Listen to the full episode here: https://top1.fm/DailySalesTips/sales-tip-181-is-pam-in-the-building-tom-fedro/
Scott Ingram: You’re listening to the Daily Sales Tips podcast and I’m your host, Scott Ingram. Today’s tip comes from Tom Fedro. Tom just released his book Next Level Selling on Amazon where it is currently a #1 Best Seller. In addition to being an author, he co-founded and developed the business strategy and operations plan for Irvine, California based Paragon Software Group. Using his systems, methods and sales process, the company has sold over 200 million software licenses. Here’s Tom with today’s tip:
Tom Fedro: Hi folks! Tom Fedro here with a tip to help make sure you close that big deal, the six or seven-figure million dollars plus contract sitting on your pipeline report. Over the past couple of decades, I’ve lost a lot of deals, many, many opportunities leaving me with a great deal of what some call experience, but I refer to it as scar tissue from the battles, but I’ve also won many million dollars plus deals with some of the largest brands in the world buying from me and my team, including companies like American Airlines, Halliburton, Sprint, Cisco, Hewlett, Packard, Dell, and many others. What I found when I stepped back to look and analyze the difference between winning and losing, it became crystal clear. Every transaction I won, I had the same colleague with me. When we closed the business and on the deals I lost, she wasn’t there, she wasn’t even in the building. Her name is PAM and she’s been the key to winning all my deals and you need to get to know her too. Our analysis made it clear that every agreement we want without exception revolves around the same core set of qualities that I refer to as PAM. While she can be elusive, she must be at the table for a successful sale to take place. I’m not talking about an actual person here, but the three components of every winning high dollar transaction, our Pain, Authority and Money, P.A.M. if you can’t find her when you’re looking at that high percentage prospect on your pipeline, you’re probably wasting everybody’s time. For example, consider the importance of these three pieces and how crucial it is that they all work together. If there’s no pain, there’s no motivation to close the deal. So it’s not going to happen if you have the pain, but the person across the desk doesn’t have the authority to make a decision. There’s no deal if you found the pain and authority, but the prospect doesn’t have the money to move forward. Again, no deal. So as you look at your near term pipeline that you’re signing up for this month, this quarter or this year, is PAM in the room with you? Have you focused your discovery questions on ensuring there’s enough pain for your prospect to move forward? Have you confirmed the authority is ready to sign with you and the money is allocated for your transaction? You need all three or it’s time to get back to the negotiating table or find another prospect. Make sure PAM is in the building and win more business more predictably than ever before. Good luck and great selling!
Scott Ingram: For links to all things Tom Fedro you can click over to DailySales.Tips/181where of course you’ll also find a link to his brand new book: Next Level Selling, as well as a link to his personal website where you can download his free “Take Your MEDS” guide to empower peak performance every day. Tom has also been kind enough to offer three signed copies of his book to listeners of this show, so if you’ll just send an email to me at firstname.lastname@example.org mentioning Tom and his book in episode 181 I’ll choose those three winners when I get back from vacation the second week of August.
Thanks for listening and be sure to come back tomorrow for another great sales tip!