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Your sales team needs to know your products and services inside out, but when it comes to closing a deal, they need to be just as well-versed in your customers' needs.
Suppose you hear from a prospect you've been targeting for a long time. Just because you've been contacted
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Hidden Objection
When customers decide not to buy your product, ask them why.
According to Frank Bettger, best-selling author of books on sales success, most prospects avoid telling you the real reason why they turn you down. In fact, two-thirds of the time, they toss out false objections.
In his book How I Raised Myself From Failure to Success in Selling, Bettger quotes J.P. Morgan (banker, financier, and one of America's wealthiest men at the turn of the twentieth century): "A man generally has two reasons for doing a thing - one that sounds good, and a real one."
Often, Bettger explains, the customer's "real reason" is based on false assumptions and faulty data. The secret to closing the sale may be in discovering that reason, and providing the customer with accurate information.
So when a prospect turns you down, first ask why. After you hear the answer, ask one more question: "In addition to that is there some other reason that makes you hestitate?"
Customers often have no idea that they are basing their decisions on bad or incomplete information. Sometimes all it takes to change their minds is for them to voice their objections and let them realize that they had not given the decision enough thought or didn't have all the facts. | doesn't mean a sale. The customer is likely to be looking for an idea of how your products or services are going to beef up his bottom line - in other words, if he buys, what's in it for him?
You need to give answers that demonstrate how you can bolster the prospect's operations, productivity and - above all - profit. Here's a three-step strategy to help seal the deal:
Spend as much time as possible learning everything you can about the customer's company and projects it may be starting that need your products or services. Study the company's Web site. Find data on finances, operating methods, history, products, services, top executives and industry standing. Ask the customer for any relevant written material, explaining that you need the data to scope out the needs of the business.
Using your research, prepare six questions you want to ask the prospective buyer. Make the questions open-ended so they elicit lengthy answers. The goal is to uncover problem areas in the company.
When you finally sit down with potential customers, let them do most of the talking and listen carefully. This helps you come back with insightful solutions and suggestions. It's all positioning: By knowing your prospective customers' businesses and needs and providing solutions to their problems, you position yourself as a professional who is concerned about their success. Once they see that, the deal is more likely to be clinched.
Solid research can help cut the number of calls you make and boost the percentage of leads that become done deals. Remember, the more money you help customers make, the healthier your bottom line will be.
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Lazar Levine & Felix LLP provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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