High Probability Selling is one of the more unique sales books both in its presentation and content. The book uses a conversational format between different “characters” to explain a variety of selling concepts. The basic premise of the authors is that “traditional” selling techniques of the past were focused on getting the prospect to buy through whatever means necessary – convincing, persuading or even pressuring. According to Werth and Ruben, the paradigm shifts with High Probability Selling from “getting the prospect to buy to determining whether there is a mutually acceptable basis for doing business and, if not, to go your separate ways.”
Summary: High Probability Selling
The basic philosophy of the authors is that you should only spend time, money, and effort on prospects where there is a high probability for a sale. They contend that most sellers waste a lot of time on too many of the wrong prospects, which leaves less time to spend on good selling opportunities. Instead of looking at every prospect as a potential sale, therefore, you should initially look for opportunities to “disqualify” prospects early and often. The result, they claim, will be less resistance by prospects, less rejection for you and more time spent on high quality prospects, thus resulting in more sales.
Their three phases of High Probability Selling include:
* High Probability Prospecting
* High Probability Selling
* High Probability Closing
High Probability Prospecting
What is your perspective on prospecting for customers? Is every customer on your account list or in your territory a viable prospect? Do you believe that you should “try anything” to get in the door and then convince the prospect they have a need? Werth and Ruben make the argument that this kind of “traditional” prospecting is for the most part a waste of time and energy on your part. The authors’ philosophy is that sellers’ primary objective should be to “disqualify” prospects, at any time in the process, who don’t meet certain criteria. When prospecting, “the objective is to spend our selling time only with prospects who need, want and can afford our product, who are ready to buy now and are willing to buy from us. Keep in mind, we don’t even want to make an appointment with anyone, unless he indicates he needs and wants what we have to offer.”
The authors view prospecting as an identification, rather than as a selling process. When phone prospecting, therefore, the objective is to identify high probability prospects and disqualify the rest as quickly as possible. The guidelines when prospecting by phone include:
* Develop and use an introduction of 45 words or less to clearly outline your offer.
* Ask the prospect if your offer is something they want.
* If your offer is something they want, ask the prospect if a meeting would be appropriate with the intention of doing business; or
* Ask when to call back with a commitment to move forward at that time.
* End the call if you receive a negative answer to any questions.
High Probability Selling
The book discusses two “stages” of the sales call: Establishing the Relationship and Discovery/Dis-Qualification.
Establishing the Relationship:
According to Ruben and Werth, the purpose of this stage is to get to know the prospect and determine whether he’s someone you can trust and respect. If not, then don’t do business with them. Although no specifics are provided in the book, it’s suggested that to establish a relationship with the prospect:
* Your purpose is to get to know them by asking personal questions.
* You must be sincerely interested in what they’re saying.
* Ask open-ended questions to learn about the prospect and his/her organization
* Truly listen to their answers
Discovery/Dis-qualification:
The discovery process is a series of questions designed to understand the prospect’s needs and determine if there is a solid basis for conducting business. It’s also an opportunity to identify any “deal breakers” or issues that would otherwise prevent a sale.
The Discovery/Dis-qualification questions are designed to determine:
1) Need - “Why do you need this product?”
2) Desire - “Do you want this product? Why?”
3) Financial Status – “This will cost x dollars. Are you prepared to spend that?”
4) Time Requirements – “If you decided to go forward, when would you want this to start?”
5) Decision Makers – “Who do you usually consult for a decision like this?” “I need to talk to them before I prepare a proposal.”
6) Authority – “If you decide to go forward, who else would have to agree?”
7) Commitments – “What would happen if you don’t purchase the product?”
8) Preference – “If you made a decision right now, which product would you buy?”
9) Internal Procedures – “What’s your procedure for issuing a purchase order?”
10) Personal Motivation – “What would it mean to you, personally, if you didn’t purchase this product?”
11) Personal Prejudices – “Is there any reason why you wouldn’t want to do business with me?”
12) Hidden Obstacles – “What could be lurking in the background that could prevent this from happening?”
By asking prepared questions, the authors suggest you can maintain control of the selling process, but not the prospect. As long as you accept their answers and respond to their questions directly, you can avoid creating sales resistance.
High Probability Closing
In the closing process, the book suggests that you review the answers given during the discovery process to verify their accuracy and identify any omitted items. Afterward, the prospect’s “conditions for satisfaction” should be discussed, which are essentially the specific requirements the prospect will accept. Rather than asking for the order, you should ask for a commitment from the prospect to give you the order if you prove that your offering can meet all conditions for satisfaction. If the prospect will not commit, then the authors suggest you walk away.
In the final analysis, High Probability Selling, offers a straightforward, efficient way to sell that is neither dishonest or manipulative. For those sellers who frequently prospect or “cold call” over the phone, the prospecting section offers a more unique approach to traditional selling that may result in less call reluctance/rejection and perhaps less resistance on the part of the prospect. This selling methodology, however, seems to be better suited for those sellers who have a large number of prospects and less complex sales. Sellers who sell in major account situations with only a few prospects, high-ticket items, long sales cycles or multiple buyers, would most likely find this selling process quite difficult to apply.
by Rob Reed web: www.terrakon.com blog: www.marketingcentricity.com
