“Let me think about it. I’ll get back to you.”
How many times have you gotten this answer when trying to close a sale? Often the sale never closes. You presented a good idea that was in the prospect’s best interests. You answered their questions. It seems like a square peg and a square hole. Many agents and advisors wonder why prospects hesitate.
(Related: 7 Ways to Stay on Your Prospect’s Radar)
I wondered too. When doing research, I surveyed and interviewed advisors, asking the question, “Why don’t prospects (and clients) make decisions?”
I got six basic answers.
Buying investments and insurance is a major commitment. They can’t say “I want my money back” at any time. With insurance, surrender charges play a role. (Although there is the free look feature.) They worry they are making the wrong decision. If they are investing, they worry the stock market is too high. Or too low and heading even lower. This scares them off.
Strategy: Prospects often think it’s all or nothing. Starting with a smaller dollar amount is like walking into the pool at the shallow end instead of dicing in.
People procrastinate. They assume nothing calamitous has happened to their holdings yet, so they can put off making a decision. “Let’s leave things as they are.”
Strategy: Politely explain “No decision is a decision.” By sitting tight, they are determining sticking with their current holdings is the best way forward. Is that what they believe?
3. Too Many Alternatives
This one’s your fault! They wanted income. You gave them lots of options. You want to sound smart, but you left them confused. Faced with choosing one of many options, they choose none. “So many choices. It’s so confusing.”