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