Effectively gain the buyer's attention and build rapport

In this competition, you have a short amount of time (10 min) to make a good impression. How you start the conversation is crucial to set a positive tone for the rest of the interaction. This is your opportunity to make a strong first impression and start building trust. Your approach should include the following:

• Positive greeting
• Professional introduction
• Build rapport with the buyer by making a personal connection
  
  • Much of sales is about relationship building. Share a personal story, a funny joke, etc. Ask the buyer questions so they have the opportunity to reciprocate and share something about themselves as well.
• Smooth transition into the next stage: Needs Identification
  • You'll need to transition the conversation out of small talk into asking pointed business-related questions without it seeming weird or throwing off the trust you just started building.
    
    

Obtain a clear understanding of the buyer's situation

Think of it this way: pitching a product without first asking questions is like throwing spaghetti against the wall hoping it sticks. You can't effectively pitch a product/service without having a clear understanding of the buyer's situation. Doing so might even degrade the trust you just started building. 

• Uncover their decision-making process
  • The first person you speak to may not necessarily be the one that can make the purchasing decision. This may be a process that involves multiple people. The only way to uncover this is to ask.
• Determine relevant facts about the company/buyer
• Uncover the buyer's needs
  • What kind of relevant problems are they currently experiencing?
• Gain pre-commitment to consider the product/service and smooth transition to the Presentation stage

When you are asking questions, try to avoid close-ended questions as much as possible. Instead, focus on open-ended questions to allow the buyer to share details about their current situation and continue building rapport. It is very easy to default to rapid-firing close-ended questions. If you find yourself doing this - slow down. If you catch yourself beginning a question with "Do you...", "Are you..", etc., take a moment to think about how you can ask a similar question in an open-ended format. 

A common questioning sequence in sales is called SPIN Selling. Essentially, you'll want to categorize your questions in the following order:

• Situation (ie: What tools are you currently using?)
• Problem (ie: Does this process ever fail?)
• Implication (ie: What is the productivity cost if it does?)
• Need-Payoff (ie: Would it be easier if...?)

HubSpot offers a more detailed guide to SPIN Selling here.

Persuasively match benefits to meet buyer needs

What you offer (in the form of your product/service) must be a solution to the problems/needs that you uncovered in the previous (Needs Identification) stage. Your presentation should include the following:

• Logical, convincing presentation of benefits based on needs instead of only features
  • The buyer wants to hear the WIIFM (What's In It For Me). Present your solution in a way that is focused on how it will solve their problems.
  • Keep in mind: a feature is what the product has. The benefit is what it does.
  • Focus on how the solution will improve their "pain points"
• Display a strategy to communicate and persuade; clearly understand customer "pain points" and concentrate on those needs.
• Used appropriate/professional visual aids
  • You will want some type of visual aid to support what you are saying. This could be a handout, pricing guide, flyer, etc. Make sure it is professional-looking and easy to read.
    

Eliminate concerns to the customer's satisfaction

Rejection happens. It's how you deal with it that makes the difference. In a perfect world, you present your product and the customer will say "Sign me up!" without hesitation. But the reality is that the customer will almost always have some type of objection or reason not to buy that will prevent you from closing. Your ability to overcome objections will be evaluated on the following:

• Initially gains better understanding of objection (clarifies or allows buyer to clarify objection)
• Effectively answers the objection
• Confirms the objection is no longer a concern of the buyer

HubSpot offers a great blog post that summarizes the most common types of objects and ways to overcome them. They identify the these types of objections as follows:

• Lack of Budget - "It's too expensive."
• Lack of Trust - "I've never heard of your company."
• Lack of Need - "I don't see how this can help me."
• Lack of Urgency - "I don't see why this is important right now."

Don't be afraid of objections. Embrace them. Try putting yourself in your customer's shoes. What are some reasons why you wouldn't buy a particular product? If you were selling to yourself, how would you address those reasons? The best way to overcome objections is to listen to the customer and ask questions to make sure you fully understand before answering. You can review the HubSpot blog post here.

Take initiative to understand where you stand with the buyer now and in the future

Everything you've done so far in the interaction has been leading to the close. Your ability to close the sale will be evaluated on the following criteria: 

• Persuasive in presenting a reason to buy
• Asked for business or appropriate commitment from buyer, given the nature of this particular sales call

There are many different strategies behind a successful close. Here are a few to practice with:

• Assumptive Close
  • Here, you are assuming the customer has mentally made the commitment to the purchase. You could, for example, utilize an assumptive close by putting an order form in front of the customer and handing them a pen.
• Either-Or
  • Present two (or more) options to the customer. There is an element of assumption that they will make the purchase, but they still need to chose one of the options in front of them. Example: "Do you prefer cash or card?" or "Are we going with Option 1 or Option 2 today?"
• Now-Or-Never
  • This technique engages a sense of urgency. For example: "These prices are only good for today. They will increase tomorrow."
  • ALWAYS be truthful with your buyer. You never want to be dishonest. Once trust is broken, it is broken forever.
• Fear or Emotional Close
  • This option tells a story of what could happen if the purchase is not made. Example: "If you don't purchase this now, your business will lose customers."

Depending on how the interaction is going, you may have to choose which direction you want to go in the moment. Some options are better than other others depending on the person you are talking to, the conversation leading up to the close, the types of objections the customer gives, etc. The best way to prepare is to practice. 

Here is another HubSpot blog article on different types of closes.

Woven through every step of the sales process are your general communication skills. 

• Effective verbal communication skills (active listening; restated, rephrased, clarified, probed for better understanding)
• Appropriate non-verbal communication (body language, eye contact, handshake, nodding, etc)
• Verbiage (clear, concise, professional)
• Salesperson enthusiasm and confidence
• Product knowledge