time”.
He/she needs to invest his/her time after right customers/opportunities. It is quite essential to develop a habit of letting go of the wrong opportunities and losing faster rather than losing slow.
And price can help him play an important role in “Qualifying” stage. All the more – when your offering is premium in the industry and not everybody can afford it.
Price – A very popular term which is quite closer to every sales professional.
Often customers use price as an excuse or a way out to discard your product/services whereas the actual reason could be absolutely nonidentical.
A stellar sales professional is one who determines the prospects in an initial stage and knows when is the appropriate time to throw the price rather than wasting the time behind a wrong opportunity.
Below are 3 types of typical prospects who exist in sales :
1. One Who Can Certainly Afford Your Solution
When you are certain that the prospect can afford your solution, emphasize more on the value you can bring in at the first go.
- Make him/her realize WIIFT (What’s In It for Them)
- Let them experience your product/services.
- Spotlight more on the change they can envisage post using your solution
- Keep the price discussion at the final stage
2. One Who May or May Not Afford Your Solution
When you are not too certain if the prospect can afford your solution, it is always sensible to mention the price early in the sales cycle to bypass any last-minute thunderbolts.
- Parallelly offer the value proposition
- Highlight the advantages of the solution
- Simultaneously, it is apt to reveal the price early in the sales cycle and evaluate if the prospect’s budget is in line with your cost.
3. One Who Is Clearly Outside Your ICP (Ideal Customer Profile)
In this scenario, the best way is to bring in the cost factor right at the beginning to either qualify in/out of the opportunity rather than wasting much time.
- Judge the prospects need maturity.
- Evaluate the seriousness of their need.
- And, concurrently reveal the price right at the early stage of the sales cycle.
The above has worked for me in prioritizing my time and organization resources. It has further helped us improve the conversion ratio from “Opportunities to Orders”.