8 Reasons Why They Don't Buy - Sales Influence Podcast - SIP 583

0:06 [Music] Welcome to the Sales Influence Podcast where we talk about finding the why in how people buy. I'm your host, Victor Antonio. Thank you for joining me. We usually talk about why people buy, but today I'm going to talk about eight reasons they don't buy and how we can handle each one of these reasons. Reason number one, they had a bad experience in the past. Now, this has happened to all of us, right? We've all had a bad experience. So, what do you do? Well, the best thing to do is give examples of similar projects you've worked on recently. Now, two key points here, similar and recent. In other words, give

0:53 the customer a similar project. Demonstrate a similar project that you worked on recently, not three years ago, not 5 years ago, but recently, and that will reduce some of that bad experience or bad taste. Now, also, if you can show them video testimonials or even offer them references or referrals, people they can call, then that may alleviate some of that mental pain. Number two, budget concern. That's the other reason they don't buy. Now be upfront. You know, always ask clients whether directly or indirectly by, you know, directly what's your budget or what's your price range. You know, this is a way of setting expectations for both parties, you and them. In other words, if we understand that here are the

1:39 budget, this is it. Then let's work with that budget and be willing to provide options. I always say when customer gives you a budget let's say it's $10,000 always provide a budget that is at budget at $10,000 in that range also provide an option that's below that maybe at $9,000 and then always provide one that's above let's say 11 or $12,000 and you may be surprised how many people will still go for the top one the most expensive option. Number three, third reason they don't buy are payment options. Now this is interesting. Let's talk about this. This is not about budget. It's about a payment option. See, the prospect may be willing to spend at budget or more if there are payment options. Now, there's a difference between what they can afford

2:25 budget and what they're willing to pay monthly payment. So, keep those two things separately. It's too often we clump the two together. There's a difference between budget and payment options. Also, keep in mind customers are not going to ask you about payment options. The majority of people won't. It's just too embarrassing. So again, it's good for you as a salesperson to raise the fact that you do offer some type of payment options. Next, over or under buying is another reason they hold back. In other words, nobody wants to overby, but nobody wants to under buy. So prospects are always afraid of not buying enough or buying too much. See, by giving them the good, better, best. You know what I'm talking about? the three options, good, better, and here's

3:11 best option proposal. This will reduce that anxiety. Also, by the way, if you sell to homeowners, knowing how long they plan to stay in the house or going to use it is a key question that will help you understand or alleviate some of this o under and over buying. So, for example, if they're only going to be in there one more year, then let's not oversell them. But if we know that they're going to be in there for the next 10 to 15 years, let's try to sell the most expensive option. Next, timing issues. Very similar to what I just talked about. Prospects are about worried about when it will be done. In other words, when we say we're going to deliver on something, will it be done in a timely manner? In other words, will it be on schedule? See, the key is providing them with realistic time

3:57 frames or timelines and walk them through what's going to happen. Now, as you're walking a prospect through the timeline, it's always good to highlight potential issues that may impact the timing in order to manage their expectations. Tie this conversation down with past experiences with past clients and let them know what's happened in the past. And again, this makes them feel good about the timing issue. Next problem, too many options. Yes, customers with too many options get confused. So again, what's the solution? If your prospects are overwhelmed, our job is to reduce that anxiety by actually walking them through slowly, almost funneling them. Let me use that

4:42 phrase again, funneling their decisionmaking process. So, in other words, if you're talking to a client, let's first understand upfront, ask them about their needs. What is that you need? And then ask them about their objectives. What are they trying to accomplish? And then let's talk about time frame. Right? So, needs, objectives, and time frame. Now, as I'm talking to the client and we have all these options, I can always go back to their needs, objectives, or time frame to narrow down what options make sense for them. So, use that flow. Also, paying too much. That's right. Customers have something called payment regret. That's when you basically, you know, you pay too much. Nobody wants to pay. So, as you're pulling your proposal together, inform the prospect that your

5:29 pricing is in line with what's going on in the market. Yeah, you may be 5% over or under, but let them know that your pricing is fair pricing. Also, I've said this in the past, you have to be steadfast in discounting. In other words, avoid discounting because when you discount, especially if you discount early, when you discount, you signal signal to the client that they're overpaying. In fact, what you're doing also is telling them that you were willing to overcharge them and all you're going to do is create more anxiety. Now, number seven, trust outcome. Now, when a customer is looking at you to do something for them, what they're

6:15 thinking about is, can you actually do it? See, once you're past the price and what the project scope is going to be, the prospect has to believe that you are the right person or the right company to do the job. The more that you can demonstrate expertise to the client by providing them with insight, information, and proof of similar jobs you've worked on and things you've done in the past, the more likely they are to trust you. Last but not least, this one's always interesting. You can do everything right, but at the end of the day, many times the customer doesn't trust themselves to make a buying decision. They have no confidence. This is where you as a salesperson have to be like almost like part-time therapist in

7:02 a sense that they need help. You know, you the c the prospect needs help in pulling the trigger and making a buying decision. So, by listening and being empathetic, you can get the prospect to trust you. You also need to remind the prospect what happens or what will happen if they do nothing. Last but not least, again, if they can't trust themselves, what they're looking for is guidance from you. That's why demonstrating expertise is important. So, don't be afraid to nudge. Don't push. Let me say that again. Don't be afraid to nudge. Don't push or pressure the prospect into making a decision you know is right for them. So, there you have it. Eight reasons they don't buy. Bad experience, budget concern, payment

7:48 options, over or under buying, timing issue, too many options, paying too much, trust outcome. CAD, you get it done right, and do they trust themselves? The next time you're talking to a customer and you feel that pullback, you feel that hesitation. What I want you to do is go through these eight scenarios. Obviously, before you're talking to a customer, go through these eight scenarios so you'll be able to identify why they won't buy, especially when your presentation was completely done right, the pricing was solid in line with the market, and you're wondering why didn't they buy? And I'm telling you, it's one of these eight reasons. And the sooner you're able to identify which one it is, the more likely you are able to actually address that issue and then convince the customer that you are the right option

8:35 in the market. And that is it for this sales influence podcast. Let me know what you think. Leave me some feedback on iTunes, Stitcher, or YouTube. As always, I appreciate your feedback. Also, check out my online sales training platform. You know the deal. the sales velocity academy where over 40 courses 400 videos my books. So if you're serious about increasing your sales velocity go to sales velocityacademy.com that's sales velocityacademy.com. Lastly I want to thank you for listening. This is Victor Antonio always reminding you selling in hog when you know how. Take care. Hi, I'm Victor Antonio. I'm an author,

9:20 sales trainer, and keynote speaker. I'm often asked, "What makes a great speaker?" Is it someone who delivers real content that the audience can use? Is it someone who engages the audience so they're part of the learning experience? Or is it someone who can motivate an audience to push them beyond their comfort zone and discover new abilities? The answer is yes. But the most important thing to remember is that I'm not there to look good. I'm there to make my client look good. Simply put, it's never about me and it's always about them. [Music]