Convincing someone to buy something (anything) is hard. That’s why big brand names like Coca Cola and McDonalds spend billions each year trying to convince people to buy their products.
So how do you convert prospects and turn them into loyal customers? It all comes down to understanding buying behaviour and using objection handling to overcome your prospects’ issues. It’s not easy. But by applying tried-and-tested techniques, you can increase your conversions and win more business.
Why do customers say no?
There’s nothing more disheartening then being turned down flat by a prospect – especially when you’ve worked so hard to change their thinking. But have you worked hard enough?
Perhaps your prospect said no because your product or service is too expensive. Maybe they’ve been using the same company for years and are unwilling to switch – because they’re scared of change and need a reason to leave.
Understanding the buying behaviour that leads a prospect to say no is essential if you’re going to convince them to change allegiance and use you instead.
System 1 and system 2 thinking
Use these systems of thinking as part of your objection handling strategy and your conversions will rise.
System 1 is another way of expressing the status quo – whereby a prospect buys out of habit and without thinking. Such purchases are usually for cheap items, like sweets, fast food, or clothing.
System 2 describes a situation where a prospect has to analyse. The price of the product (perhaps a house or car) is high – forcing them to compare, analyse, and ask difficult questions before committing to a decision.
Want to learn more about these systems and how to incorporate them into your sales strategy? Then carry on reading here.
Is an objection really a rejection? It depends on your perspective. Perhaps you haven’t given your prospect a good enough reason to buy – and need to work harder to uncover the issue at hand.
Although understanding buying behaviour will help you, there are many sales tips and tricks you can activate when pitching – and which could reap great rewards if properly deployed.
Don’t assume or think too far ahead
Are you really taking in what your prospect is saying, or have you moved on a step in your own process? After all, you’ve heard this objection before, so it’s just a case of reading the right response off your script.
And yet the meaning implied by an objection can change depending on the customer and their industry. So is using a one-size-fits all approach really a good idea?
You may also want to:
- Shake the customer out of their reverie by getting them to think analytically (an outcome you can achieve by asking an open, yet challenging question).
- Go back a step if your prospect still isn’t biting. Are you sure you’ve covered everything? Perhaps there’s a reason they haven’t signed on the dotted line yet. Revisit the questioning process and try to open up the conversation without your script.
If you’re serious about improving your objection handling, you can read our detailed blog on the topic here.
Structuring sales calls for success
You’ve picked up the phone and, somehow, got through to the cold prospect you’ve been chasing for weeks. This is the moment. You’ll need to pull everything out of the bag to win their interest and get a yes.
Once you’ve got past the proverbial gatekeeper:
- Try not to assume. Let your prospect do most of the talking and take extensive notes, so you can respond to their problem with a well thought through solution.
- Don’t forget to persevere. Fortune favours the brave, so dig deeper if your contact isn’t giving off the right buying signals. Ask the right questions and you could uncover hidden needs and objections.
- Don’t get deflated if you’re unsuccessful. Even the best salespeople fail to convert. But you can lower your attrition rates by (i) researching your prospects to qualify or disqualify them early in the process; (ii) and listening, reframing, and evaluating.
Learn how to make your telesales strategy even more successful by visiting our dedicated blog on the subject right here.
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