Episode 102 - Would you pay $100,000 for a pool?

Lisa Thal is an Author, Speaker, and Business Coach.  Simplify Your Sales meetings. She wrote the book "Three Word Meetings."  Lisa coaches leaders on simplifying sales and business meetings with fun and interesting 3-word  topics to get your sales team motivated and inspired.  She has over 34 years of marketing, sales, and leadership experience.

 

Episode 102, This episode is about focusing on the Right accounts!

 

Would you pay $100,000 for a pool?

 

I want to share a story about an experience I had when considering replacing my current Pool. It started with the idea of redesigning our deck around our existing Pool. As most of you are aware, with Covid, the cost of lumber has skyrocketed. So we got multiple bids and designs. After reviewing what it would cost, we decided we would wait until the prices come down. During that time, I heard an advertisement about getting a new pool installed this Summer! Of course, being in media sales, the commercial got my attention. The power of Radio advertising! So I went to the website, reviewed the products and options, and started to envision a new pool with ample space for the family to gather. Perhaps, this was the solution around getting a new deck. I began to justify in mind that maybe now is the time to replace the Pool.

 

So I decided to call the company that guarantees to install your Pool this Summer to learn more. The owner, Frank, answers the phone. I asked him for more information about his Gunite Pools and that I wanted to set up a time for him to come out and give me his thoughts. Instead of him scheduling an appointment with me, he did something different; he went on to ask a series of questions. Tell me more about your current situation. Do you have an existing pool? Yes. The size of the Pool, above or in-ground? Decking around the Pool, yes. What do you envision? He then went into more details and benefits to his product.

 

Frank then went into what I could expect from an investment. He said taking your decking would be about 5,000 and installing a new Gunite Pool about $85,000-$100,000! This price would vary depending on lights, the fountain, and the ability to put your chairs in the water. ( of course, I am thinking for 100k that doesn't include that, laughing) He said it with confidence!

 

Now in my mind, I was thinking 35-40k. I told Frank, I appreciate what you have shared and how you pre-qualified me as a customer. I appreciated how he respected my time and his. Frank created a conversation to learn more about my needs to see if I was the right fit for him and his products.

 

So how can we apply what Frank did with me for your business?

 

We need to use a series of filters to help us identify our best opportunities. This process would be great for you to walk through or discuss in your next sales meeting. Are you talking to the decision-maker or a key influencer that can say yes, are they a fit for your product and service, and more importantly, do they have the ability to spend and invest enough money to get the desired results.

 

Some of the best sellers I have work with understanding the importance of focusing on the Right Accounts. What I mean by this is that they don't waste their valuable time chasing accounts with minimal potential.

 

When we look at the Right Accounts, it starts with reviewing your current accounts. These are the 20% of your accounts that likely make up 80% of your income. What do they have in common? What is the average client spend with you? I bet you know the decision-maker, and they have the resources to invest in your products and solutions.

 

Most listening work under some account management system. These systems help you focus and track your best opportunities. So you have to be honest with yourself. Which accounts need to be taken off your list to make room for the ones worth your time? You know the small accounts that steal most of your time and that you realize they may not have the money to invest in your program long term. Let's remove them. Your better off focusing your time on the accounts with a bigger payoff for you.

 

Now that you identified the correct accounts, time to get in front of the person who can say yes to your program. In my example, Frank knew he was talking to the decision-maker. He created a conversation to pre-qualify me to see if I was a viable customer for him. He did a great job creating a conversation by asking questions about my needs. What size pool was I considering? Tell me more about your current decking? He asked me about my vision and needs. And yes, based on my answers, he shared with me the benefits of his product and the investment it would take. He was upfront and considerate of my time and his.  

 

My advice, find a way to get in front of the decision-maker or at least a key -influencer that can help answer the questions you need to pre-qualify them to see if they are a fit for you and your company.

 

Have a list of pre-qualifying questions, like Frank used to help you decide whether that account is a fit for you. Create a conversation with your prospects and have confidence when asking those questions.

 

We need to guide the conversation. We have to provide customers with a unique, strategic perspective, a vision for improving their business, and a return on investment. Provide more value than what their current vendor is providing them! 

 

This way, you can spend more time relaxing around a pool, sipping on your favorite drink!

 

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Learn more about how to Simply Your sales meetings using 3-word topics at http://www.threewordmeetings.com .

 

If I can help you with your Sales, Marketing, or Sales meetings, call me at 513-478-1757 or Lisathal12@gmail.com.