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The Q and A Sales Podcast

By: Paul Reilly
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  • Summary

  • Salespeople constantly have questions running through their minds and there always seems to be that ONE question that has yet to be answered. This show answers the most pressing questions for the sales professional. Whether you're new to sales or you think you know it all, you probably have a question -- so ASK it!
    2019-2024, Reilly Sales Training.
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Episodes
  • Why won't customers change? (Rebroadcast)

    Why won't customers change? (Rebroadcast)
    Mar 18 2024
    Have you ever wondered why customers or prospects won’t change? You might have a better solution, but the decision maker is still reluctant. In this episode, Paul discusses some of the psychological forces that impact your customer’s or prospect’s decision making process. Show Notes Paul answers an interesting question: Why won’t customers change? “Well, we’re going to answer that question today and take a look at some of the deeper psychology behind this question and there’s three things we’re going to focus on: The Status Quo Bias, Loss Aversion, and the Endowment Effect, alright?” Paul uncovers how these biases impact customer decision making, and most importantly, he provides some tips and ideas to overcome these biases. “So, first things first; let’s talk about loss aversion and how it relates to change. Loss aversion basically means that losses loom larger than gains.” Customers will focus more on what they have to give up versus what they gain anytime a change takes place. People like to stick with what they know. Customers like familiarity. They like to stick with what they know and what they trust. “So, if you’re talking to a prospect or a customer and trying to displace a competitor, define the concept or idea you’re selling and then draw a parallel to how they’re already buying into this concept or idea.” The Endowment Effect is the tendency for people to place higher value on the things that they own versus the things they don’t own. “If anyone’s ever tried to sell their home, for example, you meet with the realtor and then you tell the realtor, ‘Here is what I think my house is worth.’ But the realtor tells you what it’s actually worth. We place a higher value on it because we own it. “So, again, yes, it is a challenge when customers don’t want to change. This podcast, hopefully, gave you a couple of ideas on how you can help inspire change, alright? Just to recap, remember, with Loss Aversion, whatever they give up is going to loom larger than what they gain, so, you’ve got to show 1.5 to 2.5 times of gain compared to what they have to give up to attain it. When we talk about the Status Quo Bias, be able to explain how your ideas and concepts are familiar to them already. Draw a parallel to another area of their business. And then, the final thing we talked about is the Endowment Effect. People place a higher value on the ideas that are their own, versus your ideas. So, somehow, try to convince and plant your idea in that customer’s mind.” Did you enjoy the podcast? Go to Apple Podcasts to rate/review the podcast: https://podcasts.apple.com/us/podcast/the-q-and-a-sales-podcast/id1485103513. Click “Listen” then the “ratings and reviews” button. Visit www.ToughTimer.com to get started on the 30-Day Tough-Timer Challenge! Order your copy of Selling Through Tough Times from Amazon or Barnes & Noble! Click here to purchase the latest edition of Value-Added Selling! Interested in our public seminar offerings? Click here to learn more. *** Thank you for tuning in. Our show is updated weekly with the questions you ask. So, please go to the home page to ask the question that you want answered. Thank you to our production team at The Creative Impostor Studios. Be sure to follow our show in your favorite podcast app and share this episode with a colleague or friend. And most importantly...make it a big day.
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    10 mins
  • How do I avoid price too early in the conversation? (Rebroadcast)

    How do I avoid price too early in the conversation? (Rebroadcast)
    Mar 11 2024

    Too often, buyers will focus on price before you’ve had a chance to prove your value. In this episode, Paul shares some ideas on how to proactively take control of the sales conversation.

    Show Notes

    Buyers often focus on price early in the conversation. This is especially true in commoditized industries. When buyers view multiple solutions as the same, they focus more on price. “Well, any time the customer leads you into a pricing conversation before you’ve proven the actual value, your price is going to be too high. The customer has yet to really understand what it is that you actually do for them.”

    When customers make buying decisions, they analyze four variables: Price, Cost, Utility, and Impact. “Price is what you charge for your product or service. It’s pretty straightforward, but, Cost is much broader. Cost is what that buyer really sacrifices. Utility is what your product or service actually does, but Impact is how it really affects the buyer.”

    “When the buyer asks about price, don’t freak out and start listing price.” Instead, redirect the conversation to cost. For example, “Well, Mr. Customer, I understand that price is one of the many factors you consider when making this decision, but the reason you’re asking about price is because you’re really concerned about saving on your total cost. Is that right?”

    If you’re talking total cost, you can share ideas to reduce their cost. If you’re talking price, you’re more likely to discount. Once you have changed the conversation from price to total cost, you can discuss all the ways your solution will help that buyer save on their total cost.

    The next step is to ask questions related to total cost. Ask questions to identify all the ways your buyer determines cost. For example, “How do you calculate labor on this project?”, “How is cost determined throughout this project?” or “What are some of those soft or hidden costs associated with this decision?”

    Did you enjoy the podcast? Go to Apple Podcasts to rate/review the podcast: https://podcasts.apple.com/us/podcast/the-q-and-a-sales-podcast/id1485103513. Click “Listen” then the “ratings and reviews” button.

    Visit www.ToughTimer.com to get started on the 30-Day Tough-Timer Challenge!

    Order your copy of Selling Through Tough Times from Amazon or Barnes & Noble!

    Click here to purchase the latest edition of Value-Added Selling!

    Interested in our public seminar offerings? Click here to learn more.

    ***

    Thank you for tuning in. Our show is updated weekly with the questions you ask. So, please go to the home page to ask the question that you want answered.

    Thank you to our production team at The Creative Impostor Studios.

    Be sure to follow our show in your favorite podcast app and share this episode with a colleague or friend.

    And most importantly...make it a big day.
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    7 mins
  • How do I validate and remind the customer of the value we deliver? (Rebroadcast)

    How do I validate and remind the customer of the value we deliver? (Rebroadcast)
    Mar 4 2024

    Are customers giving you all the credit you deserve? Paul shares three examples to reinforce and validate the value you deliver.

    Show Notes:

    “Nobody gets the credit they deserve; you only get the credit you ask for.” Therefore, its…

    “As most people are unaware of the air they breathe; most customers are unaware of the value they receive.”

    Your customer is not intentionally forgetting about your value, they just don’t think about it. When things work the way they should, they don’t notice it.

    Value reinforcement is critical because price only becomes an issue in the absence of value. If the customer forgets about your value, price becomes an issue.

    There are two things you can do to validate and remind the customer of the value you deliver: dollarize the impact of your value, and communicate that impact to different levels of decision makers.

    “_______ is the number-one reason salespeople discount their price. So, ask yourself this question…”

    Did you enjoy the podcast? Go to Apple Podcasts to rate/review the podcast: https://podcasts.apple.com/us/podcast/the-q-and-a-sales-podcast/id1485103513. Click “Listen” then the “ratings and reviews” button.

    Visit www.ToughTimer.com to get started on the 30-Day Tough-Timer Challenge!

    Order your copy of Selling Through Tough Times from Amazon or Barnes & Noble!

    Click here to purchase the latest edition of Value-Added Selling!

    Interested in our public seminar offerings? Click here to learn more.

    ***

    Thank you for tuning in. Our show is updated weekly with the questions you ask. So, please go to the home page to ask the question that you want answered.

    Thank you to our production team at The Creative Impostor Studios.

    Be sure to follow our show in your favorite podcast app and share this episode with a colleague or friend.

    And most importantly...make it a big day.
    Show More Show Less
    15 mins
Marketing Economics
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