Closing the Sale: Overcoming Your Customer’s Fear of Failure
Between the time of your sales presentation and the prospect’s final decision to make the purchase, there is a moment of fear that must be overcome. As a salesperson, we all know this moment, even if we haven’t recognized what it was. It’s that time when the customer begins to say things such as: let me think it over, could you call me back next week, and please leave me some material, so I can review it with my boss.
These are all different ways that a prospect is telling you, “I don’t think I am able to make this decision on my own right now.”
Understanding the Fear of Failure
At the moment when a deal is about to close, there is always a moment of tension and feeling of stress for the new customer. He or she is reaching the point when a decision has to be made, and the inevitable fear of failure begins to creep in. It’s important to remember that every one of us experiences fear of failure. From concerns about buying the wrong thing to the fear of being criticized by others, there is a wealth of reasons your prospect may be hesitant to pull the trigger.
This is a form of buyer’s remorse that occurs before the sale even happens. However, by understanding and expecting it, well-trained salespeople are able to overcome it.
Overcoming the Fear of Failure
As you walk your prospects through the sales process, you should be adding facts and commentary into your presentation aimed at calming the most common fears before they take hold. Many companies offer competitor comparison charts on their websites or provide testimonials from happy customers. These tactics are some of the simplest ways of calming a prospect’s fear that he or she may be making a mistake.
The most important aspect of preparing for this closing anxiety is to actively listen to your prospect throughout the qualification process. People will naturally reveal their concerns during conversations. It’s your job to hear it and adjust your tactics.
The truth of the matter is that no salesperson should be pushing a sale on someone who doesn’t want or need your product. However, many customers stand in their own way because of fears that they may not even recognize. Learning to overcome your prospects’ fear of failure is simply about helping them gather all of the important facts, so they are able to make the best possible decision for themselves.
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About the Author
Craig Korotko is a creative, results oriented C-Suite executive with extensive experience and achievement in creating technology solutions that deliver products and services to the financial industry. As a business coach, Craig Korotko combines his passion for leading small companies and growing them in competitive markets with his ability to lead large cross-functional teams.
In his over 30 years of corporate experience, Craig has worked with startups to Fortune 500 companies with a demonstrated track record of success. He wants to make sure you are not too busy working in your company instead of working on your company. Start the conversation with a simple, complimentary 30-minute advisory discussion. Contact Craig today