Episode 74

Roundtable Discussion

Close More Deals by Understanding Risk Tolerance

 

by | Oct 26, 2021 | Sales

The MSP Business School Team

Hosts Brian Doyle, Tim McNeil, and Robb Rogers break down the benefits of knowledge-based sales, shifting the conversation around security from one of fear, uncertainty, and doubt to one of risk tolerance and relationship building.

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About This Episode

In this episode, hosts Brian Doyle, Tim McNeil, and Robb Rogers break down the benefits of knowledge-based sales, explaining how you can shift the conversation around security from one of fear, uncertainty, and doubt to one of risk tolerance and relationship building.

0:49 – Tim and Robb share that the topic they hear talked about the most at conferences and with the reps they coach around the country is security: cybersecurity, cyber insurance, and cyber resilience.

3:13 – Brian points out that the overarching conversation that needs to guide sales calls is the concept of risk tolerance. The hosts share how understanding a client’s risk tolerance aids the rep in avoiding the fear, uncertainty, and doubt angle and allows them to instead talk in terms of value and assistance.

6:35 – Brian reminds us that people don’t buy over what-ifs, and then moves into the difficulties many MSPs face when trying to add security as a second “S” rather than seeing the opportunity to act as project and relationship management. The hosts touch briefly on cyber insurance, controls, and legislation.

12:40 – Robb asks Brian to really break down the risk versus reward conversation. They discuss how determining a client’s risk tolerance can help you determine whether you’re building a robust enough proposal.

18:17 – We turn the tables and talk about what to do when a client rates themselves as having a larger tolerance for risk than you are comfortable taking on. Brian dives deeper into how he defines the scale for risk tolerance.

23:37 – Tim asks Brian to share his approach to clients who say they have a very low tolerance for risk, but when presented with a proposal realize it isn’t in their budget or that they aren’t willing to do what is needed for that level of security. The hosts wrap by reminding us that speaking in terms of risk tolerance takes you out of selling mode and into truly building a relationship with your client.

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