Let me tell you a story… It’s about how Greg decided to buy a new TV.
Now you’re probably thinking, “Why would I want to know…” but bear with me – there are some valuable sales lessons here which you could apply to your business.
But first, I’d like to go back in time. Back 10 years or so to when I was delivering a sales training to a bunch of folks.
A participant, Damian was pretending to buy a new home theatre system and I was the shop salesperson. Our systems ranged from a few hundred dollars to about $10,000 a pop.
I wanted to get a feel for what he was looking for so I could steer him in the “right direction”.
So after the usual pleasantries, I asked Damian what he was looking for in a home theatre system, what was important to him and why, and finally how much he wanted to spend… his budget.
His reasons are not important for this story, but his budget is… “About $3,000” he replied.
So I naturally steered him towards mid-range systems as this is what he’d told me.
We played out the roles and he “bought”. Job well done… I had a self-satisfied smile on my lips.
Then came the bolt out of the blue. Someone in the audience asked why I hadn’t shown him the $10,000 systems? Huh? Well, I said – he told me his budget was $3,000 so I took him at his word.
BIG MISTAKE! Damian turned around and said given what the $10,000 system would do in comparison, he’d have “found” the money to pay for it. An emotional buy!
I learned a big lesson that day. Never assume a client won’t pay top dollar for something they really want. And never make the mistake of not showing them top of the range products just because they give you a lower budget figure.
In fact, I’d go so far as to never ask them what they want to spend. Show them a range and let them decide.
So back to Greg and his TV.
This is how he recounted the story…
He walked into his local large retailer and was met by a salesperson who asked what sort of TV’s Greg was interested in.
Greg told him he watched a lot of movies and wanted something that was good technology that would last for a few years. (He told me he wanted to keep it about 10 years or so).
So the salesperson showed him a bunch of plasma and LCD TVs on the shop floor. None of them took his fancy. They just didn’t do it for him.
Frustrated he said “Don’t you have anything better? What’s the top of the line TV you’ve got?”
That’s when the salesman twigged. He took Greg into a “hidden” lounge where you could sit in comfort and experience the really good stuff.
This was more like it!
The top of the line 3D TV had a picture quality twice as good as the cheaper versions, even when just displaying a “normal” picture. The build quality was excellent – and the price reflected it.
So Greg became the proud owner of a new $11,000 TV – and yes, he’s very happy with the purchase. No buyer’s remorse here!
And in case you’re thinking, “Greg is a rarity” – no he’s not!
No matter what the state of the economy. No matter that the “average” person appears not to be spending. There will always be people who will pay top dollar because they want something.
Your job is to not pre judge. Your job is to show them what you have, explain the value, and help them experience the emotional desire of owning it. Do it right and they’ll happily part with their money!
Maybe a lesson our friends in Harvey Norman, David Jones, Colorado should learn rather than complaining that people aren’t buying and in the case of Colorado – going out of business.
As always, we offer customised training and coaching in sales skills. So if you’re a retailer, professional consultant or sell to the business to business space, we can help you increase your sales – guaranteed. Call me on (02) 9499-7958 to get the ball rolling.
Rashid.
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