In this blog we share with you the results of research conducted by the Modjo data team. We give you the keys to understand the ins and outs of your business processes.
Our research is based exclusively on the anonymous analysis of sales appointments and commercial telephone conversations.
Our objective: to help you increase your performance by providing our advice, to help you progress in your sales approach, to support you in dealing with problems in the field, to respond to the most difficult customer objections and to silence preconceived ideas.
If you're a salesman: Remember that you spent only 21 hours out of the entire last year training, while Roger Federer spent almost 1,095 hours on the practice court practicing moves he already knows by heart.
Dealing with the customer objection: "I'll think about it".
"I'll think about it": All sales professionals know what I'm talking about. We're nearing the end of our appointment, we're struggling to get a feel for whether the prospect is wrapped up or not and now we're asking:
"So what do you think?
"Look, thank you very much for all the information, I'll take some time to think about it and get back to you soon."
And then it's panic! 😱
The worst thing about this is that, for fear of losing credibility, we prefer to nod with an embarrassed smile and let our prospect go so that he can take the time to think.
Obviously, we don't plan a next step and to reassure ourselves we say: "frankly I feel fine. After all, it's normal to take time to think before making a decision.
But what are you going to tell your manager when he asks you the question: "Did your meeting go well?
You: "Yes, very good! It's clearly moving in the right direction!"
With experience, we know that a date that ends with a "I'll think about it" does not bode well. EXCEPT if you know how to answer it.
We explain why this customer objection is not inevitable!
Our Data Scientist team analyzed sales calls and appointments on nearly 11,356 opportunities and made some amazing discoveries.
First result: "I'll think about it" has no negative impact on your sales success:
Even if that sentence feels like a hidden objection and our sale is going to end with a "NO!", don't panic.
The data shows us that our prospect is really thinking. That's great news!
The not-so-good news, however, is that if the success rate isn't affected, your sales cycle will lengthen by almost 173%.
Why do some of our sales appointments end with "I'll think about it"? How can we prevent this from happening? It all depends on when that customer objection is uttered.
How to react when the objection is made at the halfway point of the sales cycle?
Reason for objection: they like it but one detail makes them doubt it.
Your answer:
Indeed, I think it is wise that you take the time to think about it. Simply, in general, when someone says to me: "I will think about it" it can be for 2 reasons:
- "Either you are not interested, which I will understand very well and I thank you for the time you have given me."
- "Or, you are interested but I missed something at our meeting and you have a doubt about something."
If you really missed something important, they'll say, "No, we're interested but it's just that ... blah blah blah". And they will reveal to you what the real reason for their hesitation is.
👉 Next step: as soon as you know what makes them hesitate, set up a next appointment. At this appointment, you will address exclusively what makes them doubt. Reassure them and prove to them that there is no reason for doubt.
Why is this customer objection used at the end of the sales cycle and how can it be addressed?
Reason for customer objection: they are convinced, but they need to find a way to convince other internal stakeholders.
If you were confident that you were in contact with a decision maker, they may have to validate the subscription to your product with their CFO.
Your answer:
Of course, I understand. Most of the people I'm talking to at the moment are on increasingly tight budgets and I imagine that's the case with you too. Can I make a recommendation to sell the project internally?
👉Next step: Understand who the other stakeholders are on the decision making. What does a buying process look like with them and what are the potential obstacles you will encounter? Help your champion sell your service/product internally.
In order to understand who the stakeholders are, ideally you can refer to tools or services already in place where the purchasing process must have been similar to yours.
Avoid the classic question: "Are you a decision maker?" Your interviewer will be tempted to say that he or she is, when in fact he or she is not (I promise you, we'll investigate and come up with a figure on this very soon).
Ask, "When you had implemented Service/Product who made the final decision?"
Finally, don't let the closing of your sale rely on luck and help your champion sell your product internally.
If you apply these tips, you should quickly see changes in the way your sales process works. Don't worry if it doesn't work perfectly on the first few calls.
Keep practicing, listening and analyzing your calls for small areas of improvement. It will pay off! 💪
Best,
