As a business owner or entrepreneur, it’s important to know the reasons why customers might say “no” to buying from you. This can help you address any potential problems and improve your sales process. In this post, we’ll discuss five of the most common reasons why customers might decline a purchase. Keep these in mind as you work to boost your business’ sales!
#1 You failed to establish a need for your product
One of the main reasons someone might tell you no is because you have failed to establish a need for your product or service in their life. In other words, you haven’t conveyed the message that saying yes would be better for them. This can happen often when we rush through our sales process, or when we’re selling to the wrong person.
If you’re spending time with the wrong prospect, you’re always going to get a no. But to establish the need and get someone to say yes, you have to conduct a quality needs analysis. This can often be done during a great discovery call. if someone tells you no, ask them why they are saying no and see if they indicate that they don’t have a need for your product or service. If this is the case, then you failed at that part of the sales process.
#2 You haven’t established an urgent need to solve the problem
You’re hearing “no” because you haven’t established an urgent need to solve a problem; if you don’t have an urgent need, then someone can tell you “I’ll wait to buy this later.” If someone says this, they may not think your offer is worth their time right now.
In your sales process, you may be making a mistake by not emphasizing the pain of the problem that your product can solve. We often teach that in your discovery call, if you find pain, then you dig deep into that pain. You pour salt on that pain, you make the pain hurt. So By failing to demonstrate how that problem is only going to get worse, you may be losing potential customers who don’t see an urgent need to buy what you’re selling.
#3 You failed to establish a pleasured outcome
The psychological reason that someone says yes to anything is to avoid pain or experience pleasure. So if you’re hearing no and you’ve already identified a pain, then you have failed to create the desired outcome, a want, or a yearningness for your product.
In order to create a compelling picture of the desired outcome, use vivid language to describe the solution you offer. Sell the results rather than simply describe the product or service. If you can make people want the outcome more, they will be more likely to buy what you’re selling.
#4 “I can’t afford it”
If you’re hearing “I can’t afford it” a lot, then you have to take an analytical look at your business. One of two things is happening. One, you’re spending time with the wrong prospects. You’re not qualifying and disqualifying your prospects fast enough. Remember that if you’re trying to sell your product to everyone, you’re essentially selling your product to no one. So if you hear ‘I can’t afford this or I have no money,’ ask yourself, “am I spending time with the quality prospects who need my product or service?” And if the answer is yes you are spending time with qualified prospects, then two, the people that are telling you “they have no money” are telling you that you haven’t demonstrated enough value to them.
#5 You haven’t developed trust
In today’s day and age with the modern consumer, trust and credibility are everything. Your prospect has to trust that your company has solved this problem for other people. This can be done through various means, such as getting social validation The average consumer looks up ten online reviews before they say yes to anything. So you have to get that social validation. You can establish trust and credibility through various different techniques. One way to establish trust and credibility quickly is to get people to review your product or service. But the easiest one that you can implement today is by offering free or discounted services in exchange for reviews. Reviews are essential in building trust with potential customers.
To more sales in 2023
If you’re dealing with sales issues or wondering, “is my small business doomed because we can’t make sales?” You’re not alone.
The national closing percentage right now for all industries is 19%. Essentially, two out of ten people who hear about your product or service will say yes. If you want to increase those figures or look at your sales process, I invite you to come to join me. Right now, I’m looking for ten small business entrepreneurs, either service-based providers or salespreneurs! People who make most of their income from the sales they generate and are looking to improve their sales in 2023, join me in the Catapulting Commissions Academy.
Click here and jump on a free strategy call with my team!