Most of the time when a prospect says “no” salespeople accept it and leave. Most of the time when a prospect tells you why they say no, they’re not telling the truth.
The biggest cause of sales rejection in the mind of the salesperson is, “My price was too high.” It’s also the easiest excuse for a buyer to give in order to make the salesperson go away.
Other than price, there are 5.5 big reasons why you lost the sale:
1. The customer believed you were not the right choice.
2. The customer had a previous experience they weren’t happy with.
3. The customer has a personal relationship with another vendor. And just an FYI – price is not a consideration when a personal relationship exists.
4. You have not shown any differentiation between your product or service and the other guy’s product or service, therefore price is all that’s left.
5. You have not shown the customer how they profit more or produce more as a result of owning your products or service. When there’s no value, price is all that’s left.
5.5 You tried to make the sale by yourself. Let’s face it, Sparky, you’re not that good at this yet. Why aren’t you bringing along a customer as a testimonial to prove that what you’re saying is true? Why aren’t you bringing along a customer as a testimonial to prove that price doesn’t matter? Why aren’t you bringing along a customer as a testimonial to prove that you are who you say you are?
FINAL ANSWER: Combine why you lost the last 5 sales, and how you made the last 5 sales, and add testimonials to the mix. The knowledge it ads to your sales power will blow the price objection out of the water.
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