Ed Talks with Victor Antonio - Still Getting Bids

Summary

In this sales training video, the speaker discusses strategies for handling customers who insist on getting multiple bids, even after being presented with a strong offer. The focus is on leaving with dignity, setting clear expectations for competitors (the 'poison pill' strategy), and inoculating customers against negative feedback. The speaker emphasizes the importance of empathy, respect, and leveraging the power of a well-known brand like Orkin to seal the deal. The strategies aim to guide salespeople through tricky situations with customers who are hesitant or unsure, ultimately helping them close deals even in competitive environments.

Takeaways

• 😀 **Understand customer resistance:** When customers insist on getting multiple bids, it’s important to avoid pressuring them, as pushing too hard can alienate them and cost you the deal.
• 😀 **Leave with dignity:** If you're not closing the deal right away, use the 'leave with dignity' technique by validating the customer's need for other bids without being pushy.
• 😀 **Build rapport with empathy:** Acknowledge and empathize with the customer’s decision to seek additional estimates. Using personal anecdotes helps to relax the situation and build trust.
• 😀 **Ask for a favor:** Request that the customer compares your offer with others, emphasizing the quality of your service and the professionalism of your team. This sets a high bar for other companies.
• 😀 **Pause for impact:** Strategic pauses in your conversation help to relieve tension and give the customer time to digest what you've said, making them feel more at ease.
• 😀 **Use the 'Poison Pill' strategy:** Leave behind a set of key features or standards that you expect from any competitor (e.g., drug-tested employees, deferred payments) to ensure future comparisons are favorable to you.
• 😀 **The Inoculation Effect:** If competitors are likely to badmouth your company, address and counteract these potential objections before the customer hears them from others.
• 😀 **Leverage your brand's reputation:** Strongly emphasize your brand's reliability and reputation to close the deal, positioning your company as the gold standard in the industry.
• 😀 **Recognize the customer's motivation:** Customers often seek multiple bids because they don't feel fully convinced or comfortable with your offer, so focusing on building trust is key.
• 😀 **Selling in competitive environments is rewarding:** Winning a deal against competition, especially when the customer gets multiple bids, is one of the most rewarding experiences for a salesperson.
• 😀 **Know your competition:** A successful salesperson must understand the competition well enough to anticipate and address their selling tactics, ensuring they’re positioned favorably in comparison.

Q & A

What is the main challenge when dealing with customers who request multiple bids?

The main challenge is to avoid pushing too hard for the sale, as aggressive tactics can alienate the customer. The goal is to remain professional and understanding, even if they choose another vendor.

What does 'leaving with dignity' mean in a sales context?

'Leaving with dignity' refers to walking away from a deal gracefully without burning bridges, even if the customer decides to go with another company. It's about maintaining a positive relationship with the customer.

How can a salesperson relieve tension when a customer is getting multiple bids?

A salesperson can relieve tension by acknowledging the customer's decision to seek multiple bids, and using a calming, relatable statement, such as sharing their own personal experience with getting multiple quotes for a significant purchase.

What is the role of the 'favor' request in the sales process?

The 'favor' request is a strategy where the salesperson asks the customer to ensure that any other company they consider meets certain standards (e.g., quality service, drug-screened technicians, etc.). It serves to reinforce the value of the salesperson's offer.

What is the 'Poison Pill' strategy and how does it work?

The 'Poison Pill' strategy involves leaving the customer with a list of standards or expectations to look for in other companies. By doing so, the salesperson sets the bar for competitors, ensuring the customer is comparing apples to apples and doesn’t settle for less.

How does the 'Inoculation' strategy help a salesperson when a competitor might badmouth them?

The 'Inoculation' strategy preemptively addresses potential negative claims by competitors. The salesperson informs the customer of common negative points that competitors may raise and counters those claims, ensuring the customer isn’t swayed by misinformation.

What should a salesperson do if a competitor claims to offer the same services for a lower price?

A salesperson should educate the customer on the true value of their offering, emphasizing that while competitors may claim to offer the same service for less, it’s rarely the case. The salesperson should highlight the quality and reliability of their product or service.

Why is closing a deal with a customer who is shopping around for multiple bids satisfying for a salesperson?

It is satisfying because winning a deal in a competitive environment proves the salesperson’s value. Closing a deal against competition feels like a true accomplishment, as it requires a higher level of skill and strategy.

What role does leveraging a brand play in closing a sale?

Leveraging a strong, trusted brand can provide reassurance to the customer and increase the likelihood of closing a sale. Customers often prefer to work with a reputable brand, as it offers them confidence and peace of mind.

How can a salesperson ensure that their offer stands out in a competitive bidding situation?

A salesperson can stand out by focusing on the unique value they provide, using strategies like the 'Poison Pill' and 'Inoculation' to set expectations for competitors. They should also emphasize the benefits of their service and the security of working with a trusted, well-established brand.