Thoughtful Thursdays – Confirming sales potential
Have you ever had difficulty confirming sales potential at a prospect? It is very important information, but is not always offered up on a platter.
I will use different approaches depending on the the conversation. The direct approach of asking how much they use can often lead to an inflated number that is searching for a better price. We know that volume speaks. That is a good number start with, but it is beneficial to confirm it. The question is how?
There are indirect questions you can ask that will provide information you can use to calculate potential sales. Some research and thought may be necessary to come up with the right question. I have found success by estimating and presenting a number. The response will tell me if I was correct or not.
Say you want to find out how what a prospects marketing budget is. Rather than asking the obvious question, your research has told you there is an industry standard of approximately 5% of revenues spent on marketing. Research has also provided you with revenue numbers for your prospect. A simple calculation will provide a number that can be used as an estimate to present to your prospect. The response will help you determine the accuracy of that estimate.
Maybe you are selling a raw material and know approximately how much is used on average per final product produced. If you find out how many pieces are involved, you will be able to calculate the potential volume for your product.
There are many ways to obtain the information you are seeking. Think about the different ways as you prepare for your calls.
Knowing the potential will enable you to to manage your time most effectively.
Good selling,
Richard
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