Today I want to talk about the most dreaded words you can ever hear in sales and what you can do about them!
The statement in question; let me think about it!
When a prospect says this, there are generally a few different responses and reactions you see in salespeople. Some feel very disappointed and get disheartened. Some try to push through and try to convince and figure out what’s happening. Some people just recede, in a polite way. Typically, what people do is to accept it and allow the prospect to go away to think about it.
This is a very key point and, in a matter of seconds, can sabotage a potential sale.
Let me share with you a very interesting study, carried out by Eben Hawes, a German psychologist. He studied the impact of time on the retention of information.
What he found was that:
After 1 hour – 50% of the information was forgotten
After 24 hours – 70% of the information was forgotten
After 1 week – 90% of the information was forgotten
If you relate that back to your sale, the fact that the prospect has left the room saying, “Let me think about it”, means that the chance of closing that sale has dropped dramatically, more than 70%.
They are not going to think about it, you know that. They are too busy. They’re going to get distracted with other things and 70% of what was discussed will be gone within 24 hours.
So, what do I do?
In my experience, I have found that you can combat this statement by asking a particular set of questions.
You need to respond:
“In my experience, when someone says that, it generally means one of two things. One, they are not interested or two, that they are interested but not sure. Which one are you?”.
Here you are giving two options to the prospect, and you are ending it with a question.
If they say they are not interested, you don’t need to waste your energy or your time. You can move on.
If the prospect says, “Yes, I’m interested but I’m not sure” you need to find out why and you can do that by asking them whether their main concern is:
Go through them, one at a time, with the prospect.
Fit refers to the fit between the organisations, people, the fit of the product, in terms of providing the right benefits, or solutions. Is there a good fit?
The prospect says, “Yeah, there is a good fit, absolutely”.
“So how about features? You are seeking certain benefits and our product is designed to provide you with those benefits, so how about the features? Does it has everything that you need, or is there something that’s missing, which is making you unsure?”.
It is possible the prospect says, “Actually, you know, I have been comparing with other suppliers and your product is missing these one or two elements, or I’m getting this in a more enhanced way”.
They will talk about it if you give them that platform. Or that specific focus talking about features. And imagine, that the fit is good, the features are good, then you are saying, “Okay, so it’s the finance”.
I am intentionally making a slight distinction here when I refer to ‘finance’ instead of ‘price’. Price is something different. You don’t want to haggle or negotiate on the price. You’re saying finance. How are you going to afford these products or services?
People may say, “Actually, our finances don’t really work out for your services”. So, then you can say, “Okay, if it’s finance, then let’s talk about how we can help you”.
Create a platform.
Sit down with your prospect and look at whether it is a payment plan, or extending the credit terms, depending on what is right for them. But it helps you create that platform, along with your prospect, to help him or her, make the right decision, for their business.
What you are really doing here is, you are funnelling, and you are moving the prospect forward, rather than taking a lazy, or an easy way out, or embarrassing way out.
To learn more about motivation in sales you can read more about understanding ‘buying motives’ in our recent post on the subject:
I hope that helped and that next time you encounter this dreaded statement, you can persist and reach the desired outcome.
If you would like any further help or advice on this or any other topic, please feel free to get in touch. We would love to help.