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…
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.
Hi members of the sales fraternity,
Trick number 3 that customers play on us poor folk!
Remember the time when you built up your relationship across the organization, managed each gate keeper, got the indentor in your good books, wined and dined with the C-suite, only to be told that the CRUCIAL meeting has been deferred to some 5 weeks after it was scheduled to be !!!
It guts you doesn’ t it ? Here you were going on about meeting your budget this month, and hey, all of a sudden the customer took the earth from beneath your feet!! OUCH!!
So lets understand this trick…
DIRTY TRICK #3: The Delayed Meeting
- Explanation: Long and unnecessary gaps suddenly open in the sales cycle.
- Example: “We can’t meet on Friday to discuss this; how about next month?”
- Their Hidden Agenda: Same as #2. They’re trying to scare you into thinking you’ll lose the deal so that you’ll offer more concessions.
- Your Basic Strategy: Surface some negative consequences of delaying the sale.
- What YOU Say: “Happy to meet then. However, I should let you know that our prices will be rising next month, so if you’re at all interested in moving forward, we might want to meet a bit earlier.”
- What Will Happen: If it’s just a trick (and there are no budget problems), the key meetings will be moved forward.
- Warning: The customer may be having problems working internal budget issues.
Personally I think the best strategy under these circumstances is that you display tremendous level of EQ, refrain from reacting or exhibiting any emotion that gives away your vulnerability to the client, and go back to the drawing board, get your boss or your mentor on to the situation, ideate and think the situation through and re-visit this with the client, as calmly as possible, providing clear pros and cons of this decision.
Ensure that without ruffling feathers, you drive home the point, that the decision to postpone the meeting was the client’s , and therefore the consequences of the deal ( re-negotiate the terms that have been discussed and agreed in principle before the re-scheduling of the meeting) will be borne by the client.
Be transparent, be absolutely analytic in your assessment and you will been served well…all the best!
I can totally relate to the reality of the markets today…
Since 2008, its been an uphill task for us all in sales and more so for our wonderful marketers, and its sad to see so many good folks lose their dignity, their livelihoods and their reputations in the face of some real tough objections ( brickwalls) coming from their clients, some of whom probably swore to be by your side through thick n thin….but have gone away just and market sentiments tanked!!
So lets look at some very difficult objections that sales reps have been facing recently and what could probably be the best answer to address these client objections
- Common Objection 1: “I can get it cheaper elsewhere.”Response: “In today’s world we can almost always get something cheaper. I’ve found that when smart people invest their money they look for three things: the finest quality, the best service and lowest price. However, I’ve also noticed that no company can consistently offer all three-the finest quality and the best service at the lowest price. Which two of the three is most important to you in the long term?”
- Common Objection 2: “I have a friend in the business.”Response:“There’s an old saying – I don’t know how true it is – that sometimes friendship and business don’t mix. If you bought from a friend you might not say anything if you weren’t happy with the purchase, but with me you can just get on my case until you get what you want.”
- Common Objection 3: “I did business with your company in the past and they were unprofessional.”Response: “I can really appreciate that. I really hate it when that kind of thing happens to me. You know, though, suppose the shoe were on the other foot and it was your company that had acted unprofessionally. You’d probably fire the person responsible. That’s probably what we had to do, and now it’s my job to make certain that you’re treated right.”
If you know of other common objections please do let me know and give me the opportunity to share some insights with you all.