Going for the Big Ones

I believe that sales should be an industry of it's own. There may be a number of slight differences selling a product (tangible) versus selling a service (intangible), but otherwise, selling is selling. A good closer should be able to sell anything to anybody.

Over the years, I've been quite successful with larger deals. I go after them. It takes as much time to sell a big deal as it does a small one. However, because I only seek those accounts for which I believe I have a solution, my closing ratio remains quite high. What's my secret? It's a combination of strategy, marketing, and confidence.

First of all, what are you really selling? You're selling peace of mind. The buyer needs to be comfortable that you can solve his or her problems, that you have credibility, that you possess the strength to carry out the deal, and that you know what you're doing. Here are some thoughts on ways to get to that point.

1. Read High Probability Selling by Jacques Werth. I've always thought that selling and poker have much in common, and when I read Werth's book I realized that I had been using his tactics my entire career.

In poker, you should fold six out of every seven hands that are dealt. However, you should also win six out of seven hands in which you stay. So the odds are in your favor. The same holds true for selling. When do you drop out of a selling situation? When you can't reach the decision makers. Talking to non-decision makers is throwing money on the table with no assurance of a win. Remember, not all deals are for you.

Poker also requires that you play a game for at least 20 hours to wear down your opponents. It's the same with selling: Most salespeople give up after just three calls, yet most prospects are not reached until the fifth or sixth call.

2. Think big. It is much easier to close a big deal than a small one. Relatively speaking, the smaller deal represents a larger percentage of expenditure for a small company. Hence the smaller company will think twice (or three, four, or more times) before deciding.

3. Have confidence that what you are selling is good, and that it will satisfy the buyer. Know the details of your product intimately. Be sure you can answer all the buyer's questions, and avoid answers like "I'll get back to you" (unless, of course, you're really stuck). Be honest. If you don't know the answer, say you don't know.

4. Know your buyer. Learn everything you can about them. Who are they? How many locations do they have? What's their specialty? Try to find something about their personal lives that you can identify with such as their favorite hobby or their likes and dislikes.

5. Learn to listen. When meeting with a buyer for the first time, bring a blank pad and ask about their needs. Write down the issues they bring up and summarize them when the meeting is done.

Limit the issues to no more than five. Ask them, "If we solve these issues, can we do business?" If the answer is yes, prepare a presentation. If no, find out why not. And, if you don't get a satisfactory answer, thank them and move on.

6. Manage your resources. Round up as many people as you can (inside and outside your company) for a particular project. They will become part of your solution.

7. Create marketing materials that emphasize the strengths of your product and your company (such as customer service, delivery times, special dating, etc). If appropriate, add resources from outside your company.

8. Prepare a presentation. Be certain that your solution addresses the buyer's needs and solves their problems. (Good salespeople go through every detail of every presentation, and rehearse it many times.

I once had a colleague who would drive me nuts by rehearsing out loud. When I said I understood, he replied, "But I'm not doing it for you. I'm doing it for me. I need to be prepared.")

9. Start the presentation to the buyer by saying, "I heard you say," and identify the issues the buyer needs resolved. Ask if those are the issues (get a "buy in"). If they are not, get the right issues, and go home and prepare for the correct solution.

10. Use Power Point or a flip chart when making a presentation. The presentation should be divided into the following distinct sections:

• Open with a cover title, such as "Presentation of _____ for XYZ Stationery Stores."
• State the objective of the meeting.
• Identify the five issues that need to be resolved.
• State your specific solutions — one line for each solution.
• State the key benefits of your solutions.
• Show who you are with one to three slides telling what it is that you do.
• Spell out all the details of the solution.
• List the solutions again to show you have addressed the issues.
• Provide a summary that includes the next steps.

Finally, write out the order, and pick up the check! After all, if the buyer has identified the issues, and you've shown how you can solve them while also making the buyer comfortable, how can they not go with you?

So, establish your confidence, set your strategy, and go after the big ones.