Think about the last time you watched a contestant on a game show. Think about how they behaved as their winnings piled up. Eventually, they got to a point where risking all that money became a pretty difficult decision, right? Sure they could win even more, but they had just as much to lose, and suddenly quitting while they were ahead sounded pretty good, right?
When it comes to high-stakes sales, many buyers think the same way. In ordinary sales, most buyers try to strike a reasonable balance between risks and opportunities. But as the stakes increase, buyers focus more and more on the risks — what they stand to lose – and less on the opportunities — what they stand to gain.
So what does this mean for sales reps looking to cash in on a high-stakes sale? It means playing it safe.
Sales expert Harry Beckwith has taken a close look at high-stakes purchases and found that in these situations, buyers aren’t looking for the best option. They’re looking for the safest option.
Beckwith calls it the “The Principle of Looking for Good Enough.” Here’s what he advises to salespeople facing high-stakes buyers:
“Forget looking like the superior choice. Make yourself an excellent choice, then eliminate anything that would make you a risky choice.”
Instead of putting time and energy into reaching perfection, focus on understanding what’s on the line for your buyer. What do success and failure look like for them? What are the consequences for the buyer in the event this project goes south? Knowing the answers to those questions is the first step to succeeding in a high risk sale.
Once you know the stakes for the buyer, it’s up to you to position your product or service as the safest option available. Other solutions may be more prestigious or look nicer than what you offer, but if you can demonstrate that you offer the best chance of success, you’ll go a long way toward alleviating a buyer’s concerns.
How can you position yourself as the safest option in the eyes of the buyer? Consider these talking points:
By recognizing what’s on the line for your buyer and positioning your product as the safest option available, you’ll vastly improve your odds of walking away having won a huge sale.
Today’s guest post is brought to you by Michael Boyette. Michael is the Executive Editor of the Rapid Learning Institute Selling Essentials e-learning site and Editor of the Top Sales Dog Blog. Contact Michael via e-mail at firstname.lastname@example.org or connect via Twitter