How often do you think about the risk to your client of doing business with you? Arguably every sale we make has some element of risk to our customers. Our job is to significantly reduce the perceived risk of purchase (of our service or product) to our customer. This is especially true if you ask your client to purchase something out of scope of what they’ve experienced. All of this is new territory for your customer and needs to be managed as risk.
As a key account manager or consultant managing a high value customer one of your jobs is to ensure your clients feel safe. Get mastery of eliminating risk through preparation and practice, and they will buy.
There are three primary risk drivers you need to know.
- Risk of personal gain/loss – What’s in it for me?
- Risk of external perception – What will others say?
- Risk of future enjoyment - Will I regret it later? (not one people often consider)
During your customer conversations you need to be aware of these internal and external factors that drive decision making where your customer feels that the risk of purchase outweighs the reward of ownership.
You need to help your customers
- Reduce the voice of internal risk and increase the confidence of external expectation of your product/service,
- Reduce the risk for your contact to his/her stakeholders, and
- Understand the risks and limits to your service that may affect future results.
If you can identify the potential risks of purchase to your customer you can immediately influence the speed of the sale.
Here are 4 risk removing ideas
- Run a pilot, taster or sample of your product or solution, including other stakeholders.
- Identify specific customers in a similar position to them and facilitate a conversation between them. They will act as an active example of that service in action.
- Invite other stakeholders to discuss ways they see your solution helping and being implemented with the least amount of disruption.
- State that anything new will be slow, incremental and collaborative (prepare a clear pathway). If relevant, recall a time with the customer that a new project implementation went well. Agree with the client on the best aspects of that process and move things forwards.
Founder of the Key Account Hack System - New Key Account thinking that transforms customer relationships and creates predictable sales growth.
If you're a key account manager, manager of account management teams or consultant with high value customers. Get connected with a community of those saying yes to growth in their customer relationships, sales and personal success. Contact me at www.jermaineedwards.com/getintouch