When it comes to presenting your offer, no matter what it is, you eventually will hear the famous word “NO.” This is never a fun experience, especially when you have put in time, effort, and money to generate a prospect for your services. It is worse when you are three, four, or even five meetings into the sales process and you believe that you have established a new client. Why does this happen? I want to share with you what I have learned throughout my career from sales experts, training seminars, one-on-one coaching, literature, and just good old personal experience. As advisors have applied this advice and experience, they have seen countless “NO”s turn into “YES!”
Below are five key reasons why you might hear “NO,” as well as suggestions for how to respond. Considering these issues can help you to reevaluate your sales presentation and win more clients.
1. Not earning the buyer’s trust
This is the No. 1 reason why someone will not do business with you. Two necessary components must exist at all times for trust to be present and maintained: knowledge and transparency. Everything you do in your practice must constantly be investing into these two areas.
2. Not understanding what the prospect really wants
I have learned that what prospects want and what they need can sometimes be entirely two different things. Wants are more emotional than logical. Imagine that a prospect needs a hammer and wants to buy it from Lowe’s not Home Depot because he likes Lowe’s better for whatever reason. His want and his need are two very different things.
Prospects will engage you for their financial services if you guide them to what they need while paying close attention to what they want. How can you determine what your prospect wants? By asking great questions! Take the time to craft your questions before you walk into each meeting, and watch your connection naturally grow.
3. Focusing solely on selling “product”