How you sell is one of the biggest differentiators between you and your competitors. By using methods like the PIMAT discussed here in Terry’s video, you can overcome common sales speed bumps and maximize your potential to land larger deals.
Speed bumps in closing large deals:
Long sales cycles
Figure out a way to shrink the sales cycle. Decrease the amount of time between when you meet a prospect and make the sale. Sometimes this can drag on for months or years.
Tough sales objectives
If you can’t overcome the prospects concerts about your product the likelihood of you selling them on large deals is weakened.
Getting into price battles with our competitors. Differentiate yourself from them with your value and not just your price.
Low value deals
Try not to focus on the smaller low value deals and instead on bigger deals that can move the needle. An example would be for a printer to take an order for a $50 business card order vs $5,000 for a catalogue order.
PIMAT – 5 important topics that we need to talk about with a prospect during the “Needs Analysis” stage of the sales cycle.
2. Needs analysis
3. Sales presentation
4. Close the sale
P: Problem – When you start your needs analysis conversation, ask about the goals they want to accomplish and where they are currently. The gap between where they are and where they want to be is the “problem.”
I: Impact – What damage are the problems causing to the company. This could be a financial oriented problem, time oriented problem, or employee moral/personal oriented problem.
M: Money – Figure out a budgetary range that you can use to create solutions for the prospect. GIve them different price ranges to solve the variety of problems that you have uncovered.
A: Authority – The “who” factor. Who is the decision maker and who else should be involved in the decision to approve a deal. Also ask what factors they are going to consider, if there is a timing perspective to the decision, and what process they go through when making the decision.
T: Technical – The nitty gritty details. If you are building a car, its asking what’s the make, model, color, and interior elements. You have to determine how you will customize what you are selling to suit their needs and create a win-win for both of you.
As you go through the PIMAT process you can eliminate any and all objections that the prospect has upfront and prevent any objections from coming up at the end of the sale.