Big Ticket Items - 3 Keys to Get It Sold
by Sherley O’Leary
Many small-business owners make their livings by selling big-ticket items to other companies. Often this can include selling products and services to firms 10 times to even 1,000 times larger than their own.
Selling less expensive items, such as those under $1,000 for example, does require skill and technique. However, the sale of goods and services priced from $10,000 to $100,000 creates a whole new set of challenges for the seller, encountering a new type of mindset from the prospective buyer.
The first key to big-ticket sales success is to find out what the customer really wants. Obviously a main ingredient in any sales approach, this is even more important when larger dollar amounts are in play. Oftentimes a seller will meet with a single individual when a lower-priced item is being considered. However, when dollar amounts can cross the six-figure plateau, sellers might present to a buying group or team of managers. Therefore, it is crucial to understand the needs and desires of the prospective client. Are they dissatisfied with their current supplier? Are they looking for a more advanced product or solution to an existing problem? Do they have growth or expansion issues? Do they desire better service and more value for their money? Do they want to feel more important and get more attention than they currently receive?
Secondly, look for ways to mesh the benefits of your product or company with the customer’s desires. Many sale people of lower priced items can get by focusing just on the features of their product. They may not be good listeners and are interested in solely talking about how their product works. Big ticket purchasers will be much more interested in how your product or service can help them reach their goals than they will be in just the switches on a box. For example, if service is an issue, it is important to discuss the professionalism of your service department. The service department can be a true “added value” for your sale. You may wish to discuss case histories of how your firm faced delivery challenges with similar type clients, and how your firm successfully produced the results those clients were looking for. Prospective buyers should feel you are proposing a solution uniquely fitting their specific needs.
A third key is to build a relationship with your prospective client. This is often called “relational” or “relationship selling.” The prospect wants to see evidence that you are interested in a long-term relationship as opposed to a one-time sale. Conducting thorough research on the buyer’s company is always a sound practice. Reading recent articles and even bringing in a few news clippings to a meeting demonstrates your interest. Knowing some background on the individuals with whom you will be meeting is a real plus. If the buyer is interested in a product you do not have, offer to put them in touch with a business that carries it. Once a purchase is made from you, follow-up with useful product information. Show your interest. Send them cards and notes. As the relationship develops, you are creating a special knowledge base about the buyer and his company, and will be first in line for any new purchases or upgrades.
Finally, go to great degrees to personalize your sales approach. Every sale is different and so should every sales approach. Instead of bringing in the standard product forms, personalize them with the prospect’s business name on the cover and inside your presentation. Highlight with bullet points the key needs and desires they discussed with you at the first meeting. If selling to a group, create a PowerPoint presentation. Use full color; incorporate charts and graphs if necessary. Include client case studies and success letters if possible. Demonstrate your professionalism and how you and your firm are different from the rest. The slightest perceived differences can swing the buying pendulum to your favor. Selling big-ticket items require much analysis, thought and hard work, but the rewards are worth it.
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