In this episode, B2B Sales Coach and SaaS-Story in the Making host Matt Wolach talks about the four biggest software demo mistakes sales leaders commit that steer them away from closing a deal. If you’re a SaaS founder struggling with the same mistakes, stay put and read on to find out how to eliminate these deadly mistakes through the Perfect D.E.A.L. Process. Once you’ve mastered these four phases, you’re set to bring your product and service to life and seal that precious deal.
TOP TIPS FROM THE EPISODE
Mistake #1: Not Fully Understanding Your Target Customer Profile
You can’t sell if you don’t know who you’re selling your service for. The first mistake that many SaaS leaders commit is in the discovery process. It’s when salespeople are only looking for a fit and start selling abruptly without understanding their buyer and establishing trust.
This part is so much more than just identifying if your prospect is the ideal fit. If you are only looking for a target buyer without knowing who they are, you are already committing a critical mistake.
Understand who you want to sell to and who your best customers are. If you realize that your customer is not a good fit, don’t be afraid to let them go, move on, and connect with buyers that match your ideal customer profile. Remember, sellers who connect with buyers are five times more likely to seal a deal.
Mistake #2: Not Educating Your Prospect
Mistake number two is forgetting to tell your prospect about yourself, your company, or your service. If you’re not educating them about yourself, you’re missing a big opportunity to close a deal. In this part, you build mutual trust by explaining a bit more about why you’re doing what you do.
Share insights with your buyer to connect with them. Introduce yourself, tell them how helping people is a fulfilling job to you, and gain their trust. Tip: you can craft your script and practice it, so it doesn’t sound unnatural.
Mistake #3: Not Associating Your Service as the Solution
Often, buyers don’t know they have a problem, and your product or service can help. If you don’t share what your software can do to solve your customer’s problem, you commit the third mistake.
Once you understand your prospect, you can explicitly tell them how your product will help them by associating it with their challenges and goals. You tailor-fit your service to address their needs.
Success stories help establish your service’s credibility. If you have enough stories, tell your buyer how your software helped other customers and how it could also be the solution to their problem.
Mistake #4: Not Taking Charge
The last mistake that could potentially kill a deal is not taking the lead in your customer’s journey. You have done your part in the discovery process, you’ve introduced yourself and your service, you’ve presented your product as the solution to your prospect’s problem. Now, you might be thinking, the customer will just click that buy button, and that’s it, you’ve sealed the deal. But no. Do not commit this mistake of just letting your prospect do the final step. Make sure it happens.
Have a final conversation with your customer to decide whether they’ll purchase or avail of your service. Set a date to discuss with your prospect, and book that meeting. That’s how you close a deal.
The Perfect D.E.A.L. Process
Conducting product demos can make or break a deal. As a sales coach, Matt has witnessed many of his clients commit demo mistakes. Poor execution of software demos can potentially kill a deal. With around 16 years in the software industry, Matt came up with a strategy that allows SaaS founders to sell software effectively. This strategy is called the Perfect D.E.A.L. Process.
The first step in the process is Discover. This is critical—identifying your target customer and fully understanding them. It’s not just about looking for a good fit but also about your ideal customer profile, understanding your prospects, and deciding if this is somebody you want to work with.
The second phase in the Perfect D.E.A.L. Process is Educate. This is where you can share insights to help your buyer decide. Instead of just selling to them, educate your prospects about you and your service. Build a complete connection to achieve mutual understanding and gain trust. Let your prospects learn more about your service and how it can help solve their problems.
The third step is the Associate phase. Prospects don’t realize their problem until you help them see it and offer a solution. In this step, you will take your product or service to solve their problem by associating it with their goals. Make your prospects feel that your service is the only thing that can help them go through their challenges and fulfill their needs.
The last step in the Perfect D.E.A.L. process is Lead. This is where you, the SaaS leader, will take control. Lead your prospect to the final step of the sales journey, closing the deal. Take charge, look through the calendar, and find the best time to meet or discuss with your prospect. Book that meeting, connect with your buyer, and seal that deal!
Get The Ultimate Demo
Oftentimes, prospects will decide whether or not they want to buy from you within the first 5 minutes of conversation in a sales demo. Similarly, if you screw up your first demo, and don’t address the buyers’ needs, there’s a 76% chance they won’t buy from you. So, if you want to have awesome demos, get my FREE guide, The Ultimate Demo, and see your close rate skyrocket!