What is Spin Selling?  The acronym SPIN stands for Situation, Problem, Implication, Need.  It follows the technique that questions are the best way to engage prospects and clients.

Situation -  ask questions to find out about the prospect, her current job, lifestyle, family life, obligations, debt, income, savings, retirement plans, etc.

Problem - based on the information gathered in defining the situation ask questions that identify problems with the prospects current situation, ie. no job, not making enough money, no retirement, debt,  inability to paydown debt, poor credit.  Since most people make buy decisions based on emotion and justify it with logic,  this step is very important as it reminds the prospect of the "pain" they are living with and provides the motivation for helping them make decisions that can improve the problem and the situation

Implication -  to further the prospect of the "pain" they are enduring, Implication questions help the prospect think through the consequences of their situation and problem(s) effect themselves, family friends.  This is about things they want but can't do.  Some examples are paying for children's college education, setting aside retirement, getting out of debt, raising credit rating, owning a home, car. 

Need - This is the time to ask questions about the value of a proposed solution.  Questions like What would it mean to you if you could earn $10,000 per month?  What would it mean to you if you could increase your net worth by $$$$$.  This need step mirrors the implications but now with positive emphasis.

Reference the book Spin Selling by Neil Rackham