5 REASONS WHY PEOPLE WONT BUY YOUR PRODUCT AND HOW TO OVERCOME THEM
Everyone is selling something. Sales is about convincing and helping others. A doctor is selling their time. An engineer is selling their skills. A job seeker is selling their expertise. An entrepreneur is selling their product and credibility. Sales is all about convincing others.
When you are selling something, it is fair to assume that customers are already using a competitor product. Or customers are using alternates to solve their problem.
There are 5 reasons You hear from people when they don’t buy products:
- I don’t have money
- I don’t have a need
- I need it but not at this time. In other words, I don't have urgency for this product
- I don’t have time
- I have no trust in you or the product.
Is it in your control? How much of this can be worked out:
- If they don’t have money, they can still buy the product if it saves money in long term. E.g. They can buy the product in installments.
- If they don’t have a need, it can be created. They have their emotions and aspirations. We can give them emotional experience how they will feel once they have the product.
Hint: All banking products or installments work on above principles. They know you don’t have money but you require the product. They show you a happy family living in their dream home and driving a dream car, and they offer you the same in installments.
- They don’t have urgency, but we can create one. Scarcity! Scarcity is one concept to which human brain responds the most. That is why there are billions of dollars of sales on black Friday.
- If they don't have time, they can take out time if they find value for this product. If they figure out this is something which they really want, they can take out time.
- Trust. But trust has no alternatives. You have to be authentic. You have to be transparent. You have to be credible. You need to sell same quality at the same price to all. You need to ensure that all customers deserve the same degree of respect.
8 MOST COMMON SALES OBJECTIONS YOU WILL HEAR AND HOW TO OVERCOME THEM:
Note: This piece is inspired by selling lessons from Brian Tracy
#1 Unspoken objection: The customers are not buying your argument but they are not saying anything.
Action item: Make them talk more. Ask open ended questions. Build rapport. The more likely they answer questions, the more likely they will open up. Ask good and intelligent questions.
#2 Customers make excuses: “I am sorry I cannot buy this”, “We dont need it”, “I don’t need it right now, may be later”. “I cannot afford this”
Remain composed. Answer with a smile. Bring social proof. May be you can tell them that most of your customers thought about it the same way, but now they are using my product and they are having great experience.
#3 Malicious objections: People sometimes vent out their frustration of workplace or family on sales persons, because it seems easier for them.
You should understand that its not about you, its about them. They were upset in first place and You crossed roads with them on a wrong time. Remain composed and think of your long term objectives. Do not get engaged in any argument with them. If you can meet them again, they may give more ears. Or just let them go. Think about them and motivate yourself. Think of your long term objectives.
#4 Request for information: This is the best objection. Whenever someone asks for further information, You can take your time and send them required info. Do not forget to have a strong follow up.
#5 Show-off objection: Prospect tends to impress they already know a lot of this industry and the product. They are trying to listen less and speak more.
Appreciate them about their knowledge. Tell them you are very impressed with their knowledge. Getting compliments make people feel relaxed. They will feel important. Prospect is more likely to buy from you.
#6 Personal objections: Customer starts criticizing you and your work ethic. They can target you or your product or service.
Focus on them, not you. You are probably talking too much about yourself or the product. Focus on customer and their problem.
#7. General sales resistance: The customer is listening to you with a closed mind.
The customer is not willing to listen. Speak to them at some other time. Or you can try to start conversation with an open ended question. Or through building a rapport.
#8. Last ditch objection: The customer is convinced about the product features mostly and the price, but they still hesitate before buying.
In this case, You should listen with respect about their final objections. Show patience. It feels frustrating and never ending, but you show patience here and You are likely to get rewarded. Understand this: Just before the sale happens, people raise factual objection. It is possible that client is making their mind and they are clarifying a few confusions in their head, just to be sure on the sale.
FINALLY, HERE ARE 5 REASONS TO MAKE PEOPLE SAY "YES":
Social proof: If they see everyone buying your product, they are more likely to get convinced. Humans follow each other, sometimes without even thinking. Websites try to present numbers so we are convinced. And we think of other customers, they know something that I don’t know.
Action item: If you are doing business, have customer testimonials available on your website and social media. They should relate to your potential customers.
Authority: Humans tend to follow people with authority. If our favorite movie star or a sports player endorses a brand, it increases credibility for the brand.
Action Item: If possible, ask endorsement from celebrities or those who enjoy good or authentic reputation among your prospect customers.
Scarcity: Humans go after what is scarce. That the offer or discount or product will not be available if you delay. If you need something but don’t need it urgently, scarcity helps in creating urgency. Many times, We do not appreciate what is in abundance. That is why limited time offers work.
Action Item: Make people run after your product. Give them the impression that it will be their loss if they do not buy XYZ within 7 days. “50% off until stocks last” and all sales like that are designed using the same principle.
Reciprocity: People want to reciprocate good will. Well, they reciprocate bad will too and call it Karma. If you have done favors to someone, they are more likely to hear your pitch and reciprocate.
Action item: They say, be good and have good. You need to have strong network where you are helping people from time to time. You can give them free advice to solve their problems and they are more likely to listen to you. That is theory behind content marketing.
Liking: People can react to your message more if they have some liking for you. Buyers are more likely to buy from sales people for whom they have developed some kind of liking. It can be due to their ingenuity or compliments.
Action Item: Develop a personality which is liked. Give compliments to people. Avoid negative thoughts. Be clear in your thoughts and simple in your language. Try to be the person with character.
Consistency: Whatever you sell, have a consistent pitch. Repeat it so many times that customers start associating your brand with a specific tagline or a problem. Politicians know this more than anything. They repeat the same mantra and slogans so many times that we start believing them.
Action Item: The message should be simple and clear. It should be repeated so much often that people start associating your name with this message.
Part 1 of this article is here:
Part 2 is here: