The definition of a sales pitch is becoming increasingly obsolete. You may even have developed an aversion to it as a customer or an investor after hearing it repeatedly. However, it hovers on the minds of every sales rep, entrepreneur, and anyone else involved in sales. This is a quintessential short and engaging description of your product. From a concept that revolved around talking straight to the prospect to enabling a two-way communication between the sales person and prospective, the sales pitch has come a long way. Of late, the sales pitch has become more of a conversation than a one-sided sermon from the sales rep.
Here are seven of the most important elements to a good sales pitch.
Element 1: Thorough Research
To address the concerns of your prospects, a thorough research on them is vital. Any unprepared attempts at closing deals may turn futile as you are not in a better position to understand your customer requirement. Subsequently, your investment in research makes it evident that you genuinely care about the needs of your prospects.
This knowledge comes handy for you to help them fulfill their needs with your product or service offering. Many sales reps slip into the pitfall of not indulging in proper research but that harms then in the long run. For example, when you are selling a CRM solution you need to understand the business requirement of the customer. A deep research into the problem with sales and marketing at the customer’s end without automation can be solved with the implementation of CRM. Without this knowledge, it can be difficult to pitch the product to the prospect.
Element 2: Define The Problem & Offer a Solution
The sales pitch should talk less about selling and more about helping. This notion helps you migrate slowly to the comfort zone of the customer and you work together to arrive at an amicable solution.
This brings you to the next element of a good sales pitch that is to set clear objectives and goals before meeting the potential client. With this, you can grow the conversation with your clients and understand their pain points better. Here, a good approach is to do more of listening than talking by asking the prospects more about what’s working well and what’s not.
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Element 3: Make Compelling Points
The impression you make on your client should be long-lasting and for that, your points have to be compelling. To get the flow going and the speech more immersible, follow the approach of keeping the idea simple by breaking it down into small chunks. Give them momentary surprises by popping up few interesting facts, or boredom can kill your sales pitch.
As people love data, present them with hard facts, case studies and statistics, and ensure that every piece of information is credible. At times, be emotional and narrate stories that have a good recall value. Once the prospect realizes that you have an answer to their problem, your sale is almost done.
Element 4: Make It Urgent
Create a sense of urgency among your prospects but play your card subtly and wisely. When you give a lot of time for them to think, most probably they may not buy it. So if you want to close the sale quickly throw some tantrums like an ongoing discount for the holiday season or more goodies if they buy the product on the same day.
Push them to take a decision soon so as to be assured of the sale or else it may take more time for the closure. Simply put, shorten your sales cycle.
Element 5: Add Additional Value
Another good tactic to close the deal is to add some additional value to your product. Sometimes a little extra can create a big difference to your sales portfolio. For this, you have do a thorough competitor analysis and understand the buyer’s intent before giving an additional dose of offering.
A good way to get things moving is to offer your customer the benefits of premium packages for a month, or some other features that are not available in starter plans. Also ensure that this generosity of yours is not hurting your bottom line, or else the purpose of earning profits from a sale may not be met.
Element 6: Focus on Benefits
Reiterate the benefits the prospects can get once they sign up for your product or service. You have already told them before but as a final say, paint a better picture of them.
For example: “With this new all-in-one CRM you can manage your contacts better and can run effective campaigns, and in 3 months your revenue will soar with reduced manpower.”
Make such claims to your prospect if you can back it up.
Element 7: Follow Up
The relationship with your customers extends when you close the deal, so strengthen it further by making them happy. Keep in touch with them asking about the positive results their business is showing after using your product. This helps you in getting testimonials from your customers and translating their experiences into case studies.
This gets you more customers and also grows referrals to the business.
Rather than making your sales pitch a list of product features, grow it into a conversation that enables you to build an everlasting relationship with your buyers and customers. Treat it like when you collectively work towards a common goal – the buyer gets his problem solved and you sell your product to your satisfaction.
This approach ensures that your customer is not bogged down with your sales pitch as you are empathetic in understanding his problem to offer a better solution.