Do you know the difference between a small sale and a large Sale
An excellent book that I have tucked away in my library is called Spin Selling by Neil Rackman.
In Neil’s book, he maintains that there is a difference between a small sale and a large sale and different philosophies are used for both. I consult with a lot of commission-based salespeople, including real estate agents and media salespeople. Many of their transactions are large. Knowing the difference between a big sale and not so big sale is handy to know for these salespeople.
If you are able to know the difference between a large sale and a small sale you might just be able to save a lot of time when you go to prospect.
So what is the difference?
How does that relate to your long-term success?
If you can grasp this idea you will be able to avoid all those frustrating “no calls” you keep making and begin to focus on the calls that do matter.
The general rule for small sales is the one from Neil’s book.
He is sitting in an airport waiting for a connecting flight; he was browsing in a store and spotted one of those multipurpose knives, like the Swiss Army knife, the price of $15.
Within 2 seconds of seeing it, he bought it and his immediate need was satisfied. To him, it was what I call a no-decision decision.
Now, what about a bigger sale? Let’s take another scenario, you are meeting your client for the first time, and potentially that client could invest with you several thousand dollars worth of products or services.
Are you going to get him or her to buy on the first call?
The best way to approach the larger sale is to expect that it may take a little longer. They simply have different needs than smaller sales.
Here a sure-fire way to make sure that you do know the difference:
- A larger sale will contain more than one decision maker
- A larger sale involves asking more specific questions about their problems and moving them up to solutions.
- Larger clients tend to take a more rational approach to decision-making than smaller clients.
Do this on a regular basis and monitor what are your small sales and your larger sales.
One action you can take straight away is to write down all your larger clients based on spend and see if this does stack up against the criteria above.
List all your larger clients in a notebook and begin to ask questions to discover their needs over time.
Have great fun selling your stuff.
Mike
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