Most of the time when a rep hears the word NO, they automatically just delete the prospect from their mind and move on.
But wait a minute! A NO today, does not mean a NO forever! Timing is everything in sales, this is why we must understand our buying cycles as a whole and every customer’s unique buying cycle.
I learned a long time ago in insurance, that often my customers were looking 60-90 days out from their renewal. I would get their request for a quote off of the internet, speak with them, and then ask for the sale, and they would say NO more often than not. Now, I could have just taken the NO as they weren’t interested, and never followed up again. But what I found was as it got closer to their renewal, all of my competitors had stopped calling after the first or second NO, but I kept following up, and more often than not, they would go with me because I never gave up. Now it is important to note, I didn’t stalk people, but I would ask GREAT questions, like:
“I totally understand you are not ready to buy today, it’s an important decision. When do you anticipate making a decision?” Now, I have a date to follow up on or a little before.
Me: “Mr. Smith, I think its a great idea for you to take some time to make your decision. Is there anyone else that is involved in the buying decision?”
Client: “Yes, My wife”
Me: “Great, that makes total sense you would want to make a decision together on such an important topic like insurance. Would it be helpful if we all set up another call to review together, so I can help to answer any of her questions?”
Now here, what I did was I found out who the other decision-maker or influencer is and am trying to set up another time to speak to get them both engaged on the buying process, the next call, I would ask for the commitment form them both or refer to question #1 above when they will be making a decision.
Lastly, here is a secret pro tip, if you didn’t get them this year but now you understand your buy cycle window. Keep your notes, find out why they didn’t buy from you this year, and follow up next year. A LOT can change within a year, maybe they had a terrible experience with your competitor, maybe their financial situation changed, there are endless reasons why they might be ready year two or three to buy from you.
If you have the discipline to keep a tight follow-up system, this will significantly improve your pipeline over time, making each year a bit easier. I found my second year selling insurance was much easier than my first with this approach, I still was out prospecting every day, but now I had 25 leads from the previous year I didn’t close, but the 50 I drummed up from my prospecting in the current year, this compounded year over year, will give you massive results in a few short years.
So remember timing is everything, don’t give up after the first no, or after the tenth! It is your job, obligation and duty to follow up, you are doing them a disservice by not doing so.
Have you listened to my podcast on get prospects to read your emails? check it out here: https://apple.co/3lx27tX