What Separates the Good From the Great: A Lesson in Sales
Last week I took in a couple episodes of Million Dollar Beach House. A friend had recommended I check it out and I'm always curious to see other salespeople in action. It was cringe worthy. The homes profiled were beautiful, so were the salespeople...but their sales skills left A LOT to be desired. You know that feeling you get when you're embarrassed for someone else? I felt that...for all of them. In one particularly painful scene one of the realtors, Noel, broke so many basic tenants of sales I lost count. What was particularly egregious was his total lack of knowledge about the property he was selling. The prospect was clearly a sophisticated buyer and was peppering him with basic questions he should have known the answer to. It was a trainwreck. I started to wonder how Noel achieved the degree of success he had, given he completely bombed that showing. To be fair we all have off days, but this got me thinking about the difference between a good salesperson, and a great salesperson.
Good sales people know their product. Great sales people know their product, prospect and market.
Noel hadn't done his due diligence prior to the sales meeting. He wasn't prepared to encounter a sophisticated buyer - one that knew the product and the market. By not knowing his product or his prospect he blew the sale, and most likely the relationship (although you'd probably have to tune into Season 2 to find that out. That's a hard pass on my end).
I've been in this game a while, and 1 billion dollars in closed sales later, here are my top tips on what differentiates the good from the great:
1. Know your Product
This is basic, sales 101 and requires no further explanation.
2. Know your Prospect
I've said this before and I'll say it again: understanding and knowing your prospect is paramount. You've likely heard phrases like 'sell them what they want and give them what they need'. You can't do this unless you know your prospect. You need to understand their sophistication level, what they are looking to achieve, why they want to achieve that, whether they are the sole decision maker or if they have a partner they need to consult, their buying triggers, why they are looking to take a specific action, if they've made a purchase like this before, what options they've explored in the past. Leave no stones unturned - if you do you run the risk of unforeseen objections towards the end of the sales cycle.
3. Know your Market
A good salesperson will have a solid grasp of their market - industry standards and trends, key players and market leaders, competitors and competing offers. A great salesperson will take this one step further by familiarizing themselves with leading indicators that foreshadow upcoming shifts to the economy and their specific market/industry that will impact their business, and the desired outcomes of their prospects. Here's an example:
A few weeks ago the CEO of Delta shared that business travel demand will lag for 12-18 months, and might never fully recover to 2019 levels. "The number of trips that the average road warrior takes I'm sure is going to come down in certain cases," he told analysts. Business travel is an interesting indicator to watch, particularly for entrepreneurs that rely on in person networking or public speaking to drive lead generation, or in person facilitation for the bulk of their client delivery. Our clients who have traditionally relied on these methods to grow and deliver their business will need to start thinking creatively about reaching their clients and prospects where they are, given our new reality. If business travel is expected to lag for the next 12 - 18 months, what does that mean for conferences? Workshops? Meet ups? This is the type of leading indicator my clients need to be aware of, so they can put a plan together for how they can effectively generate leads and client delivery in the virtual world.
Whether you manage a team of salespeople or you are your team of salespeople, understanding your product, prospect and market can be what positions you as one of the greats...a cut above the good. If you'd like my support to transition from the good to the great, feel free to send me a direct message.
