A 'compelling event' is an immovable, time constrained event that means a prospect must act by a specific date.
Examples include:
- Moving premises or opening a new site
- New starters
- Regulatory changes
- Deadlines your prospects have agreed with their own customers.
For a salesperson, establishing a ‘compelling event’ is a 'woo-hoo' moment.
It not only confirms there is a genuine opportunity, it limits the most dreaded of all sales conversations:
“I know I said the deal was due in last week, (and the week before) but it's definitely coming in this week...really, I promise”.
Questions to uncover ‘compelling events’ include:
- What projects are on the horizon?
- Do you have any time constraints?
- What have you done about this so far? (One of my favourites as it's also a softer way of asking who else is bidding)
- What is the impact of doing nothing?
If you establish the existence of a ‘compelling event’ explore it further. Helping your prospect consider the pain any delay might create them personally ...and then rescuing them, is a powerful tool in your sales kitbag.
- What happens if you don't make the deadline?
- Will it create additional stress for you personally?
- What does that look like?
- Will you have to work longer hours?
- Are there additional costs you might incur?
If the impact of taking no action is zero don't be disheartened.
Urgency and scarcity are both amazing ways to speed up your conversions.
- Urgency prompts customers to act quickly through a fear of missing a limited-time deal.
- Scarcity encourages customers to act quickly so they can get their hands on items that are scarce or in short supply.
Here are some practical examples:
- “If you can squeeze your order in before our annual price increase in January year you will save x”.
- “We have x number currently in stock but they are going fast, the next shipment is 6 weeks away”.
- “We still have a few demonstration slots available. Can I hold one for you?”
- “If we train your sales team now it will help you make up ground in Q4/impact the entire financial year in 2024”.
- “We are approaching our busiest time of year. I want to make sure we allocate the best resources for you whilst they are still available”.
Remind customers of the pain they previously experienced by waiting until the last minute to act:
“We (as in you Mr Customer) left it rather late to get your new machines ordered last year. I know it gave you a few headaches . How can we avoid the same thing happening this year?”
Regardless of whether you uncover or create them. Used skilfully and strategically, ‘compelling events’ are powerful buying drivers. They shorten the sales cycle, giving you the opportunity to get your contract signed whilst your competitors are still preparing their proposal.
Author: Shelley Thomas | Accelerate Leadership Ltd | December 2023