No one is more enthusiastic about your business than you are. You work hard to identify your best clients, and you feel you are the master of building relationships, asking all the right questions and ultimately, delivering your strongest presentation. However, you’re frustrated at how often you meet resistance in closing the deal. It’s ok, and it’s normal. It’s not you. Now, how you prepare for and overcome those moments of resistance, is all you.
Upon delivering your presentation, it is your job to identify then if there are any objections and ultimately ask for the business. There could be a combination of hesitations for the client. Lay out all the features of your offer, including pricing and timeline to transition. Then be silent and wait for your prospect to tell you what they’re thinking. If they indicate they are unsure, walk through each aspect of your proposal again, asking after each point, if this portion of the offer is acceptable. Nail down where the objection lies first. Then you can work through the objection with additional explanation and negotiation.
Here are seven reasons clients might not be ready to pull the trigger.
Cost
Cost can be a prominent issue. Business clients may sometimes entertain new services without having intentions of following through with the purchase. Inquire if there is an additional approval process for new services; in other words, someone else has to approve your price. Maybe the prospect is embarrassed to admit he or she can’t afford it. There could be hesitation with payment plans. Be sure to communicate your value and emphasize how working with you can make the client’s job easier or better. If you immediately meet resistance on price, it might be a sign you haven’t sold them on the value of doing business with you. In some cases it may be a good idea to offer something free to get the ball rolling. Here at T22 Media we offer a free digital analysis of your website to see where you stand in comparison to competitors. Something along this line can help show that the cost is worth the service.
Timeline
Are you pitching at the right time? A client may love your offer, and your prices, but is locked in a contract for another six months. Be sure to know your buying cycles so you can plan presentations at the right time and manage your funnels.
Transition Hesitation
You have the magic wand solution for this customer. The price is right. The timing is right. However, they still seem hesitant. Maybe it’s the change-over transition that scares them. Changing vendors can be a nightmare process for some businesses. It’s almost more enticing to stay with a lesser service provider, just to avoid the changes to internal procedures, billing, staff re-direction or implementing training for your new product. If you sense the client is reluctant to change, be sure to include a ‘timeline to transition’ discussion in your presentation. Identify a step by step guide to illustrate how easy and seamless you intend the change to be.
Wrong Person
If you’ve made it through the presentation and the prospect tells you he has to take it to the department manager and get back to you, then you’ve just pitched the wrong guy. In your marketing efforts prior to this proposal, you should be able to uncover with whom you need to spend your efforts. However, it happens sometimes, and a mid-level manager is assigned the task of bringing in new vendors, and you were hoodwinked into thinking you had the decision maker in front of you. Don’t worry. If you nailed this presentation, there’s a good chance this manager will favor your services when re-selling it to his manager. In a best-case scenario, you get to redo your presentation with the right people, and this was a good practice run for you.
Wrong Product
You can deliver the best presentation and still be met with hesitation or a no altogether if you’ve suggested the wrong solution. During your needs analysis with the prospect, you should uncover exactly what the client needs from you. You have to be the doctor and find where it hurts. If your solutions don’t fix what ails the client, he or she won’t buy from you.Consider looking for their Niche services or products and how you can help elevate and improve these services with your own. Be diligent in your presentation and make sure you’ve discussed how working with you can solve the client’s specific problems.
Negotiation
People don’t like to be sold. Some people, depending on their role within their company will never take your first offer. Maybe they’re accustomed to vendor relationships with other companies and feel they can’t sign the dotted line without asking for a better deal. It doesn’t mean you have to automatically reduce your rates to get the business. It merely means you should be prepared to encounter these types of buyers and be ready to negotiate. Keep a value-added service or offer in your back pocket, and not part of the original presentation. It’s best to know and plan ahead of time, what areas of your service platform are negotiable. Whether it’s payment terms, additional services or complimentary products, having the ability to sweeten the deal during the negotiation process can help your prospect to feel as though he or she is getting the best offer. Not everyone will want to negotiate, but by being prepared for those who do, can help you show your willingness to compromise and ultimately, land the business.
Did You Ask?
Don’t forget to ask for the business! During the relationship building process with your prospect, you find conversation flow is great. Maybe you’re talking friendly about kids and family or plans for the weekend. They like you. They like your presentation. Don’t leave that momentum hanging by forgetting to get down to business. Sometimes, a client is hesitant to tell you no. People inherently avoid negative response, especially if they like you. Asking precisely for next steps or how to move forward in securing the business, you can coerce these types of clients into telling you if something is holding them back. In which case, you can address the hesitation specifically and know how best to proceed. Asking for the business prompts a ‘yes’ or ‘no’ answer, and either option is better than a lingering client who stalls out without making the purchase.As an entrepreneur, you rely on and understand the importance of closing new business. You strategically plan every step of your marketing and sales processes. You make cold calls, send follow up emails and write thank you notes. You’ve invested in proper advertising strategies and client engagement efforts. You have conducted presentations and submitted proposals. But the clients aren’t buying, and you’re frustrated. It might be time to examine your closing techniques. The time you spend in front of a potential client is valuable. Make the best use of it. If you have any questions about marketing then contact us to see how we can help.