When your prospect doesn’t buy, it’s easy to blame the timing, the market, or just bad luck. But if you’ve been facing rejection after rejection, it’s time to take a closer look at why your prospect doesn’t buy.
When it comes to closing deals, no business owner or salesperson has a perfect closing ratio.
A 20 percent ratio is considered average and 30 percent is considered high in most cases, but those numbers do nothing but discourage if you can’t close deals.
So what can you do to boost your self confidence and silence objections before prospects bring them up?
First, you need to understand some sales psychology. If you know why prospects buy, then you will have a better chance at making a sale.
Today, we’re going to talk about the five reasons why people don’t buy and what you can do to increase your chances of closing a deal.
Watch this video about five reasons your prospect doesn’t buy.
1. No Need or Low Need
The first reason why people don’t buy from you is no need or low need. In spite of how great your product or service is, the prospect might not need it or they might not need it right now.
Think of the times you were walking in the mall when someone stopped you to try a free sample. Maybe you said no because you hate desserts. Maybe you let them spray your wrist because you wanted to know what the bottle’s contents smelled like.
Either you were annoyed or you were curious, but you did not want to buy. They were just interrupting your day.
You cannot convince someone to buy if they don’t think that they need your product or services. There’s nothing you can do.
With these type of prospects, it’s better to cut your losses and save your time. You qualify or disqualify them very quickly and then you move on. That’s reason number one: no need. The second reason is time.
2. No Urgency
Delay kills the sale, so time is something you don’t have if you want to close a deal. When they say to you, “Yeah, you know what, I’ll think about it. I’ll get back to you. Send me more information,” it means you failed to create a lack of urgency.
You haven’t given them a reason why they need to buy right now. But what you don’t close today, you will not close tomorrow.
Although they’ll be very nice to you and say, “Yeah, you know what, follow up with me three months from now,” or, “I’ll get back to you,” guess what happens? You never hear from them again.
Delay kills your sale!
What should you do to get them to buy? You need to show them why they need to do this right now.
Maybe it is an exclusive offer; maybe there’s a limited quantity. If you don’t have too many left, tell them. Say, “We only have 50 of these. If you don’t buy right now, we’re going to run out. You will not be able to get them anymore.” Creating scarcity is very effective.
For example, your service could be a limited time offer. Explain to them that, “This is only available during the first two weeks of March. After that, you’ll have to wait until next year.”
You have to give people a little bit of a push, otherwise, they don’t act. One way to give them that push is to create a need to buy.
3. No Desire
People don’t buy what they need, they buy what they want.
They want their car, they want their house, they want their new suit, they want their bag, they want their vacation. Or they’re like my wife Jennie – they want their new pair of shoes.They don’t necessarily need it.
There’s a lot of things in our lives we don’t actually need. You don’t need that new computer. That new table. Or that new video game.
You just want it! It’s the desire.
How do you create that desire? How do you create that insatiable desire that people want to buy with what you have to offer?
Usually you do that with an irresistible offer. You want to make what you’re selling so compelling and irresistible to the prospect that it’s a no-brainer to say, “You know what? I want this.”
Say you have a key that you want to sell for $500 but no one wants to buy it because it’s just a house key. But say the key unlocks the door to a hidden library with books that shows you how you will be successful and happy in the future. Would you pay $500 for that key?
Who wouldn’t want a key to unlock treasures! That key has just become more irresistible.
You can create a desire or you can tap into the existing desires prospects already have within them. Human beings have so many desires. They’re not as complex as you think. And once you tap into what they crave, show them how to afford it.
4. No Money
This reason is probably the most common one for not buying. No money, or they don’t have a budget, or they don’t have the money available. This may or may not be the case.
What you should be considering is why you are selling to people who can’t afford what you offer in the first place.
Let’s say they do have the money or they can find the money somehow. But what they tell you is, “I can’t afford it.” What this usually means is they failed to see the value. They don’t see the value in what you are offering, so they don’t understand why it costs so much.
What you need to do is present your offer in a compelling way so they can see it in terms of money and value. Everyone thinks using this scale: value versus money. Which one weighs more?
When you have a lot of value, suddenly, they have more desire. There’s more urgency over what you have to offer. And finally, you need to overcome one of the biggest hurdles when closing a deal.
5. No Trust
A lack of trust is a huge obstacle to closing a sale. When this happens, your prospects don’t believe you. They don’t trust your products or services. Or they don’t trust your company.
How do you handle this? You can do this in a number of ways. You can give them more social proof, such as some testimonials about what customers have to say about your products and services.
Or you can tell them the history of the company and how long you have been around. You can show them some data or case studies. If you’re selling anything in the health and fitness niche, maybe show them what the scientists have to say.
If they don’t trust you, they cannot buy.
But there’s another possibility, one that very few entrepreneurs and closers understand: the prospects don’t trust themselves.
They may trust your product and your company, but they don’t believe that it will work for them. The prospect doesn’t believe that they will even use it.
They know, “Okay, it’s going to be an out-of-pocket buy. I’m gonna put that on the shelf; I’m not gonna use it. It’s gonna be a waste of money. How is this time going to be different?” You must address the conflict in their mind.
Most people, believe or not, do not trust themselves because their track record is not good.
Let’s say you’re selling a weight-loss solution. They might think, “Here’s another one. They know I’ve been on 10 different diets, I’ve tried 20 other weight-loss solutions. It’s going to fail. How do I know it’s gonna work this time?”
You can give them testimonials and proof, but even if they trust you, they don’t trust themselves. They look at their track record of failure and decide this time won’t be any different. With your marketing and your brand and your message, you need to address that thinking.
How To Close The Sale
As a business owner, or as a salesperson, you’re up against five reasons why people don’t buy. No need, no urgency, no desire, no money, and no trust. All of them mean no sale.
Now that you know the main causes, what are some ways you can convince a prospect your deal is worth buying?
- Look at how you are doing your marketing. Create trust in the marketplace so that your prospect trusts you before you get on the phone with them or meet with them for the first time. Branding has an important role here.
- Communicate your value so that people can see it. Convince them that you can solve the problem that they have.
- Create an irresistible offer so your prospect desires what you are selling. It will be hard for them to say No.
- Create a sense of urgency so they buy now, not tomorrow.
Summary: Why Your Prospect Doesn’t Buy
No need, no urgency, no desire, no money, and no trust all result in the prospect not buying. But if you handle the prospect’s objections before they even come up, you can increase your chances of making the sale. Understanding sales psychology is crucial. It’s how you can prevent those moments when you believe you came so close to closing the deal but you didn’t.