The Art of Creating Urgency in Sales

Aug 2, 2024

Daniel Hale

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    How Do You Create Urgency?

    Last year, 42% of sellers identified their top challenge as ‘creating urgency.’

    In essence, urgency isn’t something you fabricate; it’s something you uncover or identify. You might be familiar with the term “compelling event,” but what exactly does it entail?

    A compelling event hinges on three key elements:

    1. Economic ownership
    2. A specific deadline
    3. A response to a specific business pressure

    Compelling events fall into three categories:

    Customer-driven:

    1. Company growth objectives
    2. Revenue goals
    3. Profitability goals
    4. Investment goals

    Market-driven:

    1. New legislation / compliance
    2. Competitive threats – existing players
    3. Competitive threats – new disruptors
    4. Changes in consumer behaviors / buyer demands

    Vendor-initiated:

    1. Price reductions
    2. Favorable payment conditions
    3. Inventory giveaways

    Out of these, two resonate deeply with prospects and spur genuine urgency, while one fails to make an impact. Can you guess which one?

    Spoiler Alert: It’s the vendor-driven compelling event.

    I’d recommend looking at your pipeline and working out which ones have a real compelling event. If they don’t, the opportunity is still in discovery.

     

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