Getting Time, Money and Resource to Solve Problems
I am starting with #7 in my series of sales solutions for improved sales results because I have a story to tell. The # 7 Sales Solution is - Budget - Getting an investment budget of Time, Money and Resources to fix a problem or realize a desired outcome. At Anthony Cole Training in our Effective Selling System, we call this the TMR (Time, Money, Resources) step.
In 1989, my wife Linda and I celebrated our 2nd wedding anniversary. We had moved from Dallas in 1987 to Cincinnati to be closer to family. We left very good jobs with above average incomes behind and I entered the world of life insurance sales under the tutelage of my good friend, David Zimmerman. I was on a financing plan, which meant that I was barely making above minimum wage, and Linda was still getting her sales foundation built with an office furniture company, Ramsey Business Interiors. All this said to get to my point about money. At that time, money was tight and so our anniversary celebration was going to be a 'thrifty' one. We were both running hard with our jobs, raising Anthony and life in general, so neither of us had planned in any detail what we would do to celebrate our 2 years of marital bliss. We drove over to the Tri-County Mall area and settled on Kentucky Fried Chicken and a movie. Dinner cost about $8.
In May of this past year, we took a trip to celebrate what has become known in our family as 'myrtle bliss'. For 25 years, we have not taken a trip of any sort by ourselves for longer than 5 days. I had planned a trip to the Florida Keys for 8 wonderful days. The first night, we were in Key Largo and went to Breezer's Grill. I ordered a glass of wine as did Linda. $8 dollars a glass.
Here's my point for selling. As David Kurlan points out in his on-line assessment for sales people, there is a 'buy cycle' that sales people possess. Not just some of them, but all of them. It is the way we buy stuff. 23 years ago, I bought an $8 dinner because of my buy cycle. Today, I spend multiples of $8 dollars because of my buy cycle and my beliefs about money. You see my buy cycle is this: If I want or need something, I buy it. I do not have a tendency to shop for best price, compare or educate myself beyond any reasonable levels other than to make sure that the product is going to last, the company will stay in business and they have some sort of support and guarentees if something goes wrong with the product. My belief about money is that it is a necessary resource that allows me freedom of time and freedom to choose. If I want more freedom, I will go about making more money. (Thank you, Tim Mackey)
What you need to know here is that you as a sales person have a buy cycle and belief about money, and it does influence how you sell. Marketing guru, Seth Godin, insists that value is the focus. Just because your clients tell you that you need to lower your prices that doesn't make it so. BUT, if your sales person agrees (their belief about money) with a client or prospect or client, then that sales person will be challenged to make the sale and protect margin.
Now understand that this may serve you well as a consumer but will kill you in selling. The coaching point here is that you have to have this discussion prior to presenting. You must know what a lot of money is to the prospect. You must know how they make these kinds of money decisions. You must know who else is involved in making money decisions of this size. You must know if they are committed to investing the time, money and effort required to solve any problems that you've uncovered. If you want to close more business, more quickly at higher margins, you MUST understand Sales Solution #7 and you MUST execute the must I've outlined in this post.
To find out more about buy cycle, record collection and how to sell more business more quickly at higher margins, go to these links:
Anthony Cole Training Resources
Sales Person Assessments
It's Never About Money
It's About Value Not Price