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Sep
09

Regaining Your Financial Footing

selling-energy

One way to sell in our current environment is telling customers energy efficiency will help them regain their financial footing. More specifically, if you consider for a moment the three buckets of benefits on the most basic level, you’ll realize that all of those utility-cost-financial, non-utility-cost financial, and non-financial benefits can really help a business prevail in the wake of some rough sailing.

regaining your financial footing

Think about it when applying pressure to your prospect’s pain points. Should anyone be squandering money on unnecessarily large utility bills? The answer is clearly no. If a lighting retrofit or HVAC retrofit could prevent that waste, you owe it to your prospects to let them know using terms they can understand. 

Most managers seek to wring waste out of their operations. Any dollars saved would flow right to the bottom line. And what if they’re worried about not being able to afford an upgrade? Remind them that there are plenty of low-cost financing options available in the marketplace these days. 

Moreover, in situations where the simple payback period is less than a year, you could honestly state, “Realize that as much as you’re worried about having the money to do this retrofit, you’re actually going to pay for this retrofit this year whether you choose to do it or not. If you approve our proposal, you’ll pay for it, get the equipment installed, and begin enjoying a stream of savings that will last for 10 or more years given the projected life of the new equipment. If you don’t do it, you’ll pay for it anyway in the form of unnecessarily high utility and maintenance bills – remember, this project is a less-than-one-year-payback project. So, how would you feel if you had to confess to your board of directors that in the face of all of the other financial stress your company faced this year, you elected to “pay for” a project without actually getting it installed?” That would be pretty embarrassing, right? 

Another tactic is using a personal anecdote. For example, one of my clients discovered that an aluminum windows and doors manufacturer lowered their scrap rate by 25% after a lighting retrofit. That was an unexpected benefit! Even better, the estimated payback period was 4.2 years but was shortened to 39 days once they added the value of the avoided aluminum scrap to the denominator of the simple payback period calculation. If that isn’t an example of an economic benefit, then I don’t know what is. 

Here’s another example. Certain types of UV lighting and super-effective filtration are hot commodities these days for prospects who want to make their environments safer for their employees and customers. So is personal protective equipment (PPE). Case in point: grocers that offer their customers PPE like face masks are doing much better than competitors who don’t. Imagine having a technology that could sanitize an entire space and how that assurance would put your customers’ minds at ease. In fact, doing things like this enable to not only retain your customers, but also likely win market share, helping you regain your financial footing more quickly. 

Lastly, never underestimate the power of what we call moving from digits to widgets. Recently, a student of mine shared a story. While attending one of my Boot Camps, he was looking for a place to have dinner on his way back to his hotel and he happened across a grilled cheese sandwich place. He said he was excited because there is nothing he loves more than a great grilled cheese. After heading inside the owner notices my student’s name tag and asks what he’s doing in town. He says, “I’m attending a weeklong training on how to sell energy solutions -- like LED lighting, which is what I sell back on the East Coast.”

The owner replies, “I just had my lights changed last week!” When my student asked how he had come to that decision he said, “A guy came into my store a couple weeks ago, and he said that if I upgraded the lighting, the savings would be the same as selling more than 100 grilled cheese sandwiches a month.” My student had a laugh because earlier that same day he had learned how to use this “digits to widgets” analogy with prospects. This really drove it home for him, and he couldn’t wait to share the story with me the following morning when he returned to class. 

The bottom line is there are many ways to translate energy savings into language that captures and retains the attention of your prospect. Realize that many of your prospects have suffered serious losses due to the pandemic and the recession. Making a few upgrades or improvements could help them get back on track. It’s our responsibility to communicate those possibilities and the benefits they haven’t considered – and to be as compelling as possible when doing so.

Help your sales team navigate the rough waters ahead

 

Read more blogs on Sales, Sales Performance, Sales Process, Recession Selling

Posted by Mark Jewell