The Art of Creating Urgency in Sales
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:
- Economic ownership
- A specific deadline
- A response to a specific business pressure
Compelling events fall into three categories:
Customer-driven:
- Company growth objectives
- Revenue goals
- Profitability goals
- Investment goals
Market-driven:
- New legislation / compliance
- Competitive threats – existing players
- Competitive threats – new disruptors
- Changes in consumer behaviors / buyer demands
Vendor-initiated:
- Price reductions
- Favorable payment conditions
- 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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