Today, I would like to share some ideas with you, about the importance of timing in the sales process. The idea for this post came to me, whilst standing in a queue last night buying some milk!
While I was waiting to be served, I noticed that the shop had some pumpkin shaped, Halloween chocolate on a shelf, with the price heavily reduced. Although the chocolate was still within its sell-by date and would have tasted exactly the same as it would have on Halloween, who wants pumpkin shaped, Halloween chocolate in December? No one! Even with its price discounted by 75%, it was stuck on the shelf unsold. That’s because it’s moment had passed.
Here’s the thing: The sales process is time sensitive. If you have a prospective customer, who is thinking about buying from you and you ask for the sale before they are ready – you will lose the sale. Equally, if you wait too long to ask for the sale, you will also lose it – because their interest has cooled. They are no longer a hot prospect!
Think of the sales process as being like a saucepan of cold water placed on a hot stove. The water starts off cold, then it gets warmer and warmer until it reaches boiling point. In business, that’s the point where the prospective customer is most likely to buy from you. When we turn the stove off, the water quickly stops boiling and cools, until it reaches room temperature. In sales, every degree in heat that’s lost, makes it less likely that you will get the sale – Until you have zero chance because they have gone elsewhere or are simply no longer interested.
Here’s what 23 years in the business tells me
In my experience, the majority of companies wait too long, rather than ask too soon. I’ve lost count of how many times people have told me that they didn’t want to rush the prospective customer into making a decision – only to find that when they finally did ask for the sale, the customer had gone elsewhere!
In your business, you need to identify precisely at what point in your negotiating process, your prospective customers are at their hottest. That’s the point where you need to ask them to make a decision. Not before. Not after. Get this right and you will massively increase the number of sales you make.
Have you figured out when your prospects are at their hottest? Do you have any tips on how to get the timing right, that you would like to share? What do you think?
Image credit: Dave F
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I know it took me months (if not years!!) to build up the confidence to specifically ask if someone wants to work with me. But if you don’t, you aren’t giving your clients the best possible service, are you?
Some people are quite shy at asking “So, what do you do and how much do you cost?” but present them an option to choose from “Would you like ABC programme for £X or XYZ for £X?” then you are still giving them absolute control over the decision making process but at the same time making it easier for them to talk money with you.
BTW I love that Halloween chocolate analogy, Jim.
Hi Karen – Thanks for the feedback and for taking time to pop by the blog.
I get emails on a daily basis from people, who have real problems asking people for the sale. They demonstrate their ability, prepare detailed proposals and often put a stack of time into it – but they then sit back and wait for their phone to ring. They (rightly) don’t want to rush the process, but by waiting TOO long, they often lose the opportunity they worked so hard for.
This is just one element in the sales process, but one of the least understood and most overlooked.
Hi Jim, If I added up all the ways I handicapped myself in the past by having great ideas, even knowing how to execute them but then being fearful to take the next step, it would be a large number. I’ve been in the career marketing industry for 25 years but I just launched a viable, visible website in January. The difference that has made is huge. I have to thank you for leading me to your advice on pricing, http://jimsmarketingblog.com/2008/09/15/how-to-get-your-fees-or-prices-right-in-3-steps/
it made an impact on what I put on the site in that area and it still affects how I think about changing pricing. I find that now with a visible place for clients to go to look and predetermine, I can use the site to discuss with them what their needs are. Otherwise, the opportunity for the sale was often gone before I even knew it.
That’s extremely generous of you to say Julie – thank you.
Hi Jim,
It’s been my experience that you really can’t ask for the order too soon… that is if you have someone that is genuinely interested in your product or service. It is after you ask for the order that the real objections or concerns will come out that must be overcome and dealt with if you are to welcome a new customer into your business.
I do agree with your second point. Not asking for the order is a huge problem. Most sales people will talk themselves right out of a sale – mostly due to a fear of rejection and not asking for the order.
If a customer has taken the time to make contact, come in to your place of business, is asking buying questions, make no mistake – he’s going to purchase from someone… the question is, will that someone be you.
Great comment Mark – particularly the final paragraph! ‘Helping and hoping’ makes little sense to me.
When the client has fully realised the issues they have and have faith that you can help them fix those issues…
to me, that is the point when they decide they want to work with you. That is when they are at the ‘hottest’ as you put it.
I personally don’t think it is then a case of asking for the sales. I think it’s a case of helping them work out if they are willing to invest enough to fix the issues.
If they have… you’ve got the sale.
That’s certainly one way to do it Chris – I call it the help and hope approach. It’s great to help, but they need to know you you want their business too.
@Chris Green – That’s naive at best. If you give all that advice and fail to ask for the business you become a charity not a business. No ones gonna bite you for showing that you would like the privilege of working with them, to partner on solving their challenges.
Great topic, Jim, and one that many businesses and individuals are afraid to broach at times. It’s all well and good being open, friendly, available, etc – but at some point it needs to transfer into a return. Something I’ll be looking at in an upcoming post.
Cheers for always making us think.
Great point Danny!
I’ve heard many times, from many sales trainers that the majority of salespeople do as someone suggested here earlier; help and hope. The help and hope approach has seen a lot of gifted, hard working people go broke. Help by all means (I’ve made a carer of it) but you have to let people know you want to do business with them.
Thanks Danny.
Hey Jim:
You bring up a great point on sales and timing. I always refer to it as a “dance” of gentle movement: Push too hard or fast and you’re partner loses balance. Don’t push at all and your partner reminds behind.
I’ve done both enough times over the years to have a good idea of when the client is ready for the sale. It took me a LOT of practice and mistakes but I keep pushing ahead… Trying to teach this someone is very difficult and I applaud you for taking the time to put it in words.
Cheers!
Thanks for the feedback Jeff. I like the idea of the process being like a dance (Wish I’d thought of that!)
Hi Jim,
A number of interesting issues here, from your original post and then the great comments.
I work with architects and like many creative people they often have a problem with being in business. Asking for a sale is almost taboo – there is a huge fear of being too pushy. There’s a lot of ‘helping and hoping’ going on.
Yet on the other hand, many architects feel that they aren’t rewarded enough for the work they do, (and become resentful) because they don’t negotiate good enough fees for the job. Contrary to popular opinion, architects are relatively lowly paid professionals even compared to their construction industry peers.
At the bottom of all of this is a misunderstanding of how people buy, a lack of knowledge of the real value people put on their work, a lack of control over the process of delivering the goods, and a consequential lack of confidence in the whole process of marketing, fee negotiation, sales and delivery. Over recent years this has led to a huge debate about whether the RIBA should fix fees for architects (like they did up until the ’80s), as if that would make a difference!
Your encouragement is timely.
A very thought provoking article. Besides the water being turned off, and cooling it can boil over, evaporate and end burning the pan. Was hoping you had some insight on how to find that right place to ask a leading/closing question.
Maybe a future post, or something that varies to much by industry to generalize. Perhaps being more in tune with the customer to start, so they are letting you know when is the right time?