Three Common Stalls
How to Handle Three Common Stalls
If you have been in sales long enough, you've experienced the dreaded stall. Overcoming this challenge in the sales process often determines who makes it and who doesn't in the sales profession. What exactly is the stall? You’ve gotten past the gatekeeper and secured a meeting with your prospect. You’ve done all of your homework and come to the meeting prepared; you ask all the right questions and get the prospect talking. It is a fact finding mission where you uncover their true needs and how you can help them with your product or service. The time comes when you ask for the sale. Your prospect’s response, “I’d like to think it over.” Sound familiar?
The stall accounts for over 90% of lost sales, because many sales people simply accept this statement from their prospects. Remember, part of being a successful sales professional requires some detective work. “I’d like to think it over” actually is not a negative statement. By telling you this, the prospect is actually admitting to a level of interest, but something is preventing them from fully committing to a decision. It is your role to determine what this roadblock is, and create a sense of urgency to move the process forward.
There are 3 common stalls or objections that your prospects will share with you:
Price: This is the most common objection that sales people face during the sales process. Price is often one of the easiest objections to overcome because you can often win the prospect over by creating value. You do this by showing them more value in your product or service over their existing problem. Most often, their existing problem is costing them more money than your solution.
Happy with current product/service: This can be more challenging to overcome because the last thing you ever want to do is bash your competition. If your prospect tells you that they like their current provider, find out exactly what they like about them. Then, follow that question up with what they might like to improve. They will often give you an answer you can build on.
Timing: Sometimes, the prospect will simply tell you that the timing is not right. There are many factors that could contribute to timing, ranging from budget to existing projects and schedules that could just rank higher on their priority scale at the time. The key factor in this scenario is to map out a time with the prospect to implement your solution and follow up consistently.
While these are not the only stalls that you may encounter with your prospects, it is certainly the most common. Here is a simple statement to employ the next time your prospect tells you, “I’d like to think it over”:
You know, I find that when a customer finds that the product is right, the price is right and the timing is right, they are ready to buy. Which of these things are a concern for you?
If your prospect gives you no response to this statement, they were never going to purchase in the first place. However, if they provide you with feedback, say on price, you have something to work with.
How to build a sense of urgency
When the customer says they want to think about it, they are stalling the sales process because they have no sense of urgency to buy. In order to close the sale, you must create this sense of urgency. You must remind them that their pain is greater than their investment. The longer they stall and wait to make a decision, the more they suffer the consequences of their existing problem. Paint the picture for them vividly so that they can see how their life can improve through your proposed solution, but also how their life can be more complicated and less productive without it. This is a great opportunity to use numbers if you have them to show losses versus gains with this decision.
Master the art of moving your customer out of the stall and into the buying phase and you will become the next sales superstar on your team.
If you are interested in learning more about our services please contact Thomas Ellis, Chief Sales Coach-EWC Consultants at 301-343-0001 or tellis@ewcconsultants. Also feel free to connect with me on LinkedIn.
http://www.ewcconsultants.com/
If you have been in sales long enough, you've experienced the dreaded stall. Overcoming this challenge in the sales process often determines who makes it and who doesn't in the sales profession. What exactly is the stall? You’ve gotten past the gatekeeper and secured a meeting with your prospect. You’ve done all of your homework and come to the meeting prepared; you ask all the right questions and get the prospect talking. It is a fact finding mission where you uncover their true needs and how you can help them with your product or service. The time comes when you ask for the sale. Your prospect’s response, “I’d like to think it over.” Sound familiar?
The stall accounts for over 90% of lost sales, because many sales people simply accept this statement from their prospects. Remember, part of being a successful sales professional requires some detective work. “I’d like to think it over” actually is not a negative statement. By telling you this, the prospect is actually admitting to a level of interest, but something is preventing them from fully committing to a decision. It is your role to determine what this roadblock is, and create a sense of urgency to move the process forward.
There are 3 common stalls or objections that your prospects will share with you:
Price: This is the most common objection that sales people face during the sales process. Price is often one of the easiest objections to overcome because you can often win the prospect over by creating value. You do this by showing them more value in your product or service over their existing problem. Most often, their existing problem is costing them more money than your solution.
Happy with current product/service: This can be more challenging to overcome because the last thing you ever want to do is bash your competition. If your prospect tells you that they like their current provider, find out exactly what they like about them. Then, follow that question up with what they might like to improve. They will often give you an answer you can build on.
Timing: Sometimes, the prospect will simply tell you that the timing is not right. There are many factors that could contribute to timing, ranging from budget to existing projects and schedules that could just rank higher on their priority scale at the time. The key factor in this scenario is to map out a time with the prospect to implement your solution and follow up consistently.
While these are not the only stalls that you may encounter with your prospects, it is certainly the most common. Here is a simple statement to employ the next time your prospect tells you, “I’d like to think it over”:
You know, I find that when a customer finds that the product is right, the price is right and the timing is right, they are ready to buy. Which of these things are a concern for you?
If your prospect gives you no response to this statement, they were never going to purchase in the first place. However, if they provide you with feedback, say on price, you have something to work with.
How to build a sense of urgency
When the customer says they want to think about it, they are stalling the sales process because they have no sense of urgency to buy. In order to close the sale, you must create this sense of urgency. You must remind them that their pain is greater than their investment. The longer they stall and wait to make a decision, the more they suffer the consequences of their existing problem. Paint the picture for them vividly so that they can see how their life can improve through your proposed solution, but also how their life can be more complicated and less productive without it. This is a great opportunity to use numbers if you have them to show losses versus gains with this decision.
Master the art of moving your customer out of the stall and into the buying phase and you will become the next sales superstar on your team.
If you are interested in learning more about our services please contact Thomas Ellis, Chief Sales Coach-EWC Consultants at 301-343-0001 or tellis@ewcconsultants. Also feel free to connect with me on LinkedIn.
http://www.ewcconsultants.com/