“By using these three steps, you should become a bigger priority for your prospects, increasing buyer urgency to get the deal over the finish line.” – Andrew Barbuto in today’s Tip 1806
How can you increase urgency to become your prospect’s top priority?
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Transcript
Scott Ingram: You’re listening to the Daily Sales Tips podcast, and I’m your host, Scott Ingram. Today’s tip comes from Andrew Barbuto. Andrew is a seasoned digital media sales professional with a proven track record of winning new business and building long-term customer relationships. Over the last 8 years, he has been a top-producing salesperson at two leading digital media companies, closing hundreds of services and software deals to agencies and advertisers worth over $250 million in revenue. Here he is:
Andrew Barbuto: Why do some buyers stay engaged throughout the sales cycle and promptly follow up with next steps, whereas others require multiple follow-ups just to get a response? The answer to this question is buyer urgency. There is nothing worse than thinking everything is going great in your meeting. The buyer seems interested just for the deal to stall when there are no more clear next steps. The reason for this is because the buyer clearly has other priorities that are taking precedent. You must become a bigger priority to advance deals to close.
So today, I’m going to discuss three easy steps on how you can become your prospect’s main priority by increasing urgency. The first step that I’m going to review is to highlight the opportunity lost by not moving forward. The way to do this is to first calculate the positive financial impact that your offering would have for your buyers, and then calculate the financial benefits that they’re missing out on every day that they’re not moving forward.
For example, you might say, I know that increasing profits are important for your business. We’ve calculated that our offering could create an additional $200,000 in annual profits directly to your bottom line, which means that you’re missing out on 50K every quarter that you push this off. I hate for you to miss out on that. When do you think that you’ll be able to start benefiting from this? By continuing to highlight the financial benefits they’re missing out on throughout the sales cycle, you’ll be quantifying the cost of waiting, which should light a fire on them to start making a move.
Second step that we’re going to cover is to offer social proof by providing examples of ways their competitors or similar companies are benefiting by making the change that they’re putting off. No one likes feeling like they’re going to be left behind, and your prospects are no different. By showing your prospect that their competitors have already made this change in all the different ways that they’re benefiting from it, it should give them the confidence that they are too able to make this change, alleviating any hesitations while also giving them FOMO to avoid being left behind. Any specific examples that you can provide that should create urgency, needed for them to take in action.
The final step that we’re going to cover is to provide an expiration date on any special discounted pricing that you offer to your contact. If you’re giving your prospect a deal by discounting your pricing lower than what is normal, that deal should not last forever. There’s a reason why car dealerships offer end-of-season promotions. Providing a limited-time offer that buyers won’t want to miss out on is what ultimately motivates action. Make sure that you explain clearly how long that the discounted pricing will last for when you’re in the negotiation phase.
For example, when you’re negotiating, if your prospect asked for a 15% discount, you might say, Good news, I was able to get that price that you requested. However, I’m only able to guarantee that through the end of the quarter. Do you think it’d be possible for you to make a change by then? They say yes, then regularly remind them of that expiration as you get closer to the date you provided. By reminding your prospect that you can only guarantee that desired rate through the end of the quarter, it should create urgency for them to sign to avoid losing that deal.
To recap, three easy steps that you can use to increase your buyer urgency are to calculate the financial benefits that they’re missing out on every day by waiting, provide social proof by showing them how their competitors are benefiting from your solution today, and then providing an expiration date for any pricing discounts that you provide them. By using these three steps, you should become a bigger priority for your prospects, increasing buyer urgency to get the deal over the finish line.
Scott Ingram: To learn more about Andrew, join the waitlist for his book, and receive a script to secure next steps in meetings, just click over to DailySales.Tips/1806. Once you’ve done that, be sure to come back here for another great sales tip. Thanks for listening!