Recently I was working with a company, helping them achieve a higher level of sales success. One of the consultative selling strategies we worked on is developing ways to monetize risk and then be able to use that as a sales strategy.
A primary reason customers are looking to buy is to help them overcome a risk that is either real or perceived. The best way to do that is to ask the customer questions that can begin to bring into their mind the expense they will face should the risk they’re trying to minimize actually occurs. As a consultative selling strategy, this is a very strong approach you can use especially in a B-B environment where decisions are made from a financial perspective. In a B-C environment, it still has a play as a consultative selling strategy, because consumers can and do make buying decisions based on emotion. If they’re looking at a huge dollar risk, their decision can easily be moved to your solution.
Yes, there’s a lot more to this strategy in terms of how you can use it as a consultative selling tool, but until you can get the customer to see and accept the dollar amount of the risk, you’re limited in how you can use it to close the sale.