How I Went From Flat Broke to Closing 7-figure Deals | Johnny Larson

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1. 13:29

   Furthermore, with typical accounts that are in your industry, they might require a certain degree of vendor due diligence. So I need to know up the chain, who's going to be involved in overseeing that due diligence information, who's going to be involved in this decision-making process. Because before we can transition to a demo or even review pricing, this is standard operating procedure for my team. “We need to identify these items before we can proceed with next steps.” So how can you help me get that information so I can get you on the demo? Let's say it's not a junior person. It's a champion. So a director level person, and then champion introduces you to power. You've won over the champion, you've won over power. Now it's time to go through pricing.

   In Stakeholder and champion discovery

2. 23:13

   through the MSA, through the NDA, through the BAA, all of it. And it took a month and a half. I've had other buyers with the same contract value. They turned the MSA around in three days. So I think identifying what that legal process looks like prior to the pricing and prior to “you asking for the sale is like you had mentioned, it's imperative.”

   In Buying process discovery

3. 25:42

   I put my foot down and say, listen, we're obviously not being made whole here, either party. Why don't we either revisit this next Tuesday? My schedule's open. I'll send you an invite right now. Confirm that you got it. Let's take the weekend to kind of take a deep breath. Let's revisit things next week. Or what I'll ask them, I'll blindly ask them, “send me the other proposal you got.” friends that work there. I see their proposals almost weekly. I know what they can and cannot get away with from a pricing perspective. So I can either ask them for the pricing or I can ask you for the pricing. So which do you prefer? And so when I get that pricing and I can do apples to apples, maybe our context and our licenses are off slightly. Maybe their

   In Objection diagnosis and probing

4. 28:03

   The first thing that I would ask is, based on the numbers and based on what you're seeing here, obviously there's some initial sticker shock. Before we continue with anything else, what's on your mind? What are your thoughts? What about the difference between three and two? Where is that coming from? How do you feel? What were your expectations coming into this call? “Let them talk. Let them bring up why it's a concern.” then obviously I know I have some in the chamber to bring to our deal desk and to bring to our finance team. I would allow them to digest. We're not discussing anything else. We're not talking about length of terms. We're not talking about the renewal uplift is 12%. We're not talking about anything else because then that's a completely different conversation.

   In Objection diagnosis and probing

5. 33:51

   opportunities. Johnny, thank you for joining us. Everybody stick around for a 60 second recap coming up soon. Alrighty, Nick, it's time for a two by two recap from this first episode with Johnny Larson. What do you have for your two? So the first is if your prospect is trying to use competitors pricing as a way to benchmark against you and get you to come down to match the competitor, directly ask them to share “the competitor's proposal with you so that you can truly compare apples to apples.” Number two is if you have a buyer who is trying to negotiate with you on multiple different plans, the term of the agreement, the different products, the professional services costs, etc. You have to ask them to rank those things in terms of what is most important to least important and then say, we can't do everything.

   In Competitive differentiation

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