Sunday, March 14, 2010

The Basic Reasons A Prospect Won't or Don't Buy

In all my years as a salesperson, I have finally heard of all the reasons why a prospect won't buy and it would be safe to say that it can be summarized in five (5) basic reasons, namely:
- No Need
- No Money
- No Hurry
- No Desire
- And No Trust

Since any "reason" or "excuse" for not buying will cost you a sale-and will cost the prospect the benefits he would gain from the purchase-the missed sale is a loss for both buyer and seller (again always maintain this mindset, that we have more to give and some to gain).

Now because a missed sale is expensive to both buyer and seller, let's look carefully at each reason a prospect does not buy from you. By identifying and then effectively dealing with each of them, your sales effectiveness, and hence your service to your prospects, will increase. This then translates into more profit for you because it means benefits to more people, in which both you and the prospect is in a win-win situation.

I believe the first reason (no need) had already been discussed in my previous lessons, but I want to add an important note. If everybody belonged to the old, old, old school of thought which says, "We should buy only what we need", then we and all other salespeople would be in serious trouble.

Obviously, in my experience in selling and being a sales mentor and trainer, most people have considerably more of everything than they "need". (How many clothes, how many underwear, how many TV's, how many shoes, how much food do we need?) Fortunately for us, and in most cases for the prospect, we buy more on what we desire and want (the fourth reason).

In most cases, what the prospect says no because he doesn't know enough to say yes, or you just targeting the "wrong market" for you product.

The next reason (no money) is a very common reason which many salespeople often taken for granted (specifically sales management). You can use all the techniques in the world and you still are not going to manufacture the money itself. I mean, unless you are going to give or have a product display agreement (often known as product consigning in the case of small retailer) a prospect that can't afford your product will never be able to pay the goods and services you are selling. So take in from my experience, do your homework first before actually selling to a prospect, otherwise your efforts will be wasted if you sell to someone who can't afford your product.

Last and very important reason - no trust. I emphasize this last reason since this has been the pride of my selling career. "Deliver what you sell", if you can't deliver the promises that your product is saying then don't sell it at all or else your sales career will be short lived. Trust is not only a factor in one's selling success but in life as well. In my sales career, most of my success was because my prospects trusted me and even though they were doubtful at times, they trusted more on my personality rather than the changes that we about to come.

Once you have this five (5) reasons in mind, make sure that you have prepared the solutions to this reasons for to make the sale.

Now go and apply this to your daily sales activity.

Dedicated to your selling success.

Sales Mentor TM


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