What is SPIN Selling?
SPIN selling is one of the oldest ways of making a sale. It is a selling technique that has four stages. Broadly, it advocates that sellers engage in extensive research and create values of trust while closing a deal. Given this, asking questions to gain knowledge about customers is the foundation of SPIN selling. To understand how SPIN selling works, it is important to understand the stages involved in it.
Stages of SPIN Selling
SPIN stands for the 4 stages in the process of questioning the prospect to make a sale. The stages are as follows:
- Situation - Situation, as the name itself suggests, is aimed at understanding the current situation of the business of the prospect.
- Problem - Having understood the situation of the prospect, the next step is to identify their current problems.
- Implication - Implication is about helping the sales reps as well as the prospect understanding why do the pain problems identified need to be addressed.
- Need Payoff - This is the most crucial part of the process. Here, the prospect is allowed to derive conclusions about their next course of action on their own without a conclusive pitch.
Tips for successful SPIN selling
Modern day SPIN selling requires your own spin. Some tips for SPIN selling include:
- Make use of power of social media for research
- Keep the questions relating to problems a minimum. Look for solutions instead.
- Guide the prospect. Don't sell too much.