All prospects suffer from what economists call “loss aversion.” That is, they tend to avoid a possible loss by sticking to the status quo, rather than risk a possible gain by opting for change. To combat loss aversion, you must demonstrate how your products/services will create big winners and big losers:
– Winners: That adapting to the change you sell will likely result in a highly positive future for the prospect.
– Losers: That not doing so will likely result in an unacceptably negative future for the prospect.
Present evidence that you can make the story come true. the most effective type of evidence is a success story about how you’ve already helped someone else. You don’t need to have many success stories, just a good one.
Sales demos are the next most effective evidence. A product/services demo is a unique opportunity to demonstrate the value of your product to a prospective customer. Features should always be presented in the context of how they help a prospect reach their goals.
A great demo lets your prospects understand how your solution truly solves their pain points and enables them to become more successful in their job. Good demos don’t have to be perfect for the product. They have to be perfect for the audience.
Customize the demo or make it relevant. The first goal of the demo is to provide an opportunity to help the prospect see themselves in the solution. The most effective way to achieve this goal is to customize the demo as fully as possible. Unless you make yourself clear and relevant, customers will go with whatever company or competitor. Instead of memorizing every nuance of your product, prep time is much better spent thinking up all the questions you want to ask your customers, and the questions you believe you’ll get from them.
When you are in meeting with potential customers, don’t dodge silences. Use them to gather more information, carefully think through what you want to say next, and ensure you’re not cutting anyone off. Silence and dramatic pauses build suspense, it’s the most underused conversation tool on the planet. Silence increases the focus on the other person. It’s a great tool to highlight a point, making a few seconds pause after saying something important increases its impact.