Are you spending a lot of money and time on marketing your products and are you constantly try to improve the way your sales reps are pitching your products, but customers are still not buying? The causes could be a vast range of problems and they might not even have anything to do with your products being bad. We’ll discuss about this in detail today.
Is your sales team meeting its quota? Why aren’t prospects buying?
Statistics aren’t looking so hot nowadays, given that it seems that nearly half of all sales reps don’t reach their target sales. This sad reality could be related to some Harvard Business Review research indicating that 63% of the behaviors that salespeople exhibit actually drive down their performance. A big part of that is because reps don’t align the way that they sell with how their customers make buying decisions.
Understanding that takes a bit of psychology, because we need to see how the human brain makes buying decisions.
So let’s have a look at what are the main reasons why your lead and prospects don’t buy from you.
The most basic thing that we try to teach our sales reps is that they shouldn’t base their selling methods on how to sell, but on why people actually buy. So let’s have a look at the mental steps that leads and potential customers go through before they make a purchase decision. This should enable you to guide them towards making a positive decision, if, of course, what you’re offering them is what they actually need.
1. Give them a reason to change their option
So basically, people act the same way unless there is some good reason to change, because we all have a natural aversion to change, don’t we? You’ve probably had to deal with resilient customers who think that they’re doing just great the way they are and don’t find any need in changing anything, no matter if they’re collaborating with the competition or just don’t see why they need to buy your product/service.
We tend to see a risk in every change, be it an idea or a product/service. Ultimately, if you don’t give buyers a reason to change, they won’t.
You need to make some sort of inception by giving your potential buyers ideas about how they can improve themselves or their business. Ask deep questions that make them realise they had some pain points that they didn’t realize before.
Why is now the time to make the change and buy from you?
Ok, so you’ve got your potential buyer convinced that you should go down the business path together, but he also needs to be swift about it.
You probably know from personal experience that the more you delay making a decision, the less chances are to actually take action on it. So chances are that if he doesn’t make the decision right away and sign with you, the probability of the sale is way lower.
Help your customer realize that embracing change now rather than later is in their best interest, or else our brains naturally procrastinate and you’ll be getting nowhere.
Why should they choose you over the competition?
This is another issue that our sales team has to overcome.
You need to make sure your potential customer understands the positive results your solution delivers in comparison to what other companies that sell the same products might be able to.
2. Differentiate yourself somehow in the marketplace.
Position yourself as an expert and share meaningful insights. Cognitive science studies have shown that when the brain recognizes that someone is an expert, it is far more likely to comply with that person’s suggestions.
Showing experience is another way to communicate expertise. Also, displaying confidence plays a vital part in establishing trust, according to studies cited in the book.
To differentiate yourself on the market, you need to find that value that’s going to make you stand out. distinct value is most effective.
Just keep in mind that your distinct value must matter to your buyer. It changes from buyer to buyer and most distinct value that salespeople offer is irrelevant to buyers.
3. Why should they make the purchase?
You’re going to have to appeal to their dominant buying motives, which are the emotional reasons buyers will buy. Dominant buying motives are highly influential on purchasing decisions and are based on two major triggers of human behavior:
- the desire for gain
- the fear of loss
Neuroscientists in several studies have proven that the fear of loss is a way bigger motivating factor on purchase decisions. But don’t induce the fear of loss unless you can make sure to convince to potential buyer that they’ll escape that fear after buying from your company, product, or service.
4. Don’t give them a reason to feel insecure
People usually don’t part with their money easily, you don’t, I don’t, nobody would, right? The positive feeling your presentation creates must outweigh the negative feeling they have about giving you their money. For most people money equates to security. For some there may have been a period of lack in their pasts. Your objective is to help them rationalize that they’ll be better off with the benefits of your product than they will be if they hold on to the money.
People are handing over their sensitive details, so you need to do everything you can to reduce their anxiety. Some of the best ways to do this is to:
- Ensure SSL certificates and safety logos are visible
- Show a list of the different payment methods you accept to give your checkout a professional look
- Include customer testimonials and reviews throughout your website
5. Draw all of the attention to the differentiating value
It’s not uncommon for customers to decide not to purchase something from you simply because they found a better price somewhere else. If you’re not Wall-mart then dropping prices isn’t going to make you stand out in any positive way.
Instead, draw attention to the benefits of your products or services over competitors. Your customer service offer could act as your major differentiator because it can’t be copied easily. It allows you to convince less price-sensitive shopper who will choose higher prices and convenience over low prices and a not so great customer experience.
6. Never present the features, present the benefits and advantages of your product/service
This is actually a rookie mistake. Not knowing this golden rule in sales usually means that you haven't gotten to the level of actually making contact with potential customers.
Never showcase the features. Just by presenting the “What” that you’re selling is not going to close any deal, you need to draw the attention to the “Why” you are selling and Why they should buy from you.
Potential customers are looking for a solution to their existing problems, or something that can make their life better in some way. The value of your product isn’t linked to how many features it has, but what it can help the customers to do, or what it might let them do better.
Look more closely at your marketing messages, review your products and services from the customer’s point of view, having their needs in mind. Ask yourself whether the advantages of what you’re offering are clear and never leave any place for interpretation. Even the smallest tweaks can have the biggest impact when it comes to communicating your value to your customer.
7. Make your technology easy and accessible
This potential issue isn’t related to your sales team, but it has to do a lot with how much you sell, given that probably you also have an e-commerce option. If your website is slow, then that’s a serious problem on its own. However, the biggest speed-related reason why people avoid purchasing from certain websites is that the checkout takes too long to navigate.
If you ask your customer to fill out a huge number of form fields and go through countless steps to make a purchase, then the chances are they’ll give up and go visit your competition because it seems more user friendly.
These are just some of the reasons why your customers might not be buying from you and some ideas about what you could do overcome them. Make the sales and purchase processes from product presentation through the whole professional relationship as simple as possible, and ensure that your experience matches the expectations of your customers. This way, you’ll have a far greater chance of convincing your customers to convert!