Unleash the potential of sales to reclaim your time and redefine your business! As your host, Jacob K Mead, I'll be guiding you through sales practices, revealing how understanding your customer's is important . We'll explore the significant role of sales in freeing up your time, enabling you to engage more with your loved ones or indulge in activities you love.
Throughout the episode, we explore the need to match your customer's emotions and enthusiasm while selling, and how to effectively navigate their hesitations and respond to their objections. With insights from my own experiences in running a business in the electronic devices industry, we'll discuss how to overcome price objections and the art of showcasing value before price. We wrap up the conversation with some practical advice on tackling common objections, getting to the heart of what might be stopping your customer, and how to deliver the value they might be missing. Get ready to transform your sales strategy and buy back your time.
Hey everybody, this is Jacob K Mead and this is the Buy Time podcast, where we discuss everything there is to know about buying back your time. Be sure to like and follow and share with somebody who needs to buy back their time. Enjoy today's episode. Welcome back to another episode of the Buy Time podcast. My name is Jacob K Mead. I'm your host today that's going to be talking everything there is about how to buy your time. Today we're going to discuss sales and why sales is so important in actually getting your time back and allowing you to spend more time with your family. Your loved ones are doing what you love most. So let's go ahead and dive in, and before we dive in, actually, let's take a second and think about different areas in your business that sales is utilized. Maybe you're all sales, maybe you're not, maybe you're having a hard time thinking about something in your business that sales, but go ahead and think about your business and how that sales process works for you. So, for instance, my business we sell electronic devices. We also service electronic devices. Anything from a computer all the way down to cell phones, tablets, anything with a power button we can pretty much fix, and so that would be really what we offer our customers and we do some business to business sales and we also do consumer. But that's really what we focus on. So think about in your business what sales looks like for you. And then I want you to think about whether or not it's something a customer needs or whether it's something the customer wants, because those are two big things and the different ways you go about selling are completely different. If a customer needs something but doesn't necessarily want to spend the money on it, then you're going to start to see some hesitation. If a customer wants something, a lot of times it's going to be easier to sell to that customer because they're eager, they're excited. You don't have to drive that excitement, it's already driven for them. So those are some things that kind of think about in your business. Is a customer looking at needing this or is a customer looking at wanting it? So let's talk about that for a minute. In my particular business, a lot of the times we get customers needing something. They don't necessarily want to fix their device, but they need to fix their device. They need to have something that's operational, so they need to fix their device. And so what happens here is we give the customer a price. Let's just for the sake of this podcast, let's talk about $100. So we tell the customer it will be $800. What sort of a bottle that we typically get or injection we get is oh wow, that much. I don't know if I want to do that. So right now they don't know if they want to do that because they don't understand the value in it. So the next thing we have to do is learn to pitch the value. I like to tell my guys pitch the value first before giving the price, because if the customer understands the value and then you give them the price, they can relate that price back to the value. So here's a couple different scenarios and we're going to role play this together. Customer comes in, asks how much it is to repair their device and we say yeah, it's $100 to go ahead and get that repaired. Then they come up with the objection oh, that's a little bit too much, I don't think I want to do that. Or what can happen and we do this a lot is a customer comes in, says how much is to repair this device? We go hey, not a problem, thanks so much for bringing that to us. We can get it squared away here for you today, instantly building value based off from the time Right, it's a time measurement and they don't have to wait. Then next what we do is we tell them it comes with a lifetime warranty. Then we're adding value with that warranty. We get that taken care of for you today comes with our lifetime warranty and it looks like that repair is only $100. Then we incorporate it the word only $100 to make it sound a little bit more softening to the blow of how much they're going to have to spend. Now, this doesn't always work that way. Occasionally we'll get the customer that goes I don't want to spend $100. If you do get that objection I don't want to spend $100, the next thing we have to look at is okay, well, what is it going to cost them for them not to repair their device or not to go with the product or service that we offer? Then you're explaining basically what they're going to lose by not going forward with it, by not actually going with you for something. That's an RRI industry. Then let's look at a lot of industries. Customer comes in. We'll just play on our industry again. They want the brand new iPhone 14. They're super excited. They come into the store and they're ready to get signed up. They get this iPhone 14. They're super excited. They hand you over the money and there's very little objections. Or maybe you do have a little bit of objections. Well, does this come with this? Does it come with XYZ? A lot of times they're extremely excited because they want that product or service. So customer wants a product or service. You can lean more into that emotion. It's all about using emotion. When you are selling We'll go more into emotion selling and one of the other episodes of the podcast, because I talk all day on that You're really utilizing your emotions and you're utilizing their emotions. You're making sure that your emotion is matching theirs. If they're super excited about buying a product, guess who needs to be super excited about selling a product? You know how many times they go somewhere, especially furniture stores. They go to the furniture store, husband and wife. They just bought a home or they're looking to buy new furniture for their apartment. Whatever, they're super excited, they're eager. Then their salesperson is like, well, yeah, we have this, we have that, and there's no excitement. I'm like man, that's dull, that's dull. You don't see these people engaging and they start to lose their excitement. So match the excitement. It's a product that they want and they come in and they're excited for it. Make sure you are matching their excitement. A lot of times you'll find when you're matching their excitement it's easier to be able to sell to them because they're trusting you more. They're using you as the expert, because you are the expert in your industry. You're able to sell to them when you're matching their excitement. So don't sound dull If they're excited. Sound excited. Now you do get the occasional. Someone wants something but they're hesitant. They're hesitant on the price and they ask well, is it really worth it or can I get it cheaper somewhere else? They're not really questioning more so the pricier product, but they're more so questioning the value. Back to that value aspect of things is they need to understand what value they're getting with that price that you're providing. What I tell myself is, whatever objection they give me, whether it's no, not today, or I have to talk with my significant other I always overcome that by figuring out what value I forgot to provide, what value I forgot to pitch Really. Here's a scenario. Someone says, hey, that actually sounds really good. I have to go ahead and talk to my significant other and I'll get back to Very common right. So something you could do in that scenario is this I could fully understand. I'd want to talk to my significant other too. Well, why don't we go ahead and give them a call and I can explain that? Because this is a really good offer and I want them to be able to understand how great of an offer it is. Okay, that's another thing that you can do. Another thing you can do is you can find out what's missing. So if they say, hey, I talked to my significant other, I always like to say I agree. So, absolutely I agree. I would want to do the same thing. I know this is such a great purchase and you're making a good decision, but it's always good to make sure that both partners are on board. Is there any questions that you want me to clear up? Is there anything that you're confused about? And then you're able to understand more about what the customer is confused on and you're able to understand okay, is it value that they're confused on? Is there something that they didn't understand? Is it the pricing? What is holding the back? Because the significant other thing? A lot of times it isn't holding the back and a lot of times you can make a phone call, you can do FaceTime now. So if they need to show the product or service, they can do a FaceTime video chat. So they are already committed to buying. And that's typically a kind of last minute out. If I like to say so, it's like, hey, I'm not 100% committed, so getting them to that 100% committed part, that's kind of your job. So that's one objection. So Again, we talked about the two kind of sales. You have someone that's wanting a product. They're excited. They have someone that's needing a product. They're not excited. Let's go back to that needing the product Big thing and this is with every sales. The big thing with needing a product is after they pay you. A lot of times they're not going to feel super excited. They're not going to feel like they got something right Because they spent money on something they don't want. Let's say, some of the dishwasher broke and they're paying their repair person. They don't want to do that. It means to repair their roof. They don't want to do that. It's something you have to spend money on. The big thing I do in my industry is I always thank them afterwards and I reassure them that they made the right decision. That could look something like this. It could say hey, I want to let you know, mrs Smith, that you made a really good decision today by repairing your device. I think you'll get a long time out of it and you'll be able to keep using your device for many years to come. That's reassuring. And you're telling them that, hey, you made a good decision. And you're almost saying this is what I would have done. I've used that before. If it truly is like, hey, this is something that I would have done. You really did make a good decision. Thank you so much for choosing us. I really do appreciate it. Really, use that emotion. Customers. They are looking for that emotion. It's something that they want to see from somebody that's selling them advice. Don't sound salesy. When you sound salesy and you're going through all these charts, it doesn't work out. It just doesn't work. My entire sales career that's one thing is. We had this long list of. This is how you're supposed to do it. This is the exact way you're supposed to do sales. I stripped that right away because I realized it didn't work. But what really worked was using emotion. Use emotion and remember if they want something, make sure you match that excitement. If they need something. You have to bring that excitement and do a reassuring that they're making the right decision and you have to show value. Make sure they are pitching value. Pitch value first before you pitch price. The example for that. Another example is a lot of times we'll have a customer that wants to buy a case. Well, I noticed before I did this, everyone was buying a case based off from the price. They're going up there looking for the cheapest case because they're $35 case and there's $24 case and they buy the $24 case whether they liked it or not. They would either come back and exchange it out or they didn't like it. They'd return it, and that was a headache. I realized that the big thing is you have to pitch the value in the case. Pitch the value in the product. I would simply tell them what case do you like best? If price wasn't an option, they go this case. Then we pick out that case. I put it on their device so they can feel it, they can understand what it looks like, they can see it in person. Once they do that, they typically will understand why that case is so important. They don't want to take it off from their phone. I'm pitching the value again by actually having in their hands something for them to be able to feel. We'll dive more into sales because so many things with sales and how to incorporate different sales techniques into your business. We can incorporate taste, smell, which we actually do, incorporate the smell here at one of our stores and it works really well. In our sales process we incorporate the five senses and when you incorporate the five senses in your sales structure, you're going to start to see your sales increase, but you're also going to start to see your customer be happier and be more excited to purchase from you because you're utilizing the five senses. I think that's a little bit longer of a podcast today. I don't want to bore you guys too much, but I do hope you got some information from this. It's a subject I'm really passionate about. I hope to dive in deeper in the sales aspect of things in the upcoming episodes. Make sure that you stay tuned and share this with somebody that could really benefit from understanding sales and understanding the difference between a need and a difference between a want when it comes to sales. My name is Jacob K Mead and this was another episode of the by Time Podcast where we talked about the difference between a need and a want in a sale. I'm excited that you listened today. Make sure to follow us. Like us, share us with your friends. We're always here to help you out. Until next time. Thanks for listening to today's episode. My name is Jacob K Mead, and until next time.