“Size Does Matter when it comes to selling.
For valuable insights into distinguishing between small and large sales, consider reading Neil Rackman’s best-selling book, ‘Spin Selling.’ Several years ago I was introduced to it and found it very useful when selling larger offers.
“Distinguishing Between Big and Small Sales”
Rackman emphasises the fundamental differences between a large sale and a big sale.
He believes each requires distinct closing techniques.
Recognising these differences can save you significant time and increase your chances of success when approaching prospects.
What Defines a Small Sale?
In ‘Spin Selling,’ Rackman shares an illustrative anecdote. While waiting for a connecting flight at an airport store, he spontaneously purchases a versatile Swiss Army knife for just $15.
The time elapsed between recognising the need and making the purchase was mere seconds, highlighting a characteristic of small sales – swift transaction times.
Additionally, small sales typically involve minimal risk.
Rackman’s $15 expenditure on the army knife presented minimal financial exposure.
Small sales often stem from impulsive decisions driven by emotional motives.
In Rackman’s case, practical necessity did not drive the purchase; it was an emotional impulse.
How Does a Large Sale Differ?
Now, consider a different scenario: meeting a prospective client who may potentially invest several thousand dollars in your company.
To secure such a substantial sale on the first call, you must exercise patience and anticipate a more extended sales process.
Large sales usually entail a longer transaction timeline, as the need develops over time.
To help you recognise the difference, here are some key indicators:
- Multiple Decision Makers: In larger sales, there are typically more decision-makers involved. Be prepared to engage with a team of more than one decision-maker.
- In-Depth Problem Solving: Large sales require you to ask more specific questions about the customer’s problems and collaborate on finding comprehensive solutions.
- Rational Decision-Making: The decision-making process for larger sales tends to be more rational and deliberative on the part of the customer or client.
Understanding the way your customers think, the impact of their decisions on their own career
Try this:
Create a list of your clients who have engaged in large-scale purchases, categorised by the size of the sale. Compare this list with the criteria outlined above.
Be open to thinking differently and have patience.
Happy selling, everyone!
Mike
Have a great week selling your stuff.
Mike
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