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Converting Opportunities into Sales | Understanding the Common Barriers
The document discusses common barriers to converting sales opportunities and offers corresponding solutions, focusing on the importance of trust, understanding customer needs, and engaging effectively with prospects. Key barriers include the misconception that selling is only about closing deals, jumping to solutions prematurely, and failing to build relationships. Solutions emphasize the need for preparation, identifying customer pain points, and creating a genuine connection before presenting proposals.
Converting Opportunities into Sales | Understanding the Common Barriers
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- 2. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Agenda! • 11 common barriers to conversion! • 11 solutions to the barriers! • Questions!
- 3. Barrier #1! Thinking thatit’s all about closing and objection handling…!
- 4. © SalesITV -All Rights Reserved. ! Barrier #1 ! Thinking that it’s all about closing and objection handling…! • Closing is easy – if you’ve “done the work”! ! Converting Opportunities into Sales | Understanding the Common Barriers!
- 5. © SalesITV -All Rights Reserved. ! Barrier #1 ! Thinking that it’s all about closing and objection handling…! Converting Opportunities into Sales | Understanding the Common Barriers! • Closing is easy – if you’ve “done the work”! • Objections happen because you haven’t “done the work”!
- 6. © SalesITV -All Rights Reserved. ! Barrier #1 ! Thinking that it’s all about closing and objection handling…! Converting Opportunities into Sales | Understanding the Common Barriers! • Closing is easy – if you’ve “done the work”! • Objections happen because you haven’t “done the work”! • So – DO the work!!
- 7. © SalesITV -All Rights Reserved. ! Barrier #1 ! Thinking that it’s all about closing and objection handling…! Converting Opportunities into Sales | Understanding the Common Barriers! Solution! It’s about earning the sale at the front end of the sales process.! • Closing is easy – if you’ve “done the work”! • Objections happen because you haven’t “done the work”! • So – DO the work!!
- 8. Barrier #2! Jumping aheadto offering solutions and pricing…!
- 9. © SalesITV -All Rights Reserved. ! Barrier #2 ! Jumping ahead to offering solutions and pricing…! Converting Opportunities into Sales | Understanding the Common Barriers! • If it was just about quoting – you would be a computer!
- 10. © SalesITV -All Rights Reserved. ! Barrier #2 ! Jumping ahead to offering solutions and pricing…! Converting Opportunities into Sales | Understanding the Common Barriers! • If it was just about quoting – you would be a computer! • Do you get paid to write proposals?!
- 11. © SalesITV -All Rights Reserved. ! Barrier #2 ! Jumping ahead to offering solutions and pricing…! Converting Opportunities into Sales | Understanding the Common Barriers! • If it was just about quoting – you would be a computer! • Do you get paid to write proposals?! • Don’t “price” until they’ve “paid” you something! ! !
- 12. © SalesITV -All Rights Reserved. ! Barrier #2 ! Jumping ahead to offering solutions and pricing…! Converting Opportunities into Sales | Understanding the Common Barriers! • If it was just about quoting – you would be a computer! • Do you get paid to write proposals?! • Don’t “price” until they’ve “paid” you something! ! ! Solution! Avoid providing free quotes or pricing and focus on developing a relationship and understanding that enables you to offer a genuine solution.!
- 13. Barrier #3! Failure tobuild “trust” before selling a solution…!
- 14. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #3 ! Failure to build “trust” before selling a solution…! • Even surgeons have had to learn bedside manner!! • If they don’t “like” you, they will take your price/ solution and buy somewhere else! !
- 15. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #3 ! Failure to build “trust” before selling a solution…! • Being a friend is NOT enough to confirm “trust”! • People do what experts tell them to do!
- 16. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #3 ! Failure to build “trust” before selling a solution…! Solution! Ensure you have a deliberate strategy for building both rapport and credibility. ! ! Remember that experts are paid more than friends.!
- 17. Barrier #4! Failure tohelp the opportunity answer question #1 before moving to questions #2 and #3…!
- 18. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #4 ! Failure to help the opportunity answer question #1 before moving to questions #2 and #3…! Why do anything? Why do it with you? Why do it now? Question 1 Question 2 Question 3
- 19. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #4 ! Failure to help the opportunity answer question #1 before moving to questions #2 and #3…! Solution! Remember that the opportunity does not care about your solution until they care about their situation.! Do anything? Do it with you? Do it now? WHY
- 20. Barrier #5! Failing tounderstand why they haven’t yet bought your solution…!
- 21. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #5 ! Failing to understand why they haven’t yet bought your solution…! I’m not aware of or don’t believe your solution will improve my situation I’m happy/ content with the current solution or no solution It’s too hard, risky or expensive to buy your solution I’m ignoring the negative consequences of doing it the current way AVOID PAINGAIN PLEASURE PURCHASING NOT PURCHASING
- 22. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #5 ! Failing to understand why they haven’t yet bought your solution…! Solution! Broaden your needs analysis questions to explore all four reasons for not buying.! I’m not aware of or don’t believe your solution will improve my situation I’m happy/ content with the current solution or no solution It’s too hard, risky or expensive to buy your solution I’m ignoring the negative consequences of doing it the current way AVOID PAINGAIN PLEASURE PURCHASING NOT PURCHASING
- 23. Barrier #6! Selling benefitsinstead of provoking, highlighting and quantifying problems and issues...!
- 24. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #6 ! Selling benefits instead of provoking, highlighting and quantifying problems and issues...! We can save you $200 on your power bill per quarter You have been paying $200 too much per quarter on your power bill and we can rectify it
- 25. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #6 ! Selling benefits instead of provoking, highlighting and quantifying problems and issues...! Solution! Present your benefits as problems to be solved.! You have been paying $200 too much per quarter on your power bill and we can rectify it
- 26. Barrier #7! Failing toidentify issues and develop provocation strategies...!
- 27. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #7 ! Failing to identify issues and develop provocation strategies...! Issue Issue Provocation Strategy Example: Lack of coaching by sales managers • Where are your sales managers at in relation to coaching performance and sales skills? • Where would you like them to be? • What do you think the issues they face are in relation to coaching more effectively? • How do you think they would coach something like improving conversion?
- 28. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #7 ! Failing to identify issues and develop provocation strategies...! Solution! Use questions to educate opportunities on what the problems might be and get them to tell you they have a problem you can solve.!
- 29. Barrier #8! Selling topeople that aren’t ready to buy...!
- 30. © SalesITV -All Rights Reserved. ! Barrier #8 ! Selling to people that aren’t ready to buy! Converting Opportunities into Sales | Understanding the Common Barriers! • How do you know if they’re “ready to buy”?!
- 31. © SalesITV -All Rights Reserved. ! Barrier #8 ! Selling to people that aren’t ready to buy! Converting Opportunities into Sales | Understanding the Common Barriers! • How do you know if they’re “ready to buy”?! • Test BEFORE you put effort into solutions/ pricing!
- 32. © SalesITV -All Rights Reserved. ! Barrier #8 ! Selling to people that aren’t ready to buy! Converting Opportunities into Sales | Understanding the Common Barriers! • How do you know if they’re “ready to buy”?! • Test BEFORE you put effort into solutions/ pricing! • Include coaching for stalled deals in your pipeline!
- 33. © SalesITV -All Rights Reserved. ! Barrier #8 ! Selling to people that aren’t ready to buy! Converting Opportunities into Sales | Understanding the Common Barriers! Solution! Make sure you genuinely have an IDEA whether the opportunity is serious about taking action and solving the problems you’ve highlighted. ! • How do you know if they’re “ready to buy”?! • Test BEFORE you put effort into solutions/ pricing! • Include coaching for stalled deals in your pipeline!
- 34. Barrier #9! Failing tohave a strategy to activate the four drivers of action... !
- 35. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #9 ! Failing to have a strategy to activate the four drivers of action...! • Benefits are weak as a motivator for taking action! I’m excited about buying and believe that it will improve my situation I’m no longer content with my current solution I can justify buying from you and its so easy to do so I understand, believe and acknowledge that there are negative consequences if I don’t buy AVOID PAINGAIN PLEASURE PURCHASING NOT PURCHASING
- 36. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #9 ! Failing to have a strategy to activate the four drivers of action... ! I’m excited about buying and believe that it will improve my situation I’m no longer content with my current solution I can justify buying from you and its so easy to do so I understand, believe and acknowledge that there are negative consequences if I don’t buy AVOID PAINGAIN PLEASURE PURCHASING NOT PURCHASING • Benefits are weak as a motivator for taking action! • Make it painful to not act!
- 37. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #9 ! Failing to have a strategy to activate the four drivers of action ! I’m excited about buying and believe that it will improve my situation I’m no longer content with my current solution I can justify buying from you and its so easy to do so I understand, believe and acknowledge that there are negative consequences if I don’t buy AVOID PAINGAIN PLEASURE PURCHASING NOT PURCHASING • Benefits are weak as a motivator for taking action! • Make it painful to not act! !
- 38. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #9 ! Failing to have a strategy to activate the four drivers of action... ! I’m excited about buying and believe that it will improve my situation I’m no longer content with my current solution I can justify buying from you and its so easy to do so I understand, believe and acknowledge that there are negative consequences if I don’t buy AVOID PAINGAIN PLEASURE PURCHASING NOT PURCHASING • Benefits are weak as a motivator for taking action! • Make it painful to not act! • Take away the objections!
- 39. © SalesITV -All Rights Reserved. ! Barrier #9 ! Failing to have a strategy to activate the four drivers of action... ! Converting Opportunities into Sales | Understanding the Common Barriers! Solution! Motivating opportunities to buy requires more than just talking about the benefits.! I’m excited about buying and believe that it will improve my situation I’m no longer content with my current solution I can justify buying from you and its so easy to do so I understand, believe and acknowledge that there are negative consequences if I don’t buy AVOID PAINGAIN PLEASURE PURCHASING NOT PURCHASING
- 40. Barrier #10! Failing todiscuss barriers to buying and partner with the prospect on removing them…!
- 41. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #10 ! Failing to discuss barriers to buying and partner with the prospect on removing them…! I’m not aware of or don’t believe your solution will improve my situation I’m happy/ content with the current solution or no solution It’s too hard, risky or expensive to buy your solution I’m ignoring the negative consequences of doing it the current way AVOID PAINGAIN PLEASURE PURCHASING NOT PURCHASING
- 42. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #10 ! Failing to discuss barriers to buying and partner with the prospect on removing them…! Solution! Help the opportunity hypothetically purchase your solution and make sure you are forewarned of any barriers to taking action. ! It’s too hard, risky or expensive to buy your solution AVOID PAIN
- 43. Barrier #11! Giving itALL away for free…!
- 44. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #11 ! Giving it ALL away…!
- 45. © SalesITV -All Rights Reserved. ! Converting Opportunities into Sales | Understanding the Common Barriers! Barrier #11 ! Giving it ALL away…! Solution! Solve enough of the problem to let the opportunity know you can solve it all, if they’re serious about taking action and buying from you.!
- 46. TRY SALESITV FREE! 14 day free trial, no credit card required. Any sales skill. Anytime. Anywhere.! /SalesITV! @SalesITV! SalesITV! +SalesITV! blog.salesitv.com!