This element can easily consume more of your resources than any other. Working on this element can be extremely costly, so it is very important that you feel comfortable with the first three elements before requesting or authorizing the resources typically required to address this element. Why is this element so costly?
Let’s think about the things you can do to help your prospect gain the confidence necessary to believe that they will be successful.
Usually, the first thing that comes to mind is a solution demonstration, you can show them how it will work and they will understand why it’s going to be a success. This endeavor usually involves additional resources such as solution architects, pre-sales consultants, and solution engineers. To compound things further, there is usually preparation involved with a demonstration where many more hours can be consumed.
After a solution demonstration, you may need to introduce an implementation or support team to your prospect, more meeting time and more preparation. If they are still not convinced, they might need to talk to references or read a case study or meet your executive team. All of these events are very costly in terms of time, travel, and preparation.
This element cannot be avoided since it is highly unlikely that you can close the deal without the prospect believing that they can be successful. The key to this element is to make sure that you keep the first three elements in mind while addressing this one. Holding meetings and demonstrations with people who are not decision makers and who cannot help you get the deal done wastes time and resources. Demonstrating solutions without first agreeing on the problems you are trying to solve also wastes time and resources. Finally, you must not rely on your prospect to make the leap from solution to value all by themselves. You must relate the value you can deliver to every point you make in your demonstrations and meetings.
When you respect the first three elements you can gain agreement on the fourth in an efficient and cost effective manner. Having your client come to the conclusion that they will be successful sets you up for the close. Not addressing this element will come back to haunt you with delays and discounts in the negotiation process. If risk of failure is not mitigated here, your client’s only recourse is to mitigate their fear by extracting a deep discount from you or by choosing your competitor instead.
Next Post – Element 5: Have I proposed a fair deal?
-Bruce Brien, CEO, Stratascope Inc.
