You have enough challenges when you have a job of selling something to someone. In these circumstances adding a paradigm of selling a new technology makes it an even tougher act. But obviously if you have to be in technology sales, this is something that you’ll be doing day in and day out. Technology by virtue is something that’s constantly changing, hence unlike some other industry where a sales professional can get by with selling the same product for years or even decades, a tech sales professional might have to change the entire product or service in a matter or days or weeks.
Here are some of the things to keep in mind when you are faced with sellling a new technology.
1. Always remember the context
You and the prospect are from two different organizations. As a technology services or product company you are typically in a position where you have a much better handle on the technology you are selling. You might have used it for a while at your company, hence it isn’t as novel to you anymore. But the same technology can be overwhelming to the prospect. This subtle aspect should always be kept in mind while explaining what you are trying to sell.
2. “Sell the hole, not the drill”
When you are selling a new technology to the prospect, remember that they are starting with a closed mind. And there’s a solid reason behind it. They have so far done reasonably well and guess what, they did it without this new technology that you are pitching to them. To even make them listen to you, you have to paint a picture of their life after they have used your solution. And this has to considerably different from what they are experiencing today. “Sell the hole, not the drill’ is a classic quote used by sales people and if you realize that’s a rudimentary difference between the average and the extraordinary. While this adage is true in almost all the sales scenarios, it becomes even more important when you have a technology that’s not even known to the customer you are proposing to.
3. Financial Impact
This is such a tangible benefit that almost always gets the customer intrigued. That’s because any company is in the business for two reasons: Making money or saving money. Give them a way to do either and you have their mindshare. In this scenario of selling an emerging tech, its easier to break it down in financial terms of how much it’ll save in costs in the longer run or how much extra revenue can be gained by using it. Be a little generous and present this in a language they can understand. It’s hard to comprehend a $3000/day saving, but a million dollars a year suddenly makes so much more sense.
While the previous points covered on how painting the dream helps, its important to note that fear is a big motivator too. FOMO (Fear of Missing Out) can be encapsulated and presented to the prospect. Any references to other customers (their competitors) who did try the solution in order to jump on this new technology bandwagon and what they saved in terms of cost or gaining in terms of top-line is a good motivator for your prospect to understand the cost-benefit analysis.
Another driver for a prospect is their own personal glory (as is for any human being which includes us). Show them picture of how this technology can catapult not just the company but make them a steward of progress in their organization and you’ll have a partner with you promoting the sale from inside the organization. Do remember as stated in my previous blog, that these strategies are to be used genuinely rather than creating a false pretence as that can totally dent your image as a respectable and trustworthy sales professional.
4. Avoid touchy subjects
The advent of new technology always brings in the bogey of lost jobs. While in a lot of cases this isn’t completely true, in some case though, it is. And when you are dealing with people, the emotional quotient has a heavy bearing on the outcome. Noone in your prospect company wants to be the one that gets to fire their colleagues courtesy a new solution that replaces them. Hence broaching this as a benefit can not just fall flat but can backfire on you. An essential argument in favour of the prospect is that if the axe is falling on the employees they manage currently, what’s the guarantee that they themselves will be safe in the future. that’s a risk noone is willing to take no matter how awesome this new technology seems.
So what do you do, when that’s an apparent advantage you are advocating? While anyone will abhor the concept of firing their staff, communicating the same point in a different way can make a world of a difference. Every company is looking for automating mundane tasks so that their employees can become more productive. This ties into the statement I made earlier of reducing the costs and increasing the revenue. Hence, just by mentioning that this technology will help you utilize your staff for strategic initiatives can galvanize the discussion in your favour.
5. Repeat, repeat and repeat
Noone said sales is easy. In fact not a lot of things in this world are. But it definitely is among the most satisfying professions. Tehcnology sales is among the most challenging professions because it involves long sales cycles. Sometimes deals run for a year or more. Imagine spending so much time on an opportunity only to lose it at the end. It can be quite excruitatiing. The obvious flip side to it is the reward that you get, be it monetray benefit or professional satisfaction is pretty good too.
Likewise, the sale of a new technology is going to make it harder. Which means you have to keep explaining the above benefits time and again to make the prospect come closer to moving forward with the contract. The good part is you have plenty of time to do it because of the long sales cycles. And as mentioned a little earlier, the satisfaction of closing a new technology sale is something that can only be experienced. So, use these techniques and go for it!
