In the latest episode of Velocity Selling TV, Bob Urichuk and Matthew Whyatt discuss the fourth step in a sale, financial ability. Also, don’t forget to download the free guide below the video.
Try Velocity Selling for Free
Velocity Selling TV Episode 65: Step 4 Financial Ability
Bob: Welcome back to Velocity Selling TV. My name is Bob and we have Matthew Whyatt with us from Australia. Matthew, have you had a great week?
Matthew: Sure have Bob, how about yours?
Bob: Absolutely fantastic. Every day is a great day as you know. Well Matthew, we’ve been taking people through the Velocity Selling System: Step one, building rapport, step two setting the parameters, step three, uncovering buying motivators, and now we’re going to get into step four, uncovering financial ability. This is where we talk about money and it’s not us talking about money it’s who Matthew?
Matthew: Well it’s always going to be the buyer because everything we as a salesperson says is questionable, everything the buyer says is brilliant and true. So we want to make sure they’re speaking more about their problems and their finances than we are. So of course we want to make sure that we’re not the ones to put money on the table first. So how we do that? With financial ability, the first step, each one of these sections have steps in and of themselves. The first step of financial ability when you’ve mentally moved on, you understand all of their problems, you’re mentally moving on to start talking about money is you want to actually start reviewing the two or three main problems that they’ve got. So you review that and then you ask a question, have you got a budget set aside to address these issues? And so what you want to do in your sales room or for yourself if you’re a one man operator watching this, is go ahead and write out ‘Yes, we’ve got a budget, this is what it is,’ if they say ‘No, we don’t’ or what are the other potential answers. Maybe sit down with someone at a café and say, ok, if I’m going to ask you if you’ve got a budget set aside, what are two or three, five, answers that you could get. Normally, it’s going to be a yes or a no or I’m not going to tell you or you tell me your price first or whatever it is, do go ahead and script that out. So what we want to do next if they don’t want to tell us, is would you mind, if they do say, ‘Yes we do,’ would you mind sharing that with me in ballpark figures? It’s about partnering and ballpark figures is less intimidating, I think you already said that in a previous episode. So we want to do that and if they say no, we don’t have a budget set aside, this is actually, I’ve used these exact words, No, we’ve got no budget, I said, well how do you plan on proceeding? And just ask, and shut up.
Matthew: And then I’ve actually had the person go, oh well we can find the money if it’s important and whatever it is, but we don’t have a specific budget set aside for this issue. And that’s a really important thing to get them to. Sales people often feel deflated at that stage. You need to go back really quickly and ask them how they are going to fund it.
Matthew: That’s a real important part.
Bob: Yes, and if you can’t get an answer to that, what other steps could you use?
Matthew: That’s right, so I use price ranges or bracketing, so do you see this in 5,000 to 10,000 dollars or 10,000 to 20,000 dollars, and just by pushing a bit harder than that. Because remember, most people are lazy thinkers. If I said to you ‘How are you this morning?’ Most people are like ‘yeah, fine’, but even if your leg was off, I’m fine, because people are lazy thinkers. So if you push a bit harder on some of the questions you need to understand, and have answered for you, you’re going to actually get the answers you need.
Bob: Alright, well that’s fantastic Matthew. We talked about buying motivators last week and financial ability this week, it’s all about the buyer, it’s their problems, it’s their price and it’s us to qualify the buyer. It’s not the salespersons responsibility to provide solutions yet, only qualify the buyer. By qualifying we have to understand what their problems are and how much money. And of course, the next in episode 66 we’re going to talk about decision making. So Matthew, I will see you next week and we’ll get into uncovering decision making as part of the qualification process.
Matthew: Perfect Bob, talk to you later.
Bob: Thanks. Take care, bye-bye.