Why Prospects Don’t Buy
There are five basic reasons why prospects don’t buy. Knowing these five important reasons will help you get that much closer to the sale. These reasons are different from objections. Objections are more numerous, and in reality are not actually reasons not to buy—they are opportunities for you, as salespeople, to clarify matters.
However, there are five true marketing reasons why prospects don’t put down cash and buy your solution. Knowing them can help you modify your strategy in order to close the sale.
- The prospect can’t afford you, or you don’t arrive at an acceptable price point. The reason is you haven’t properly qualified the buyer. It isn’t enough to be less expensive than the competition, and it isn’t enough to be able to show cost-justification and relative value. The buyer must be qualified.
- You are not presenting a solution that the prospect can actually use. If your product or service doesn’t really fill an acknowledged need, it’s a time-wasting effort. Again, qualify your prospect.
- Lack of trust in your company. If the prospect does not trust your company, they will never buy. Bridge this credibility chasm by presenting them with references, third-party evidence and/or testimonials. It often takes time to develop trust.
- Lack of a personal relationship. If you can’t create a relationship that gets your prospect to like you (or your company), you’re doomed to failure. Try to create an emotional bond between you and the buyer. The buyer has to care about you and he has to believe that you care about him.
- Failure to understand internal politics. It’s not always enough to target the “number one decision maker” at a prospect company, because this person may not always be the top dog. When a salesman makes a deal with the number one decision-maker in a company, but that person has a very egocentric, number two decision-maker at his side, you lose. Know the politics of your prospect’s company.
Work on these points and watch your sales productivity improve without the need for a bigger marketing budget.