It’s the end of your sales visit and you’re pretty sure you’ve just delivered the perfect presentation. Not only are you offering them the best price, product and service but you’re prepared for any objection they might come at you with.
The odds are in your favor for now but while you’re getting ready to close another deal, the prospect changes their mind. Why? What happened? Maybe they weren’t interested in your offer right from the beginning like you thought?
If you’re an experienced sales rep, you will have already analyzed what can go wrong in a sales pitch, arguments you can’t resolve, or an offish tone of voice, for example. However, if everything has gone to plan and you carried out the perfect sales strategy, bear in mind that there could be some alternative reasons why your prospect doesn’t end up buying. You’ll see that this is completely normal in sales and remember never to feel bad if you can’t pull off a pitch properly. It’s just another reason for you to improve your strategy and focus on other prospects that are certain to buy from you.
#1 They have no actual need for the product of service being offered
If your prospect doesn’t need the product you’re offering, it’s pretty logical that they’re not going to buy it, even if they show a slight interest. At least they know who to come back to in the future if they do need something similar.
You can avoid this by improving your prospecting process. If you refine your search even further making sure you only contact prospects that actually need your service, or at least make sure you can impress them over the competition, showing them you can offer something better.
In these cases, you should put maximum focus on the benefits of your product, emphasizing how it will facilitate their work and bring them the desired results. This way, you also appeal to their emotion letting them know what they’re losing without your product.
#2 The “money taboo”
A common reason why prospects don’t buy (or what some prospects often use as pretext) is price. To settle this issue, you can break down costs explaining payment conditions in a more neutral way. Quality has a price, let them know that.
We often make the mistake of trying to justify the price before the prospect has even brought it up. Some clients don’t even contemplate the price as a reason not to buy something if they think it’s going to benefit them and their business. So don’t make your client judge your product based on its price but to instead focus on its value and benefits.
#3 They feel forced into buying
Your prospect might be interested in your service, but are in no rush to buy it and might have other priorities for now. When this happens, the sales process lengthens out quite a bit. We recommend that you avoid this excess delay because otherwise your chance to close the deal could disappear or it could make the client start questioning your service.
If you detect a situation like this, create incentives and a sense of urgency. E.g. a product shortage or a change in price, available for a limited time only.
As we’ve already mentioned above, it’s also important to emphasize the benefits of your product or service.
#4 Lack of confidence
The most important reason a prospect won’t buy. However, if you know how to manage the situation practically, you’re guaranteed a sale. It all depends on your ability to make the client feel secure by showing them how you can help. Obviously, you have to believe in the product and know how to highlight its strong points.
Be totally transparent and avoid being overly friendly as this could come off as a little fake. Be natural and professional. Personalize your pitches with each client, that way they’ll notice you’ve dedicated time to them specifically.
These are the four main reasons a prospect might not buy your product or service. Of course, there are more signs they’d be unlikely to buy. For example, in today’s technological day and age, it’s essential to have online company presence, especially when we all resort to social media and the Internet to look for reviews and references about a business. This all has a huge impact on a prospects buying decision.
If you’ve ever found yourself in an uncomfortable situation, please share below.