If you have your own business you’re a salesman. If you hate sales then go work for someone else. If that’s not an option, then accept the fact that you must sell yourself. Even if sales isn’t your strong suit you can get better with training. So, here are four different ways you can lose a sale and how to counteract them.
Objection 1: Price
This goes both ways. You can be too high or too low depending on the client. Price yourself too low to a large client—they’ll view you as a risk because they know they should be charged more. Why? The work has more value to them and they know they’re going to be charged accordingly. On the other hand, pricing too high to a small business will quickly give you the, “let me think about it” only to never hear from them again, response. They don’t see a value, they see an expense and want the cheapest option.
What To Do?
Find out what your competitors are charging and be within the ballpark. However, you MUST KNOW WHAT IT COSTS YOU TO DO THE WORK FIRST! People will always underbid, so if you know the real cost, then you can point it out, and sow doubt about your competitor in your favor.
Objection 2: Timing
No one will buy until they are ready to buy. It’s the main reason why cold calling rarely works nowadays. People will search for a solution to their problem when they’re ready. Try to force it too soon and you can kiss that sale goodbye.
What To Do?
Forecast your busy seasons (Forecasting Your Business Revenue). This way you’ll be top of mind and first in line when they’re ready to start. You can also ask them when will they be ready to begin, that way you don’t push hard causing them to back away because they feel pressured.
Objection 3: Product
If your product or service isn’t good no one will buy it. It doesn’t matter how much money you put behind it. Wow chips gave people diarrhea. They went from 60-0 faster than you could run to the toilet. (Source: The Common Cents Podcast, Episode 18)
What To Do?
Pay attention to your reviews. Bad reviews travel faster than good ones. Also, make sure your fulfillment system and product meet the standards your clients are expecting.
Objection 4: Undisclosed Info
What you don’t know can hurt you. For example, if the person you’re talking to isn’t the decision maker you’re not getting the sale. In addition, nothing kills sales faster than having someone sell on your behalf whose not trained.
What To Do?
You can’t do much about what you don’t know. So find out everything that could kill your sales and create systems to gather that information.
Knowledge is power and knowing the ways you can lose a potential sale gives you the ability to keep that from happening. Until next time I wish you much success transforming your business into an amazing brand.
