Life is about selling, and business ownership is about non-stop selling. Excellence in selling leads to business excellence, and often it has little to do with how good your product or service is.
Looking at the many different businesses that exist, they all have special features and unique products and services that are well thought through. But at the end of the day, everything is becoming increasingly commoditized.
It is absolutely vital to get the deal done when you’re in front of the client because, on average, a client is looking at more than one service that is similar to yours. The art of getting the deal done is not about talking about the product and service that you have to offer. It’s about learning how to manage the objections that are sure to come. And objection management is what selling is all about.
Objections vary; it’s where somebody makes an excuse to not engage with you, not buy your product, or to push you away, and if you can manage the objections, you’ve got a higher chance of then making a sale.
In this podcast of the Money Show Pavlo explores the 5 main reasons nobody wants to engage with you about your product or service.
- Money: I can’t afford it!
The big M is money, and often the excuse is “I can’t afford to” or “We didn’t account for this.” There is always the money objection that arises and disrupts the selling process.
- Trust: I don’t believe you will deliver on your promise!
Trust is where real wealth lies. Its where real currency lies. It is absolutely necessary. It’s the essence of branding. Trust is important. If prospective customers and clients trust you, you’re more likely to have a smoother and more productive conversation with them, which can ultimately lead to their choosing your services or business.
- Need: I don’t need it!
To serve the need, you’ve got to elicit the need. You’ve got to ask the right series of questions to help people understand that you have something of value and you know that you are serving the right customer. You often have to help people understand that they don’t know what they don’t know. And it is this process that is the essence of business development. It’s more than selling. It’s more than marketing. It’s a process of education. It’s expensive, it’s costly, and it’s absolutely essential. As a result, creating the need is critical.
- Urgency: I don’t need it right now!
Let’s say we have a good argument for money, we’ve elicited the need, but there’s no impulse to move forward, no decision to take that big step.. Now you have to show that without buying the product or service you’re offering, a problem will arise. That it is going to be costly; that it is going to be painful; and thatit is going to create trauma and drama in that person’s life. If you don’t create that need with a strong enough impulse, the urgency never arises to make the decision now. And the problem with someone not making a decision in the moment when you’re in the process of selling is, a week later, they’ve likely forgotten about you. So that urgency is vital to making somebody move.
- Time: I don’t have time to engage with it!
This is where your preparation comes in. And if you raise all the objections ahead of time, knowing what objections you typically face—whether it’s money, time, urgency, trust, or need—if you raise them all ahead of time before a client or customer can raise them and resolve them proactively, you’ll be on the front foot to close those deals because it will leave that client or customer fully engaged and trusting in the process itself. It’s called selling in the sunlight, and it’s one of the best ways to do it.
When someone says ‘not right now’, I usually say “Respectfully, in my experience when people say that it means you’re either not interested or unaffordable, may I ask which is it?”It’s an open-ended question puts them in a position where they’re going to say either, “I’m not interested.” Then, you know, it’s a need, an urgency issue. Or they will say “it’s not affordable”. Then, as you know, it’s a money and trust issue.
And if you’ve done your work, you know how to resolve both of those in the second round of discussion. Don’t let go. Once you have a customer or client that you know well and can serve well in front of you, you need to close the deal because it puts you on the front foot of selling, which puts you on the front foot of leaving successful and growing your business.