Imagine you’re deep into the sales cycle, having engaged in what seemed like promising discussions with a prospect. You've crafted an impressive presentation, received positive feedback, and then, upon revealing the price, the prospect's enthusiasm vanishes. The deal goes cold. Why? You made a critical mistake: postponing the discussion of money until the end.
The Crucial Early Money Discussion
Sandler teaches a fundamental principle for optimal revenue production: qualify hard, close easy. However, a common pitfall is believing you're qualifying hard when you're not. This is often because the qualification doesn't include a thorough discussion of the prospect's Pain — the emotional impact of a given business problem. Without addressing this Pain and its monetary implications, any recommendation or presentation is premature, and an easy close becomes far less likely.
Qualifying for Pain means delving into the emotional and practical costs of the prospect's problem — what they stand to lose by not acting. The Sandler Pain Funnel, a powerful tool for uncovering these costs, is at the heart of this process.
The Sandler Pain Funnel ™
The Pain Funnel is a sequence of carefully structured questions designed to uncover the emotional and practical impact of a prospect's challenges. It starts with broad questions like "Tell me more about that..." and gradually becomes more specific, asking for examples, the duration of the problem, attempted solutions, and the effectiveness of those solutions. This funnel helps you to delve deeply into how much the issue has cost the prospect, not just financially but also in terms of productivity, morale, and other critical factors.
As you can see, the Pain Funnel progresses to more introspective questions that encourage the prospect to reflect on their feelings about the problem and whether they've resigned themselves to living with it. This exploration is vital because it not only uncovers the Pain but also helps the prospect and the salesperson understand the urgency and importance of addressing it. (The problem you uncover may or may not be worth solving from the prospect's point of view!)
However, the Pain Funnel is not a checklist or a one-size-fits-all approach. It's a conversational tool that requires adaptability and empathy. After "completing" the funnel, the salesperson must go beyond the structured questions to explore the specific, unique aspects of the prospect's situation. This involves asking monetization-focused questions that link the emotional and practical aspects of the Pain to specific financial impacts.
Overcoming Psychological Barriers
Discussing finances can be uncomfortable, especially if we have ingrained beliefs about money that don’t support us. These beliefs may deter us from engaging in open conversations about financial expectations or constraints. To effectively discuss money, it’s essential to overcome these “head trash” barriers — dysfunctional beliefs about discussing money with buyers. Acknowledging and addressing these beliefs enables a more open, effective dialogue about financial aspects early in the sales process.
Armed with the Sandler Pain Funnel and a mindset free of head trash, sales professionals can approach the financial discussion with confidence. Asking direct questions about budgets and funding, and exploring the financial implications of the prospect’s Pain, facilitates a more comprehensive qualification process. This approach not only helps in aligning expectations but also paves the way for a smoother closing process. (For help in getting better at asking questions that help to monetize your prospect’s Pain, contact us.)
The Importance of Monetizing Pain
Once Pain is identified, the conversation must shift to its monetization. This involves collaborative exploration with the prospect to quantify the financial impact of their challenges. Unlike the structured Pain Funnel, this phase requires adaptability and a tailored approach, as the financial implications vary significantly from one prospect to another. Successfully monetizing Pain solidifies the foundation for a solution- oriented presentation, moving away from a focus on cost to a focus on value and return on investment.
Take Action Now:
- Introduce financial qualifying early in your next sales contact.
- Make sure the transition from exploring financial expectations and restrictions to addressing the value and pricing of your solution is smooth by using the modified Pain Funnel technique.
- You will increase your close rates and your deal size and position yourself as a reliable advisor who is committed to removing Pain with a capital 'P' from your prospect's world.
