Sales Velocity 101 for the WIN.
In the non-capital industrial sales business (sales with a unit value under $25,000.00), speed counts.
In fact, very often the supplier with the fastest response to both an inquiry and the ability to accurately quote & deliver will get the sale.
This may not be a budget or cost management process, but it may be a “Do You Have…” process.
Here is a key to understanding this. If the customer starts with this question, “Do You have _______ In Stock?” Something has happened on his or her end that has moved their need into a near urgent or potentially urgent state.
Understand that the customer does not want to appear to be in need of what you are selling because they do no want to be taken advantage of. However, if they did not NEED IT NOW, they would not have asked whether you had it in stock.
So, with this understanding of your customers need now uncovered, you have the opportunity to become the hero to your customer. Just with a few simple words. “Yes, we do have that in stock”, or “Yes when would you like it delivered?” and the sales is in motion.
The next step is simply to close the sale and fill the order. This is done by capturing the customers contact info and forwarding them the quote to be signed off on as quickly as possible.
If you are going to win, you will need to have to have a high-speed quoting system. It could simply be a form to fill out and fax. Or a spread sheet in which to enter data into and fax/email. It could even be a server or cloud based quoting system. (I personally love the cloud based quoting program www.socketapp.com) Whatever your method, it is important to get the order confirmation delivered within 5 minutes or less to avoid competitors to quote ahead of you and win the sale.
Following sending the quote to the customer, is important to now use a soft touch. Do not push the order process too forcibly. You will need to assure them the product will launch upon order confirmation and that you will be ready to act with the speed that they require.
In no time, you will get the order confirmation back or a request to process the payment. If they are on account, get that order in motion. If they do not have account, run their credit card and get that order in motion.
Be sure to let your customer know all the way along the sales process that you are being proactive in filling their order and never use language, vocal tone or body language that gives them the idea that you have them over the barrel.
If it appears that you are taking advantage of the customers need for your product or service, the sale will be on one-time deal. They likely will not become a repeat customer.
On the flip side. If you treat your customer with respect, understanding, precision and solid communication, you will be respected as the supplier who got them out of a jam. Your positive actions will earn you respect, trust and referrals. Your attention to their needs and the promptness of your actions will also earn you the ability to sell at full price.
After all, the value is in what the item they just bought will do for them! It is not in what it cost them nor what it is. Those are just the minor details.
Change your value, change your world.
To learn how to apply this strategy to your business, click to get in touch.