TLDR;
This episode of the Sales Influence Podcast, Victor Antonio discusses eight key reasons why customers might not buy, even when the presentation and pricing are well-aligned. He provides practical strategies for addressing each concern, emphasizing the importance of identifying the underlying issue to effectively convince the customer. The reasons include past bad experiences, budget concerns, payment options, fear of over or under buying, timing issues, too many options, fear of paying too much, and lack of trust in the outcome or in their own decision-making.
- Addressing past negative experiences with similar project examples and testimonials.
- Managing budget concerns by providing options and payment flexibility.
- Alleviating fears of over or under buying by offering tiered options and understanding the customer's long-term plans.
- Building trust through expertise, clear communication, and empathetic guidance.
Introduction [0:13]
Victor Antonio introduces the topic of the podcast, shifting from the usual focus on why people buy to exploring the reasons why they don't. He promises to provide insights into eight specific reasons customers hesitate to make a purchase and offers strategies for overcoming these obstacles. The goal is to equip salespeople with the knowledge to identify and address these concerns, ultimately increasing their chances of closing the deal.
Bad Experience [0:36]
One reason customers don't buy is due to a past negative experience. To counter this, salespeople should provide examples of similar projects completed recently to instill confidence. Sharing video testimonials or offering references can further alleviate concerns by demonstrating a history of positive outcomes. The key is to show that the current project will not repeat the mistakes of the past.
Budget Concern [1:20]
Budget concerns are a common reason for customers to hold back on a purchase. Salespeople should be upfront about budget expectations, directly or indirectly inquiring about the client's price range to set realistic parameters. When a budget is established, it's beneficial to provide options at, below, and above the specified amount. This approach can reveal a customer's true willingness to spend and potentially lead to a higher-value sale.
Payment Options [2:08]
Customers may be willing to spend more if suitable payment options are available. It's important to distinguish between what a customer can afford (budget) and what they're willing to pay monthly. Salespeople should proactively offer payment options, as most customers are hesitant to ask. Highlighting these options can make a purchase more accessible and appealing.
Over or Under Buying [2:54]
The fear of over or under buying can prevent customers from making a decision. Offering good, better, and best options can reduce this anxiety by providing a clear range of choices. For homeowners, understanding their long-term plans for the property can guide the salesperson in recommending the most appropriate option, avoiding both underselling and overselling.
Timing Issues [3:41]
Customers often worry about whether a project will be completed on time. Providing realistic timelines and walking them through the process is crucial. Highlighting potential issues that may impact timing helps manage expectations. Referencing past experiences with clients can reassure them about the reliability of the proposed timeline.
Too Many Options [4:22]
Too many options can overwhelm customers, leading to indecision. Salespeople should guide prospects through the decision-making process by first understanding their needs, objectives, and time frame. These factors can then be used to narrow down the options and focus on what makes the most sense for the client, simplifying the choice.
Paying Too Much [5:15]
Customers fear paying too much and experiencing buyer's remorse. Salespeople should assure prospects that their pricing is in line with the market. Avoiding early discounting is essential, as it can signal that the initial price was inflated. Maintaining a steadfast approach to pricing builds trust and reduces anxiety about overpaying.
Trust Outcome [6:07]
Customers need to trust that the salesperson or company can deliver the promised outcome. Demonstrating expertise by providing insights, information, and proof of similar successful projects is key. The more a salesperson can showcase their capabilities, the more likely the customer is to trust them with the job.
Trust Themselves [6:43]
Sometimes, customers lack confidence in their own ability to make a buying decision. Salespeople should act as empathetic guides, helping them feel secure in their choice. Reminding them of the consequences of inaction and demonstrating expertise can provide the necessary reassurance. Nudging them towards a decision, without applying undue pressure, can help them overcome their hesitation.
Conclusion [7:42]
Victor Antonio summarizes the eight reasons why customers don't buy: bad experience, budget concern, payment options, over or under buying, timing issues, too many options, paying too much, and trust outcome. He encourages salespeople to consider these factors when facing customer hesitation, emphasizing that identifying the underlying issue is crucial for addressing it effectively and closing the sale. He promotes Sales Velocity Academy.