After weeks (if not months) of guiding your prospect through the sales process they decide they no longer want your product. Disaster, right? Luckily for you their objections probably aren’t unique. Here are a few common reasons why potential clients say no and some ways in which you can make them change their minds.
1. Lack of Trust
Along with perceived value, risk factor is a powerful gatekeeper to any sale. This is especially important for your first-time buyers.
A more mature or seasoned sales rep knows that the best way to build trust is to address the client’s emotional or financial concerns head-on. Most amateur sales reps rely on improvised conversation but they don’t have the experience it takes to pull it off.
The best way to overcome lack of experience? Prepare. Preparation is the key to eliminating any sales objections that relate to trust.
Learn how to build trust the moment your client makes their first objection. Like we’ll soon discuss with the price excuse, having developed answers for your client’s concerns is crucial to closing the sale. Expand your sales dialogue to include honest answers for any question or concern your customer has.
It’s not easy, but being proactive will help you build trust and win exponentially more sales.
Another way to address lack of trust is with referrals. In general, referred clients have a 16% higher lifetime value. There are a number of ways to increase referrals through offline and online means.
Like we talked about earlier, content marketing is also an excellent way to build trust. Create resources that help your clients solve day-to-day issues and watch them flock to you for support when they have a bigger problem. Plus, they may realize that all that free advice and information you gave them in the past far outweighs the cost of your product today, which leads us to our next top sales objection.
This is the number one concern for hesitant buyers. Some would argue that the client has every good reason to turn down your offer if the funds are not available. However the truth is that price is just another excuse that masks a more specific, actionable request.
The first step in deciphering the price puzzle is to simply wait. When a client first comments on price (in person or over the phone) use the power of silence and wait a full three to five seconds before responding. Chances are they may offer up a further explanation as to why the price is too high because they’re afraid of sounding cheap or dismissive.
Even if they don’t try to fill the silence, the next question out of your mouth should be the same. Why do they think the price is too high? Once you have an answer, you can then determine which avenue to take.
Are they concerned about cash flow or budget? This can have a great impact on your next steps. If the hold up is around budget restrictions, see if you can provide a payment plan that suits their needs.
If the main issue is cash flow, ask them if they really understand the value of what they are purchasing. Because at this juncture they’ve already invested a valuable amount of time and thought into your product. They are aware of the problem that led them here in the first place. Those same problems kept them involved in the sales conversation up until this point, so what’s changed?
The best solution for any price concern is to increase the product’s perceived value. Challenge your client to explain what they think is missing. Does a competitor offer something similar? Let them know how your product is different. Does their problem have a sense of urgency? Remind them of the true cost they face by putting off the purchase.
Content marketing can also be a powerful tool for increasing the perceived value of your product. Check out this article on how to skyrocket inbound leads and secure more sales through original content creation.
3. Bad Timing
You’ve heard the old adage timing is everything? That applies here too.
Bad timing can mean the buyer is heavily considering your solution but only for a future problem. According to Gleanster Research, 50% of generated leads are qualified but not ready to buy right now. Consider playing the long game. There’s no reason why a dismissal today can’t lead to an approval tomorrow.
Hear out their concerns about buying the product right here, right now. Since you’re prepared to address any scenario, respond to their reasoning with logic and emotional appeal.
If they are dead set on pushing off the sale even after your brilliant solutions have been presented, let it go – for now. Use a great CRM to keep track of their answers and what made them interested in your company in the first place. Make sure to create a solid follow up strategy and make a note to reach out to them at a later date.
Another great tip is to work with your marketing team to build an automated nurture stream that can be used to “warm them up,” and ask them to opt into this campaign. This steady stream of information about your market and offering should help familiarize prospects with your company over time so that, when they are ready to make a purchase, your company will be top of mind!
Regardless of which sales objection you encounter, having the right strategy in place to effectively anticipate the needs of your prospective buyer is crucial. If you are interested in learning more about the core issues facing sales teams today, check out our helpful resource, The 2017 Guide for Next-Generation Sales Leaders, for an in-depth look at cutting-edge scientific sales solutions.