Nine out of 10 fintech startups who talk to Neal Cross, Chief Innovation Officer (CIO) at DBS, fail their sales pitches within five minutes. And that is because there is one underlying problem that all of them share: They are selling their products in the wrong order.
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To accomplish that, SMEs need to establish the right order of their sales process. This is especially pertinent for B2B sales, especially solutions for large corporations. “Don’t sell your product — that’s the worst thing you can sell,” said Cross.
“Sell yourself — that’s the single most important thing. People buy from people. I need to know you are someone I can work with. I need to know I can trust you.”
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Identify the decision makers
In business, time is money. Time wasted equals to cash thrown to the wind. So salespeople or founders need to research and understand who are they going to meet before entering the meeting room.
“Find out their personal motivations. Find out how they get their bonus. Understand their KPIs. Talk about what they are trying to achieve, then position the product in a way that will help achieve their outcome.”
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To pitch to corporate customers, it is crucial to know how the sales rhythm works. Essentially, they are three stages to it.
First, there is the presentation of the product’s features. Then, if the customer shows interest, they will naturally enquire about the price. Finally, if they are seriously considering a purchase, they will want to know the risks involved.
“You can’t say the same thing throughout your sales pitch. It’s always about risk at the end. You need to smooth things with the customers … They may want to know [for example] if the product is scalable. If you are very smart, you can also increase the price at the end,” said Cross.
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