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Note to Sales #17. But X-Factor is cheaper than you...

Posted: 1st February 2016

“You’re more expensive”  - We hear it all the time.

Sometimes prospects say it because it is like scratching an itch - the phrase is instinctive. However, it’s more likely that they say it because we didn’t build enough value in our service or we haven’t illustrated enough need or shown that our solution was clearly the best way to satisfy that need.

But you can’t go back, so what do you do.

1.                  Differentiate:

Make sure that the offering is not like for like.  Change the term, the minimums, the prepayment. 

Listen to what the prospect wants, ask questions to find out what they value.  Then change the facility to suit.  Be creative.

Stress our services unique features that you know they will value and ….  

2.                  …highlight the benefits:

Don’t say         “There is no minimum payment”

Do say             “As your sales are seasonal you won’t be penalised in the low months”

Don’t say         “We are offering one month’s notice”

Do say             “I am that confident of our service that you can leave us at any time – but trust me, you won’t want to”

Don’t say         “The concentration limit is relaxed on your largest customer”

Do say             “We will make sure that you get the most funding possible.  If Joe Bloggs Ltd goes to 50% of your ledger we will still fund it”

3.                  Break it down

Prospect:         “They are charging me 1.0% and you are 1.3%. That’s a big difference” 

You:                 “Let’s look at that. On sales of £500,000 a year, that would be a difference of £1,500 – that’s £125 a month.  So for an extra £125 a month you are getting an unbeatable service and ….. “see points 1 & 2. 

If all else fails start crying and sob “why do you hate me?!!!”……that usually works for me.

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