Common Sense Selling: Are You Missing the Buying Signals?

Buyers have a process for buying, just like sellers have a sales process. When the buying and selling processes line up neatly, everyone feels good about the transaction and about the relationship.

Sometimes, though, things aren’t quite so tidy. Usually, this misalignment happens when a seller gets ahead of a buyer – for example, trying to close the sale before the buyer is ready to take action. There’s another way that misalignment can happen, though. Sometimes, the buyer is ahead of the seller. The seller misses clear buying signals because he or she doesn’t think it’s the right time to close the sale.

The unfortunate result of sellers not selling at that moment of buyer readiness? Buyers change their minds. They get “unsold” when sellers belabor the process or don’t seem fully confident in their products or services. After a transaction like this, buyers are left feeling both confused and relieved – confused because the seller didn’t sell and relieved because they believe there must have been something they missed, a reason the seller didn’t close the deal.

When I observe this on a sales call and debrief the seller after the call, the most common reaction is surprise. Sellers are not aware that there was a buying signal given. Oftentimes, the buying signal is misunderstood. Sellers often think that buying signals, especially early ones, are objections.

Give yourself a quick assessment. Regardless of where they come up in the sales process or how they are said, consider the five following responses from a buyer. Which ones do you think are buying signals? Which ones are more likely to be objections?

  1. Can you work with me on the price?
  2. Is that the best you can do on the cost?
  3. That’s just too expensive.
  4. Our current supplier gives us a deal.
  5. I’d take it at a 10% discount.

All of these are expressions of interest. We don’t talk about price unless we are at least mildly interested in a product or service. Mentally, we don’t take the time to evaluate whether or not we can afford something unless we are considering a purchase. It might be a quick mental calculation, but the buyer’s process always goes in this order:

  • Awareness
  • Interest
  • Desire
  • Action

So a question or comment about price is at the stage of interest. Price considerations may suppress the desire and prevent the action of buying. As a seller, though, you need to understand that there is an element of interest because that gives you something to work with.

When it’s an objection, you’d handle this in a way that magnified desire by looking through the lens of value. Rather than focusing exclusively on price, you’d figure out what else is in this particular buyer’s value equation – what personalized benefits can they realize from your product or service?

The problem is that overreacting to the price objection takes the focus off the interest that’s been expressed and may overlook all the other aspects of value. Sellers accidentally minimize a buyer’s interest when they make the whole conversation about price alone. Maybe you’ve experienced this – the buyer brings up price, you reduce the price, and they still say “no.” Why? Because price alone didn’t build on interest and create desire.

Step 1, then, is recognizing an expression of interest. Next is the determination about whether this is a buying signal that indicates the buyer is considering an action or whether it’s an objection that is preventing the buyer’s desire from intensifying.

In general, when there is a question posed it is more likely to be a buying signal. Statements that sound factual (the buyer believes them to be true) are more likely to be objections.

If a buyer asks “is that he best you can do on cost?” it is a strong indication of an action being considered. But if the buyer says “that’s just too expensive” then you know you have work to do on magnifying the value.

When you are dealing with a buying signal, your response should be focused on advancing to the close. When it’s an objection, your response should be to return the conversation to the value that trumps cost (everyone values something more than price – your needs assessment can reveal that primary value). In other words, slow down with an objection and speed up with a buying signal.

If you are not sure which one you’re dealing with, try this simple technique. Ask the buyer to tell you more. Say simply “Tell me more about that.”

You’ll get one of two things in response to this question – a green light with exactly what you need to do to close (e.g. “Well, I like what you’ve offered but I’m hoping you can come down on a price…”) or a yellow light to proceed with caution through the detour back to value (e.g. “Your prices are higher than anyone else’s… I can’t spend that kind of money.”)

With that kind of clarity, you’ll respond in alignment with the buyer’s process and stay on track.

Connect 2 Sell Graphic smallThe CONNECT2Sell Blog and training programs are products of People First Productivity Solutions. We build organizational strength by putting people first. Visit our website for more sales resources and tools. To learn more about our training programs, take a look at our 2015 course catalog

 

Common Sense Selling: Honor Your Appointments

In the category of things that shouldn’t have to be said but obviously need to be said…

Sellers: do not set appointments or meetings unless you are ready, willing and able to keep them.

This includes these three non-negotiables if you are truly a professional.

1. Be on time every time.

If you run into a truly impossible situation, notify your buyer as soon as possible so he or she can reallocate the time. They will appreciate it even if you notify them when you were only a few minutes late. It is courteous and respectful to do so. It signals that you will be courteous and respectful of them in other ways, too, when they are doing business with you.

2. If you say you will call back on a certain day or time, do it.

Your intention to give a general range or to float an idea of when you might reconnect is not sufficient. Your best bet is to schedule a firm appointment for your call back. This demonstrates your commitment and also compels your buyer to be more available for the follow up.

3. Never blow off a scheduled appointment, even if it’s just a phone call.

It is stunning to me how many sellers promise to call me once I’ve agreed to take their meeting… But at the appointed time, they are no-shows. There is no faster way to be blacklisted by a buyer.

When I ask sellers why they view callbacks and appointments so casually, the most common response I hear is some variation of “they didn’t really want to talk to me anyway.”

Then why did you set the meeting in the first place? And by not keeping your commitment, all you’ve done is ensure that they will never want to talk to you.

To honor your buyers and your own professionalism, honor the appointments and follow up you commit to.

Connect 2 Sell Graphic smallThe CONNECT2Sell Blog and training programs are products of People First Productivity Solutions. We build organizational strength by putting people first. Visit our website for more sales resources and tools. To learn more about our training programs, take a look at our 2015 course catalog.  

Common Sense Selling: Are You a Credible Source?

[Read more…]

Common Sense Selling: Put Some Oomph into Your Delivery

[Read more…]

Common Sense Selling: Your Frontline Representation Matters

[Read more…]

Common Sense Selling: Don’t Waste Your Buyer’s Time

[Read more…]

Common Sense Selling: Tell the Truth

[Read more…]

Common Sense Selling: Every Interaction Counts

[Read more…]

Common Sense Selling: Don’t Ignore the Customer

[Read more…]

Are You Selling Like It’s New Year’s Eve or New Year’s Day?

[Read more…]