We have all been there. You have tried everything you can think of including price adjustments and additional perks to entice the buyer. However, no matter hard you try you just can’t get them to sign on the dotted line. Regardless of your industry, the ability to successfully close deals is crucial to your success. It is important to take a closer look at these failed attempts and develop strategies for improving your negotiation skills. Here are the top 5 reasons why some deals just won’t close.
Reason #1: Lack of Trust
If the client doesn’t trust you they are unlikely to buy from you. The fact is, over 90% of companies report that they will only buy from companies that they trust. If you want to make the sale, you have to build a trusting relationship with your client. This means taking the time to get to know your client and their needs. It also means standing by your word, never making a promise you can’t keep, and admitting if you make a mistake. Once you have built trust, you must continue to work to keep it!
Reason #2: They Are Not in a Rush
Sometimes the reason a deal doesn’t go through is a simple lack of urgency. The problem you are offering to solve might seem significant to you, but to the client it might just be another email taking up space in their inbox. If your product or service is not high on your client’s priority list you are going to have a tough time making the sale. Make them feel like your product is valuable and find a way to move it to the top of their list.
Reason #3: It’s More Hassle Than it’s Worth
Customers like consistency and efficiency. If switching to your product or service seems more like a chore than a solution, chances are the customer is not going to sign the deal. Evaluate your product and make sure you are as easy to deal with as possible. The more customer- friendly you are the more likely you will be to land the sale.
Reason #4 Lack of Authority
Dealing with someone who doesn’t have the authority to make decisions is probably the most common reason a sale doesn’t close. Simply put, many salespeople spend time pitching to the wrong person. In many cases, the customer sitting in on the sales meeting can only make recommendations and does not have the power to make the final say. Before investing too much time and energy, make sure you are speaking with someone who has the authority to make a decision.
Reason #5: There’s a Better Alternative
Sometimes the bottom line is this: there is a better solution than yours. Maybe another company is less expensive? Maybe their product or service is easier to use? Maybe their product is available immediately while yours is currently out of stock. The fact is, there are countless reasons why a customer might prefer one company over another but in these instances it is important to note that not everyone is the right fit for your product or service. You can ask for input and find out why they have chosen to go with the other company, as this might provide helpful insight as to why you lost the sale.