Let Them Spend it Now
Whether it is by cutting costs or increasing revenues, many professionals help their clients make more money. When selling to a client, it’s a good idea to determine how much money that will be, usually through a series of questions. Once the dollar amount is estimated, a rainmaker will sometimes go one step further, letting the client visualize what she would do with that money, if she had it. Doing so will remind the client of the urgency of getting the job done, so reducing the risk of a delay in hiring you. It will also help focus the client on the value of your services rather than on some preconceived idea of what they should cost. Here are two examples of such two-stepped series of questions.
Issue: Potential Real Estate Sale
Step One: Determine the Value
Q: How many acres did he donate to the college?
A: Ninety, but a third of that is wetlands.
Q: What is it worth per acre?
A: The developable acres have been appraised at $____________, the wetlands at $____________.
Q: How many acres would you be willing to sell?
A: We want to keep fifteen developable acres adjacent to the campus and all the wetlands. We will sell the rest.
Step Two: Letting Her Spend the Money
Q: Let’s see . . . That totals to about $ __________ and if you can acquire the old Peggoty farm, giving the site access to Dunmore Road, the value could as much as double. What would the college do with that money if you had it?
A: We badly need a new chemistry lab if we are to remain competitive in the recruitment of faculty and students.
Issue: Hiring the Right Talent
Step One: Determining the Value
Q: I can think of several reasons to get this position filled quickly. Which ones are you most concerned about?
A: I’m worried that some of the other research team members might jump ship. They all get offers from our competitors all the time, and if they sense the project is in trouble, they would be more open to accepting one.
Q: How would a loss of two or three of the researchers affect the project?
A: It could delay its completion by anywhere from four months to a year.
Q: What would a delay in the project cost the company in lost revenue for each month of delay?
A: We project sales of the A30 to build quickly to $____________ a month in the first six months.
Q: How much of a delay do you feel the recruitment and integration of three new team members in addition to the lead scientist would cause?
A: That would set us back eight months at the very least.
Step Two: Letting Her Spend the Money
Q: Ouch. If that could be reduced to a two-month delay, what would the additional funds be used for?
A: We cut dividends last year and want that money to restore them to previous levels.
