Have you ever been so sure about closing a deal or a sale with a prospect, then suddenly the sales process just comes to an abrupt halt? It never gets to the final stage of signing on the dotted line or shaking hands on an agreed upon business transaction. You wonder to yourself: What happened? It all seemed to be going so well… Yet the prospect decides to not buy from you or your business.
It happens to everyone in business. But don’t look for excuses as to why your business came in second and lost to the competition. Instead, analyze the sales process from start to conclusion as to how your business can prevent not closing a sale in the future. Remember: Coming in second doesn’t count in sales.
Here are 4 reasons why a prospect doesn’t buy from your business:
1.) The prospect just doesn’t trust you. Business relationships are built on trust. Your sales presentation must convince the prospect to buy from you. There must be trust and confidence you will deliver what your company is promising. Otherwise, you haven’t made a connection with the buyer. To the buyer you appear like any other sales person who has walked through the door. The prospect may listen but when you finish the presentation you are just going to get a “no”. No trust. No sale.
2.) There just is no need. You can have the best presentation in the world but if you’re trying to sell the prospect something they don’t need (or perceive they don’t need) they are just not going to buy from you. Qualify the prospect so you can understand what the needs are. Ask lots of questions. Keep the conversation going. Sell to those needs. Would you spend your money and buy something that you didn’t need just because someone is selling it? In business, most people are not excited to purchase, for example, new software or new equipment. It is a major expense to the bottom line and requires a great deal of confidence it is the absolute best purchase to make.
3.) You haven’t created an urgency for your prospect to buy from you. There must be a compelling enough reason for the prospect to buy from you. The prospect may have a need for your product or service but if your presentation is dull and boring; if you’ve created no urgency or excitement; if you haven’t created a picture of profit and success for the potential client, then the prospect won’t buy from you. You need to be like an artist. Only you use words, examples, analogies and graphics to show the potential customer how your product or service is going to help them. Ask yourself: How will my product or service benefit the prospect? If you can convince the prospect of the benefits your product or service offers, they will buy from you.
4.) You sound just like everybody else. You’ve read the sales books but there is nothing original in your sales presentation. No passion. No unique points of difference. No reason to buy. Nothing compelling on the company website or on social business sites such as LinkedIn. If the prospect closed their eyes they wouldn’t even know you were there. It could be almost anyone that presented to them. You can’t just be another sales person to win sales and contracts. Selling is not just showing up and pitching a product or service. It’s educating yourself to understand:
- How to communicate with prospects
- How your product or service is different
- What sets your company apart from others
- How if someone buys from you, it benefits the customer and solves a business problem.
- You are in the business of solving problems, however large or small.
Notice price is never mentioned in any of the 4 reasons why a prospect doesn’t buy from your business. Often, business people make final buying decisions on much more than price. What makes people buy is having their needs met with your product or service and working with a business person they can trust.
Again… Remember: It’s not always about cost. Though cost may factor into a company budget, it is often not what makes the final decision. People need to feel they have made the right decision to do business with you. Make certain you give a prospect every right reason to do business with your company. Then live up to every promise made and go beyond expectations to keep the customer.
To your success!
Business expert and strategist, Howard Lewinter, guides – focuses – advises CEOs, presidents and business owners throughout the United States to MORE success – MORE profit – less stress. Business problems? Business issues? Get MORE from your business! Talk business with Howard: 888-738-1855.
Also published on the Nimble blog.