How to be a Professional Salesperson.©
Free Sales Training Video Series – Return on Investment (ROI)
Return on Investment – ROI
Customers always need to know what the payback is going to be for them after they purchase your product. This is called a Return On Investment (ROI). Companies have different methods of calculating ROI based on their own needs and internal systems. The bottom line, however, remains the same. If they don’t think they will get a positive return of some type from buying your product there will most likely be no sale.
Sometimes the ROI isn’t only money. Many companies will invest in a product to:
- Keep their customers happy.
- Stay the market leader in their industry.
- Leapfrog the competition.
- Improve efficiency or productivity.
- Appease internal users of your product.
It’s up to you to find out what a good enough ROI is for your prospect.
Here are some questions to help you uncover your prospect’s perceived ROI:
- How many years do you use in calculating a Total Cost of Ownership (TCO) for products like ours?
- Are you planning on monetizing the purchase of our product or is it being used for good will with your customers?
- How many departments are involved in spreading out the cost of owning our product?
- What is your motivation for purchasing our product?
Once you know the answers to your questions and understand what a good ROI is for your product, for that particular customer, put together your analysis. Be prepared to use when it is the most strategic for you. Your prospect will respect you for being a good business person for both understanding their business and looking out for their best financial interests.
Understanding how your prospects plan on recouping their investment, and then helping them make the numbers work, will move you farther along more quickly in your customer’s buying cycle.
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