SPIN Selling
Inspired by Mistake No. 11 in The Termite Effect.
Mistake No. 11 in The Termite Effect is “Your Business Does Not Have a Well-Defined Sales System”. Many business owners and entrepreneurs are winging it when it comes to their sales process. As a matter of fact, calling their sales activity a process is quite a stretch.
One of my favorite books on sales is Neil Rackham’s SPIN Selling whose analysis suggests a specific questioning sequence. Below is a synopsis:
S – Situational Questions
- Background and data-gathering.
- “How long have you had your present equipment?”
P – Problem Questions
- Implied needs, explore difficulties and dissatisfaction in areas where your products or services can help.
- “Are you concerned with the quality of output from your current equipment?”
I – Implication Questions
- Build upon the implied need. Discover the seriousness and urgency of the need.
- “How does the equipment impact your profitability?”
N – Need-Payoff Questions
- Get the customer to explain to you the benefits that your solution could offer them.
- “What would it mean to your business if we improved your equipment’s speed by 10%-15%?”
Rackham suggests developing and maintaining a problem solving mentality. If you can solve a problem for a prospect, you most likely have a sale. You identify their problems by asking great questions.
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