Do you miss out on sales because your buyer wants to “think about it?”.
Do you find your deals get stuck just before they close? And do your buyers stop returning your calls and emails with no explanation?
You are battling with the “status quo”.
Now, if you could break through this sales objection and close these sales, how different would your commission bonus be each month? Would you be thousands of pounds better off?
Well, stay tuned because in this video, I will explain what the “status quo” is and how you can break through it so you can eliminate the sales objection of “I need to think about it” and get more deals done.
The Status Quo
Most salespeople hear the objection of “I need to think about it” often enough that it’s as annoying as seeing quarantine hair every time you look in the mirror.
If you understand what the “status quo” is and how to break through it though, you’ll never hear this objection again.
The “status quo” is an innate feeling that everyone gets when there is an opportunity to move from where we are right now to where we want to be.
You’ve been there, right? You know you want to buy something, but there’s some weird force second guessing it.
It is like we have a giant wall of emotion in between where we are right now and where we want to go.
The marvellous news is that this wall consists of 4 bricks. And I will show you how to break through each on of them in a minute…
If you don’t learn how to break through the wall of status quo then you will always lose a large percentage of sales each month that would have otherwise closed.
So how do most people try to deal with this sales objection?
When most salespeople hear “I need to think about it”, they try to use logic to counter the objection. They hear, “I need to think about it…” and they ask, “Well, can you give me an answer tonight?”
This, in fact, strengthens the wall of status quo as the buyer feels even more pressure to decide. Putting more pressure on the buyer means they will not return your emails or pick up your calls because they are fearful you will try to twist their arm to get the deal done.
Instead, we will dismantle the wall of status quo, brick by brick, so the objection of “I need to think about it” no longer exists and the buyer proactively wants to get the deal done.
So let us take a closer look at the wall of status quo. The wall of status quo has 4 main bricks –
- Selection overwhelm – This is when there are too many equivalent products in the marketplace and the buyer gets confused.
- Confirmation bias – This is the tendency to interpret fresh evidence on a subject as confirmation of their current beliefs.
- Blowback risk – This is the risk of things going wrong and the buyer looking bad in front of their peers.
- Initial cost of change – This is the cost of getting the deal done, implementing the product, and doing training before any returns are had.
So let’s run through each of these quickly and I’ll explain how you can break each of these bricks of the wall of “status quo” so that your buyer can move from where they are right now to where they want to be.
#1 Selection overwhelm
When there are many similar products in the market, buyers get confused and don’t know what to buy.
Example: If you sell a CRM system, they’re all very similar these days.
Solution: You the salesperson need to become the differentiator rather than trying to differentiate your product from other products. Click the link in the description for video have done where I teach you how to become “list proof”.
#2 Confirmation bias
Confirmation bias is the tendency for humans to interpret new evidence as confirmation of their current beliefs.
Example: People who like Trump as president, will read articles about Trump being a good president and ignore over articles.
Solution: You must learn what they believe and contrast your product to that. So if they think that your product is missing one feature, you need to contrast it against not doing anything at all.
#3 Blowback risk
The blowback risk is the risk of things going wrong and the buyer looking bad in front of their peers.
Example: Your buyer makes a purchase, they rush the decision, it’s the wrong product for their needs, and they end up getting sacked.
Solution: To eliminate the blowback risk, talk about any guarantees that your product has and share any customer success stories from buyers similar to the person you’re selling.
#4 Initial cost of change
The initial cost of change is the cost of getting the deal done, implementing the product and training before they realise any returns.
Example: If your buyer signs up for your software product, they have to spend the next three weeks training the team to use the product at which point they have lost more time and productivity than what they gain using it.
Solution: Nothing much you can do about the initial cost of change over them help the buyer understand the initial cost of change and also build enough trust they believe that you will be there to guide them through it.
When you break through each of these four bricks of the wall of status quo you immediately eliminate the sales objection “I just need to think about,” and you will find deals close much faster and quicker than before.