Knowing the 5 buying decisions your customers have to make can help you understand what they are saying “no” to.
When selling your product, it greatly helps to understand the 5 buying decisions that your customers make before they are willing to say “yes” and purchase from you. Unfortunately, a single “no” to any one of these 5 decisions often results in loss of a sale. Therefore, knowing these decisions allows you to be aware of and address them all to help you connect with your customer and earn more “yes” decisions.
Decision #1: Do I like and trust you, the salesperson.
Your prospective customer’s first impression is often not with the product or service you sell, but with you. People judge others on two primary criteria: (1) likability and (2) competence. Each time you meet a prospective customer, they think, “Do I like and trust this person?” They need to feel that you are both a kind and knowledgeable person.
Do you have integrity — are you working for their benefit or only your own?
Are you credible — do you understand your product/service?
How to improve your chance of “yes, I like and trust you”:
- Build rapport.
- Be nice.
- Be polite.
- Be a good listener.
- For tips on building rapport, see our blog When Meeting Your Customer for the First Time.
- Have and project integrity.
- Always be honest.
- Make sure you work for their benefit, not just for your own.
- Have and project integrity.
- Be credible.
- Know your products and services.
- Understand how your company adds value to customers.
Decision #2: Do I like and trust your company.
The prospective customer wants to know that your company is dependable. You are the representation of your company and how they think and feel about you will often be transferred to how they think and feel about your company. When you demonstrate integrity, credibility, likability, and trust, your prospective customer will be much more willing to see your company in the same light.
How to improve your chance of “yes, I like and trust your company”:
- Only work for a company you personally like and trust.
- Be familiar with your company.
- Be able to talk about your company’s history, leaders, culture, and mission.
- Provide material, if available and relevant.
- Have a business card and direct them to the website for additional information.
- Provide marketing material, if available, such as press releases, newspaper articles, customer reviews, etc.
Decision #3: Do I like and trust your product or service.
Even when the prospective customer likes and trusts you and your company, their primary concern is whether your product or service really will fulfill their emotional and practical need. The best thing you can do is to let them tell you what their needs are.
How to improve your chance of “yes, I like and trust your product/service”:
- Understand what their need is.
- Ask open-ended questions that start with Who, What, Why, When, Where and How.
- Listen closely to their answers.
- Confirm understanding.
- A good way to do this is by repeating back to them what you think you are hearing and asking them if your understanding is correct.
- A good example is “I am hearing that your need is X…is this correct?”
- Understand your product’s benefits.
- Provide the best product match for their need.
- When they have confirmed that you understand their need, work with them on selecting the product or service you offer that fulfills this need.
- Always be honest with yourself and with them.
- Don’t try to sell them something they don’t need or doesn’t help fill their need.
Decision #4: Do I like and trust your price.
Most people don’t truly buy solely on price. They buy because of value.
How to improve your chance of “yes, I will pay that price”:
- Sell value, not prices.
- As stated above in Decision #3, show them the benefits of your product and service that fulfill their need.
- Help them see the value that your product/service provides by saving them money in better quality, higher durability, uniqueness, timesaving, convenience, etc.
- If one of your benefits is a low price, great! Make sure they are aware of this.
Decision #5: Is it the right time to buy.
No one wants to spend money before it’s necessary and their comfortability with when the right time to buy can vary widely from person to person.
How to improve your chance of “yes, I am ready to buy now”:
- Identify their objections and concerns, if any.
- Ask more open-ended questions such as “What additional questions or concerns do you have?”
- Work with them to provide solutions to their objections
- Are they still worried about money?
- Maybe you can help them with flexible payment arrangements or discounts.
- Are they concerned about making the wrong choice?
- Let them know about your return policies and satisfaction guarantees.
It is important to not be too aggressive. If they are not ready to buy, don’t pressure them. Remember that the best salespeople spend energy on building customer relationships, not on pushing products and services. See our blog Make The Sale Without Being Pushy.
In summary, knowing and giving attention to the 5 buying decisions that your customers make will help you when selling your product. Whenever you hear “no”, try to understand which of the 5 decisions they are saying “no” to.
If they are saying “no” to you or your company, you need to work on building better relationships and branding yourself and your company.
If they are saying “no” to your product or price, maybe you need to work on better communication of the benefits and value that your offerings bring.
If they are saying “no, now is not the right time for me”, then you can ask them if they would be open to keeping in touch and when a good time would be to follow up with them.
Getting a “yes” from your customer means they are saying “yes” to all 5 decisions. The better prepared you are for addressing each of the 5 decisions, the better chance you have of completing the sale and truly fulfilling your customer’s needs.
Shout out to ultimatesparkle
Think about reading James Caan’s personal rules listed below every morning for a month. James delivers short, quick and easy to follow rules that make sense.
A few new rules I added to my daily ritual:
Work on a project for at least 30 minutes every morning before opening your email. Email messages can disturb your focus and weigh you down with urgent, but not necessarily important tasks. Emails can also crush creative juices to those addicted to checking their Inbox. Starting your day off being productive can build a momentum that lasts throughout the day.
Complete! Complete! Complete! Always finish what you start. It’s easy to get off track with email & phone interruptions. Never start a new task or project until you finish the one you started. Checking off your to-do-list is another way to create momentum.
The Eight Rules of Success to Think About Every Morning
I have said in the past that there is no magic formula when it comes to being successful in business but there are certain guiding principles that I have followed throughout the course of my career. Not everyone gets what they want in life but if you work hard and keep trying then some measure of success is bound to come your way. Here are a few of the personal rules I have stuck with throughout my career in business and still follow to this day.
No matter what people say true success does not come easily. Like everything in life, if you really want something you are going to have to work for it and put in the time and effort. There is nothing wrong with a little bit of hard work and everyone who has gone into business for themselves will tell you it is one of the toughest things they have ever done in life.
2. Believe in yourself
There is no point in going into business for yourself if you do not have any confidence or self-belief. When you set up your own company the only person you have to answer to is yourself – which means confidence is vital. If you do not believe in yourself and your product or service, then how can you get others to put their faith in you?
3. Be creative
If you want to be truly successful then you have to be prepared to stand out from the crowd. Although I have always believed that an idea doesn’t have to be brand new, the best businesses will still have a strong USP that sets them apart from competitors. Creativity is one of the most valuable qualities any person in the business world can have.
4. Be there first
It is a competitive world out there those who are not out of the traps quickly are the ones who are going to get left behind. I have always believed in striking first. Once you have established what the best course of action is, there is no point in being cautious because it will give your competitors the chance to get in there before you and win that vital piece of work or contract.
5. Build a brand
When I set up my first firm, the first thing I did was to go out and rent an office in the best part of London, as an address in Mayfair is great to put on a business card. The actual room itself was tiny and windowless, but nobody knew this as I arranged for meetings to take place away from the office. When it comes to doing business, building a brand and a good reputation is vital. Once you have done this, you will find things a lot easier, as most of us prefer to deal with people or companies that are recognized and trusted.
6. Seek advice
It is impossible to be an expert in every field and there is nothing wrong with seeking advice when you are struggling. When you are starting out in business it can be great to speak to someone who has years of experience behind them. If you ask for help you will usually find that people are more than happy to give their time and their expertise.
7. Get organized
Running a successful business can be very stressful and demanding and one of the most important resources you will have is your time. If you want to get the most out of your working day then you need to be properly organized and you also need to make sure you are not wasting precious time on tasks that can always be delegated to someone else.
8. Don’t run before you can walk
When you first start in business there is a tendency to grab every piece of work which comes your way, which can be a potentially fatal mistake. First of all you need to make sure that when you negotiate a contract there is a decent margin. Although you want to make your mark, there is no point in taking on work that does not yield a worthwhile profit. More importantly don’t take on more work than you can manage. It is one of the most common mistakes in business and can prove to be very costly.
Shout out to James Caan | Serial Entrepreneur & Investor in People with Passion
Did you know that this week is National Teacher week?
Teachers in St. Charles, St. Louis and in communities across the nation will be in the spotlight on National Teacher Day, as students, parents, school administrators and the general public learns how teachers are making great strides to improve our Public Schools for every student.
Few other professionals touch as many people as teachers do.
National Teacher Day is a good time to show appreciation on the contributions educators make to our community every day. Teachers are role models. Teachers spend more time with our kids than most parents do. As a community, we need to be more grateful and show more appreciation. Ask your teachers how YOU can help.
Sending a card or gift of appreciation is an opportunity for all of us to reach out. A heartfelt, handwritten thank you note goes a long way to sharing the love. Is your child’s teacher doing an A++ job? Send appreciation cards to teachers who have inspired you’re children. Send a Starbucks, a Target or a Home Depot Gift Card. It’s the perfect way to let them know they are appreciated.
Make it even more meaningful by including something specific the teacher has said or done that has made a difference to your child, like offering extra guidance in math, helping your child make friends on the playground, or teaching a science or art module that sparked your child’s interest and passion.
Another simple and more meaningful idea is to have your child design their own card & write a note or poem about why he or she appreciates their teacher. You’re child can design a special card or decorate his or her poem with pictures that show what their teacher has taught them.
If you want to send the SUPER HERO teacher in your life a real card, in a real envelope from you or your child or both at NO COST, please visit: www.sendoutcards.com/loryfabian.
TEACHERS MATTER!…PLEASE MAKE TIME TO THANK THE TEACHERS IN YOUR SCHOOL THIS WEEK.
Send a card of Gratitude to your favorite nurse? Really? How many of you have ever sent a card or even thought of sending a card to a nurse? I know (and love) a lot of nurses. My Aunt Ruth in Cleveland was a loyal and hardworking nurse for years. Aunt Ruth had a calling to serve. I have several dear friends who are nurses, Linda, Tina & Susie. Nurses will have a special place in Heaven.
Nurses? Hmmmmmm..What about all of the nurses over the years that took my numerous phone calls and questions? I am almost embarrassed that sending a thank you card never crossed my mind. Just last year, a school nurse at Sylvania High School in Ohio detected a tumor in my cousin’s daughter brain doing a routine eye exam that may have not been found until it was too late. Right Ashlee? Thank You School nurses around the world!
According to Wikipedia, International Nurses’ week is celebrated around the world early May of each year, to mark contributions nurses make to society.
The International Council of Nurses has celebrated this day since 1965. Not until January 1974, did 12 May was chosen to celebrate the day as it is the anniversary of the birth of Florence Nightingale, who is widely considered the founder of modern nursing. Each year, ICN prepares and distributes the International Nurses’ Day Kit. The kit contains educational and public information materials, for use by nurses everywhere.
As of 1998, May 8 is designated as annual National Student Nurses’ Day.
As of 2003, the Wednesday within National Nurses Week, between 6 and 12 May, is National School Nurse Day.
It’s never too late to send a card of gratitude…go to www.sendoutcards.com/loryfabian and send every nurse you know a card of Gratitude and Appreciation today!