The 3 M’s: Money, Method & Motivation
What Do We Mean By ‘The 3 M’s’?
In this short Pitstop, I just want to talk about the three M’s.
So, what do we mean by the three M’s?
It relates to the way your sales process works inside your business.
Now, straight off the bat for any of the fans out there of William Skip Miller, at M3 learning, this is original material from those guys.
Here at the Mike Midgley Executive we don’t own this or anything.
We just want to share it with you and highly recommend that you head over to m3learning.com and check out Skip Miller where you’ll get a lot more of this type of stuff.
Here at Mike Midgley Executive all our team are trained through the M3 learning modules.
And sales is not a dirty word after all.
Without sales our businesses don’t generate revenue, we don’t generate revenue we’re out of business.
Pretty obvious stuff.
So, back to the three M’s, what does it stand for?
It stands for;
Now, we all can recall customs or prospects calling in and simply, you take them through a process only to get right to the end and then either they can’t afford your product, they’re not ready, they’re not the decision-maker.
And you’ve probably put the phone down or left that appointment thinking, I could have handled that better.
So what I want to share with you, it’s only a short one this morning, is the three M’s, money, method, and motivation, courteous of the guys at M3 Learning.
So, when a prospect makes an inquiry with us on the Success Hub, not straight out of the gate we’ll spend a few minutes qualifying him.
But really early on we want to make sure that we’re dealing with the right person, of course.
But more importantly, is number one, is the first step is do they have the money to buy our product and service?
Because let’s be fair, if our product and service is a thousand pounds, 10 thousand pounds, or 30 thousand pounds, if that customer is not in that league, doesn’t have that budget, just not quite ready as a business as yet, then we’ve got to be, respectful of our time and it’s our responsibility then to create a pathway for that customer to maybe access some free resources, or recommend them to another company who could be better suited to look after them.
Let’s be clear guys, as much as I love helping people, I’ve got no responsibility to spend hours out of my day talking and helping and guiding people who have got absolutely no money.
And plus I don’t want to sound, to pressure sales here or anything like that.
My time’s far too valuable.
So, first thing I want you to think about is when you start speaking to your customers, prospective customers, back of your mind, do they have the money to buy the product or service that I sell, type of question that you need to think about.
The way you do that is ask strategic questions and start to push them down a route, keep control of the sales process.
You don’t have to be as rude as saying can you afford my product, that’s rude.
You really need to sort of work out on your sales process and your sales qualification questions to be able to, sort of, get better at that
However, the second, once you’ve established if they’ve got the money for the product or it looks like that it’s potentially realistic for them to purchase your product, then move on to the second M, which is the method.
Are you dealing with the decision-maker or are you dealing with an influencer?
What is the process to get a decision out of that business?
So assuming that they’ve got the money, they can, the affordability of the deed is there, then how do you get a decision?
Do you actually know?
Because we’ve all been in situations where we’ve had an inquiry, and the call or appointment went really well.
You send in your quotes or your tender or you make that final call and then he goes quiet.
Then you leave a message and then they don’t come back to you.
And you leave another message and they don’t come back to you.
And you’re working to your sales process as opposed to their buyers’ process, understanding the buyers’ process.
So, a typical example would be you’re dealing with an influencer who’s maybe collecting information.
They’re going to go out to three companies, that gets collated together, it goes on to a manager.
A manager then sends it to the board, the board will make a decision, or even ask for a little further information or a re-quote.
And then it goes back down to the bottom, it gets re-quoted, re-collated, re-presented, and that might be six or eight weeks.
So if you don’t know what the process is to get a decision out of a prospect, you could be chasing customers earlier than you should be doing.
Then you follow up, and then you start to become a pest instead of a welcome guest.
So understand the method, M one is do they have the money, M two is what is the method.
M three, this is probably as equally as good as any other, and they all sort of play an equal role here, is what is their motivation for you to buy, or for them to buy your product.
So if they’re not motivated to buy, if they don’t have the need, then you’re going to have a difficult sales process to get a result out of them.
So, is their motivation they need to increase productivity or they need to reduce expenditure or they need to increase revenue?
Whatever that is, you know what your product and service does for your customers and how it helps them, so you’d work that out.
So, quick recap guys, the three M’s.
M one is do they have the money to buy your product and service, does he say?
There’s a whole host of strategic qualification questions to ask there.
M two, what is the method to get a decision out of a customer?
Is it a structured process or are you dealing with the decision maker who could just say hey I like that, click the fingers, I’ll buy it?
M three, what is the motivation, are they motivated to buy your product?
Because if they are motivated to buy your product the sale is going to be far easier and you can start to address those challenges and pain points or meet those aspirations and really move it forward.