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Prospects Delay DecisionsProspects delay their buying decisions – a natural law? It happens just about 100% of the time. We really wish things were different but in our experience, the sales process gets stalled for a variety of reasons – here’s some you may have heard: “We’re not that dissatisfied with our current arrangements” “We need to think about it” “The timing is just not right” What about FEAR factor? Your prospect’s fear of change and/or their desire to manage the risk inherent in buying from you. The risk that something may go wrong for them and they will be subjected to criticism. That ROI expectation? Are you really the solution? Can you really help achieve our objectives? Can I trust you? We’ve been suggesting a somewhat radical approach – at least some have told us it is radical – well here goes: Tell the prospect that they are going to delay the decision – you can sometimes even add: “…and don’t let us down!” Follow this up with: (And, here’s the radical part): “Here are the four reasons why you could not do business with our firm”. That’s right, name the reasons - this is really where their fear resides. An example may be helpful – In our own case, we’re a small company and, although many times unsaid, there are usually underlying fears like: Can we handle the demands of a large assignment?, What if something goes wrong – my boss is going to ask who we used – how do I answer “why didn’t we use a large international company with 500 offices around the globe?” Our solution to diminish or eliminate their fear is that we:
• Name their fears • Line them up one at a time and either knock them out and/or offer a reasonable response • Offer assurances from a 3rd party (like a happy customer who had the identical fears) • Keep their eye on the target by reinforcing the objectives that will be achieved • Offer to instruct the prospect on how the transition will be made – what happens and when. Use of a spreadsheet showing critical activities and timing can be a very powerful instructional tool.
Some additional thoughts:
• If this approach is too radical for you, is contrary to everything you feel about the proper way to make a sale and your internal dialogue is saying “This is nonsense” – drop this concept immediately (but please keep reading).
• The sales process never stands still. You are either moving towards a close or away from a close at all times. In fact, if your sales process is standing still, you are moving away from the close!
• Prospects have many terrific skills but hiring you is not one of them. Why is this so? Here’s one thought - How often does your prospect make a change like the one you are proposing - every three years, five years, ten years? Logic dictates that, as a general rule, the prospect does not typically have enough experience to easily make these hiring/firing decisions.
• Early in the sales process, make an agreement with your prospect and explain what actions you plan to take if the decision is delayed. For example, you will be free to contact them often. This sets the stage for you to easily follow through on your agreement. Each subsequent contact helps you to determine the root cause of their fear, what is causing the delay and enables you to formulate a response to the buyer’s objections and manage their risk. You are continuing to move towards a close. So, before your next prospect delays their decision, (Oh, you have one now?) consider the dialogue, tools, strategies and techniques that will help you influence the decision making process. Best wishes are flying your way, Tom
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Sales Coach Newsletter is a product of Redmond Group, Inc. We are specialists in the systematic process of developing and retaining new business. We design sales and retention process maps and unique measurement tools to track progress to meet business objectives. We conduct in-house workshops, individual and sales team coaching, Webcasts and assist with product launches. |
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