066: The Sales Cycle

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I'd like to talk to you today about the Sales Cycle. This will be so valuable to you. If you're somebody that has to negotiate. If you are new to sales or negotiations, or having to get a contract on behalf of your firm, or you're dealing with individuals. It could be the sale of their house. It could be an important business decision. They want by an expensive motorcar.

This happens all the time and this is about human psychology. Understanding how people respond and react. And it is very simple. It's a method I use that works and can work for you too. So let's go through the Sales Cycle.

Now step one is to build rapport. And as it says there, don't start negotiations until you have a personal empathy between you and the other person. Talk about things that they are interested in to make them feel comfortable and get to know them. Now this could take a couple of minutes. It might take longer! It could even take 30 minutes, but go to that stage where they feel comfortable in dealing with you at a human level. And what you do next is step two. And just seamlessly goes from one step to the next.

Step two will be created disturb... identify the problem. How often have you heard about people try to sell something and they're not even qualified buyers and we're wasting our time?

You have to identify the problem. If there's no problem how can you ever go to a solution? So the trick is, with practice, you have to learn to speak emotionally when you're identifying their problem. Remind the other person of the reason they are here today. To solve a problem that they are experiencing that gives them pain, and they want to move forward in their life.

And you have to stay there. Stay in this mode until you feel as though they're ready for the solution, but you've got to get them to express the problem. Why it's important to them, and if it doesn't solve their problem what they going to do? What will they experience otherwise? And stay there. If you are meeting them on the second occasion or on a third occasion you have to go back to this moment of getting them in that emotional state of why they're here? Why they are seeing you?

Because you have step three... the solution, and therefore you propose what it is that solves exactly the problem that they have. When the disturbance, as I've said, is so great, only then are you going to alleviate the pain. Think of yourself like a doctor. You don't tell the patient exactly what they need as they walk in the door. You wait till you've heard from them and identified exactly, then you go into the solution mode on what to do, before as unnatural conclusion is...

Step four, close the sale. Because if you've answered all the questions, all the objections, all the reasons from the disturbance they are suffering. And you can go and deliver what it is they need. It will be a natural step to say, "Well, how soon do you want this to happen?" It is the natural conclusion to solve everything and make it as financially painless as can be felt. So you give them options.

So, by natural conclusion, they've already answered their own objections. Told you why this is the best thing that they need and therefore do not deny them the opportunity on how they can move forward and progress. And this is what's called the Sales Cycle.

Watch this. Replay the video. Take notes. Think about how you can apply it with your negotiations. My name's David Lee. Thank you.