5 Reasons Why Prospects Don’t Buy from You
This article will show you how to improve the purchasing decision. We will explain how a properly qualified process starts by qualifying the persona and addressing thoughtful questions.
Why Customers Are Not Buying because you don’t have a good sales pipeline
- You’re trying to sell to everyone.
- You’re not surfacing objections.
- You’re not creating urgency.
- You aren’t helping them feel safe.
- You aren’t selling value.
1. You’re trying to sell to everyone.
“I am not sure my company really needs your service and product.”
When you build your sales funnel, you will create a sales pipeline – cold lead, prospect, demo, opening, client, and lost opportunity… The next step is to create tags.
- Tags represent a very important part of the InvestGlass setup.
- Tags will help you segment your prospects and clients based on values, features, and objections.
- Tags should be used to build a persona which represents potential customers and their buying decision patterns.
You are not selling products, you’re selling solutions. No one wants to buy something, particularly in those difficult times but they want to buy solutions for an easier life!
Prospects don’t buy tools, they buy solutions to solve their short-term problem. Salespeople should have this in mind
- A need otherwise don’t try to sell
- A budget because money is king
- A decisions maker who knows the business
- A timeline X date because prospects don’t buy
The well-being of a salesperson is key. If they are in a good mindset is a good indication to prospects that your company is doing well.
You can also catch inbound prospects with digital forms and goodies to help prospect communicate with you. They might have a misunderstanding of the previous version and a good video could refresh their mind.
2. You’re not surfacing objections or developing compelling business cases
“Actually, XXX is a big concern for us, so I think we’re going to go with ABC competitor.”
Once you actually know what your prospects once and you properly qualified their needs and current solution, you should ask for a mutually confirm understanding.
“If this didn’t go through, what would the reason be?”
“We’ve talked about why you like [product] — can we spend some time on what you don’t like?”
“We’ve discussed ‘pros.’ What’s on the ‘cons’ side of the list for you?”
It is not basic information, it is also psychological thoughtful questions. You have to understand concrete reasons why they are spending time today with you exchanging about their methodology. Some clients might ask for NDA before the call, some will not which could be a good indication that they are in pain with their current solution and have nothing to lose, nothing to hide.
3. You’re not creating urgency.
“Maybe next quarter.”
Ha ha ha, this is the best way to miss an opportunity a quick failing sales process. Sales conversations must be organized in a way that they understand the current solutions you provide will offer a competitive advantage to whoever will use it.
We are not talking about the whole solution we were talking about perhaps a little function, not even a feature, this little function will eventually be a completely compelling business case for your prospect.
You have to produce a Fear Of Missing Out FOMO – and each sales pipeline stages should have this FOMO argument.
- “What happens if you don’t solve this problem by next quarter?”
- “Describe the consequences of missing AMF, FCA, LSFIN goal.”
- “How long has this been an issue? This digital onboarding Why are you focusing on it now?”
Sales teams should be slightly catastrophic. What happens if COVID never stop? This is the time to develop compelling business cases. In the sales process should have good arguments to understand buyer’s minds. During the sales process, the prospect need to understand that a missed opportunity could be dramatic for their business continuity.
4. You aren’t helping them feel safe.
“I’m not sure we are ready for this yet.”
You have to give five basic examples of how existing clients made it with your service. It’s a bit like giving a pro tip to friends. Your prospect needs to understand that implementation will be simple, they need to understand that their decision represents a real value and that with you they will be safe.
After discovering Faiz, after a demo and giving a few examples, decision-makers will ask you for the price. Never give the price before you are invited to give a price. This will definitely show them that you are driven by the sales and not making them feel safe.
Why do clients buy from you? Do they know your customers?
Most sales teams rush into this process but in reality, this is where you have to be as slow as possible. When you achieved the sales process you are already in front of qualified prospects, you establish credibility, and you’re in front of the decision-maker so take your time you are in status quo mode!
The company in front of you will ask for financial conditions like a refund or a trial. They might ask you for money back if you’re not sure of their decision. This is now the time to give five examples of success. If you don’t have examples of success or unknown numbers because you have a new fund, you can talk about top trends, you can talk about your previous experience, can identify some competitor uses cases, and express how your solution makes a difference.
5. You aren’t selling value.
“This is not a priority for us at the moment.”
Frankly, buyers don’t care about the product or the service what they care about is how the future is going to make their work easier. Purchasing decisions are driven by curiosity at the beginning but very quickly they go down to the very dirty reality. Many prospects don’t really know when they knock at the door what you will be selling. They have a current supplier and they believe that the supplier can be replaced otherwise they will not be contacting you.
You have to build a sales approach which creates a sentiment of emergency and shares value with decision-makers. Too many times salespeople are stuck because they don’t speak to decision-makers. Presenting to end-user is important but the company always has a decision-making process that salespeople have to respect. Using a new tool will definitely change the value pattern of a company so it is very important to present value first.
Sales professionals can do it, it’s just a simple sales process
A good sales professional should start first by defining the sales pipeline with stages. Then sales reps should define buying persona, the buying process, and the document needed to support the process. The buyer’s mind and objections have to be collected in the contact report. Sales professionals should know when to stop contacting prospects. If a prospect sales that they need more time, it might not mean no and the salesperson has to respect that. Close sales are objective but each sale is your ambassador too. Sales is a service too!
You should have a list of current customers in a PDF or Word document that can be shared.
You should have a trial period or any test run and be clear on the refund, and full refunds conditions.
Sales reps should have no risk involved in purchasing competitive solutions and understand the contracts you will set up.
When prospecting, sales reps start with prospects carefully targeted and check the internal reputation of decision-makers. Identify areas of expertise of decision makers – if it’s a geek speak geek if it’s people management-speak politics…
Sales reps should answer previous points and objections and not follow their own sales process.
Follow-up should be monitored – no more guessing – no more paper – track it with your CRM.
Develop compelling business cases to facilitate buying decisions and show how to reduce risks involved with purchase protection terms etc…
You see it’s not that easy but it’s not the end of the world to create a sales process that will establish credibility, build internal reputation into your buyer’s mindset and reveal the real value of your solution. We hope this will inspire you! Now it’s your turn to help salespeople turn prospects into customers.