“Acknowledge that if you do not change your method, you will get the same results, if not worse, if your competitors change theirs” - Jack Welch.
You just finished your meeting with a prospect and his response about your product or service was not thrilling. You probably felt this before. So what do you do next? Well, before thinking about what to do next, let us take a few minutes and go through the "not so thrilling" response. Did he tell you he already has another supplier? Or that he is not familiar with your company? Does he need more time? or is he already doing it internally? You would love that last one, because most of the time your biggest competitor is your customer.
So let us contemplate these different responses and explore the possibilities of learning from them and turning them into opportunities.
1 - We already have a supplier
What can you do in this situation? Do you think you can avoid having this response? Let us take a minute and think about it, after all, the most effective way to fix a problem is to prevent it from happening. Quite logical, right? So, instead of starting the conversation from a need perspective, get into the gist of it by starting the conversation with a problem. For example, you can identify some of the problems you usually help to solve and ask your prospect if he finds himself in these situations and how he goes about them. This way, he will tell you about his own circumstances even if a competitor's name comes in the conversation there is a way to figure out what's not working. While listening carefully, you can work on identifying a flaw with your prospect's current setup with the other supplier. The goal is to know what's missing so he can consider you as a different option. You can ask questions using "always" and "never" to check how far does the bond with your competitor stretch. Your chances of getting a follow up discussion just got higher.
2 - I don’t know your company
Most often, you introduce yourself by giving your company's name. Often, prospects tend to give less time or importance to a company they don’t know about. Instead, you are better at introducing yourself by emphasizing on how you help your clients. For example: Hello, I'm Elias. I help marketers, who are often overwhelmed with protecting their sender reputation while preparing their marketing campaigns, remove invalid and dangerous emails, and increase their delivery rate. Now, you will have the attention of the listener. Your pitch must be tailored to each persona differently and not the same one used over and over again.
3 - It is too expensive
What is important to understand is that in the majority of cases, there is another underlying reason rather than just the price itself. It is your task to understand what makes your prospect reluctant to work with you.
You want to avoid revealing the price too early in the process while your prospect does not see the advantages he will get from you. The stage of the sales process at which your prospect disagrees about the price is very important. If the price is mentioned too early in the conversation, then it is likely that your prospect does not have enough information which will justify the amount requested. In an effective sales process, to avoid price objection, you must devise a step which will make the prospect aware of the reasons justifying the cost of your offer. It is important to demonstrate the value of your product or service before providing the cost. You can also mention the financial losses associated with the status quo, and the revenue that he is not exploring by not accepting your offer. A return on investment calculator will help your prospect see the value before discussing pricing.
In many situations, your prospect will compare you to your competition. You should know that customers do not always buy from the lowest bidder. The price is not the first criterion considered during a purchase. In fact, the quality of the product, reliability, ease of use and customer service provided are of greater importance to customers than the price alone.
Your prospect sometimes test you in order to find out by how much more you can lower the price. It is up to you to see if the price can be a deal breaker or if he is trying to take advantage to reduce costs.
4 - I need time to think about it
It is normal to take some time to think about making a deal with someone. However, you have to know that anything can happen during this time and your chances of closing the deal might decrease. The best way to handle this situation is to ask your prospect what he wants to think about and how you can help him during this process. Understanding the buying process is crucial here to keep your chances of success high. Adopt a reassuring tone so that your prospect does not feel rushed. In the end, he may realize that he does not have to wait. It is often merely a common way of ending a conversation.
If, on the other hand, your previous conversation does not get you closer, it is always important to agree on a follow-up date in order to continue the discussions.
5 - We already do it internally
This is probably the most challenging one. After all, your biggest competitor is your prospect himself. You must be able to draw out some information about the internal person doing the work: Does he have all the tools required to do the job well? Does he have enough time to always take care of it? Could his time be better spent somewhere more productive to the core business?
If the person has all the tools and time required to complete the task, your chances of going ahead with the sale are rather low. To keep your success chances up, you need to show your prospect additional advantages that would make it rather difficult for him to get if he does it internally. Emotional and functional values can help you at this stage: speed, quality, cost reduction, revenue increase, motivational, or any value you provide that resonates with your prospect and will steer the consideration towards outsourcing non-core functions and consider you as a partner.
You can rewire any objection raised during prospecting to your advantage. The most important thing is to be ahead of these potential objections in your sales process. You must always be prepared before each step with strong arguments, use cases, and facts.
Join thousands of your peers to increase your productivity, performance and happiness.
Your privacy is very important. We will never share or sell your information.