Sales Presentations For Dummies. Julie M. Hansen

“clients?” You may want to ask pointed questions about how your prospect refers to specific things or just take note of her word choice when she speaks.

      ✔ Planting seeds. The discovery conversation isn’t the time for a full-court sales press, but you do want the prospect to get off the phone with a sense of excitement and anticipation about your presentation if she’s attending, or a motivation to pass on her support if she’s not. Statements like, “It sounds like you could really use the extra time to focus on your new responsibilities if this were resolved quickly” can set expectations early. Aim for subtlety and be careful not to slip into a full-on selling mode.

      ✔ Building rapport and interest. Asking questions isn’t just about getting answers. You have a prospect on the phone or in person, so use this valuable time to strengthen your relationship and create some early interest going into your presentation. Here are some effective ways to do so:

      ● Really listen. The discovery conversation is the time to listen. End users in particular may have never been asked their opinion before and therefore may be more than happy to share given the chance, so keep your pencil sharp and listen. This time isn’t just about checking off a box. Don’t make assumptions or finish your prospect’s sentences. You’ll have plenty of time to speak during your presentation.

      ● Repeat back. Make sure that you’re clear on your prospect’s meaning, especially on important points, by repeating back to her what you heard her say. If you don’t understand something, ask questions until you do.

      ● Respond with empathy. Your conversation isn’t a therapy session, but it also isn’t a deposition. You’re talking to real people about real problems. Taking a moment to express appropriate emotion can go a long way toward establishing rapport. For example, “Wow, that sounds really frustrating” or “I imagine that must create a lot of pressure for your department,” will make your prospect feel validated and may get them to open up more.

Defusing potential objections

      Not preparing for objections – reasons your prospect would have to not move forward with the sale – is like waterskiing without a life vest. You may glide along just fine for a while, but when you hit the water, you’re going to be glad you planned ahead. Although most salespeople prepare to address objections in their presentation, you can begin to neutralize many of them early in the planning stage before positions have hardened by doing a thorough job of discovery with your prospect. Following are some common objections that may come up in your initial prospect calls or discovery conversations and how to nip them in the bud or lessen their impact during your presentation. Check out Chapter 15 for more tips on handling objections.

      ✔ It’s not that bad/we’re in no hurry/other decisions are more pressing. These objections all fall into the “lack of urgency” category. You can usually handle them early on by getting the prospect to acknowledge or share the full financial impact of not solving the problem. If the prospect still brings up her objections in the presentation, you’ll be able to remind your prospect of the cost of delay.

      ✔ It’s too expensive. When price is an issue, the prospect doesn’t perceive enough value in your solution. Reaching agreement early on about the impact of resolving the problem or embracing the opportunity allows you to compare that cost objection to the value you’re providing. If this objection still comes up in the presentation, reflect the agreement on the financial impact back to your prospect and ask him if anything has changed since you last spoke.

      ✔ We prefer a competitor. Consider this objection a gift if it comes up early in the planning stages of your presentation. Armed with a competitive analysis (see the next section), you can emphasize those attributes that differentiate you from your competitor throughout your presentation. Focusing on competitive strengths without necessarily mentioning your competition early on can diffuse this objection as can opening designed to address the objection.

Analyzing your competition

      Some salespeople have a tendency to skip over this step. After all, you run up against the same cast of characters all the time. However, two important reasons not to underestimate your competition are

      ✔ Familiarity breeds assumptions. With so many new things to contend with each day, people often overlook that which they already know. That tendency to undervalue a competitor, “Oh, they’re not a big threat,” or operate off of old data “They’ve never been competitive in this niche” can lead to unpleasant surprises. Shifts in strategy, new product launches, or marketing campaigns can impact your prospect’s perspective. Check your competitor’s website and industry reports to get the most current messaging. Social media is a valuable resource for finding out what customers are saying about working with your competition. Approach each competitor with a fresh eye to maintain a competitive edge.

      ✔ Bias blinds you. Being critical of your competition is easy, but if you look at your competitors objectively, you can notice that they probably do some things well. In fact, they may even be able to solve your prospect’s problem – maybe not as quickly, smoothly, or thoroughly as you – but they can probably do it. It’s to your advantage to be as objective as possible about your competition in order to outsell them.

Rounding up the usual suspects: Who is your competition?

      You probably already have a clear idea of who your direct competition is for this opportunity, but depending upon the scope of the problem, some additional players may have entered the field. Make sure that you prepare for each of them.

      ✔ Direct competition: Direct competitors are the companies you probably compete with on a regular basis. You typically share an industry, product, service, market, and/or niche.

      ✔ Potential competition: Although not direct competitors, these companies may overlap with you in a specific area, or they may be a less obvious choice. For example, if you’re selling insurance, you’ll certainly compete with other insurance carriers, but in certain cases you may also find yourself up against firms that outsource HR services as well.

      ✔ Invisible competition: Many salespeople often overlook this category and major player. Your invisible competition is all the other priorities that are competing for the time, attention, and budget of your prospect. For example, your prospect may be considering a big capital investment in equipment, opening a new office, or sponsoring a community project. Getting a clear picture of who or what is competing for the same piece of the pie gives you greater insight into the decision-making process and helps you position your product or service.

      ✔ The status quo: This may be your toughest competitor. Regardless of the business challenge that you’re addressing, the status quo is almost always a major contender for two primary reasons:

      ● Many products that require a sizable investment, such as infrastructure, construction projects, or enterprise software, often lead to additional investments in other areas like training, staffing, or upgrading other systems. Change at this level can be overwhelming and lead to procrastination.

      ● The status quo is the path of least resistance. People get comfortable with the tried and true, no matter how flawed. In this case, the pain of not changing has to be greater than the pain of changing. Always treat the status quo as a favored competitor to avoid being blindsided.

Doing a competitive analysis

      Knowing how you stack up against your competition is important as you start to develop your presentation. Getting an accurate handle on your competitors’ strengths and weaknesses helps you position your product or service accordingly and highlight key differentiators. Here are some areas in which you’ll want to look:

      ✔ Product: What are their primary capabilities and how do you rank against each? Are they a specialist in your prospect’s niche or industry or do they lack experience in this area? How does that compare to you?

      ✔ Service: How do their service models, prices, and response times compare to yours?

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