I hope you have been enjoying these blogs dealing with how some customers play mind tricks with us sales reps!
Do take out time to read the last 3 blogs, on the same subject…
- https://ashishtandon.wordpress.com/wp-admin/post.php?post=441&action=edit (TRICK NUMBER 3)
- https://ashishtandon.wordpress.com/wp-admin/post.php?post=436&action=edit (TRICK NUMBER 2)
- https://ashishtandon.wordpress.com/wp-admin/post.php?post=432&action=edit (TRICK NUMBER 1)
Now lets talk about this trick that customers play with us….
TRICK NUMBER 4
False Cold Feet
- Explanation: During the final negotiations, the prospect pretends to question the wisdom of the deal.
- Example: “I realized we’ve been working on this for a long time, but we’re not really sure that this is the right thing for us to do at this time.”
- Their Hidden Agenda: They’re trying to scare you into thinking you’ll lose the deal so that you’ll offer some concessions.
- Your Strategy: Determine whether there’s a real problem. If so, roll back the sales cycle; if not, push through.
- What YOU Say: “Exactly what is making you question the deal?”
- What Will Happen: If (as is likely) the objection isn’t real, the negotiation will proceed as before.
- Warning: If the objection IS real, you’ll need to step back from the negotiation process and return to an earlier stage in your sales cycle.
From my little experience, this trick is not real in majority of cases, and the way that I handled this trick was simple.
Dont react to this obvious shock to begin with- maintain and calm demeanor and immediately inform your boss of what happened.
Walk away from the final negotiation table, clearly mentioning to the customer that when ever they are ready, the negotiated terms would have to be re-visited; do inform the client that while the terms can be fast tracked since a lot has already been invested in the engagement over so many months, but a sweet deal cannot be guaranteed under the present circumstances ( postponement of the decision).
On the way out, tell them that a window of 24 hours is open for a rethink on this decision by the client and that the file would be kept “hot” until that deadline. Be polite, BUT be firm and in many cases, the client does get the message that you meant every word you said, and he will in all probability call you up in the next 24 hours.
Try it and let me know if this worked for you.