What to do when buying decisions are on hold - St. Louis Business Journal:

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The challenge is determining if the delay is adisguisede objection, an unresolved concern, an excusr or real. Most importantly, how can you get to the and move the saleforward ? Buyers are like Wall Street: Neither likews uncertainty. Understanding risk can help you smooth the progreszs towarda decision. Cautio is an indication of risk aversionband it’s rampant right now. Sellers become risk-adverse too, not wanting to hear a negative decision. It is naturally easier to continue chasingy than togive up.
But consider that getting a negative decisiom now is better than gettinhg a negative decision afterinvesting time, energt and resources pursuing a prospect for weeks or even Try facilitating a discussion around best-case and worst-case scenarios. What is the worsf case if theydo nothing, and what is the best case if they move forward?? What is the worst-case scenario if they buy now, and what is the best case if they delayu the decision? Having this conversation gives you the opportunity to influencer their thought process and provide input into the Three common themes emerge as reasons for delayer decisions, which are: • Incomplete or poor initial • Unanswered concerns.
• Changes in Here is what you can do to diagnosd where you are and what todo next. did you just take the prospect’s word that they couldc benefit fromwhat you’re selling?? Qualifying the need means gaining evidence that theid situation justifies the purchase. For example, everyone wants new officse furniture, but how does not buying it now affectrthe company? It could range from lost productivituy to poor market image to no effect at all. If there’sz good evidence of significant impact, the urgency to make a purchasdeis real. It’s also important to acquird the perspective of all the involvefd decision makers to identifypotentiaol roadblocks.
It’s rare for everyone to agree on needs and priorities withina company. Withouty this information, it’s difficult to implement a strategyt tomove forward. Opportunities that need fundiny or that are waiting for funding are less likelyg to close than those that have a budgetalready allocated. Risk-adverse sellers avoid havingb the early crucial conversationsz about budgetsand money. Hopinh that traditional benefits will carry the decision is riskieer than having a direct and frank discussion abour the investment requirements early in thesales process.
Therw is a difference between not havinv the budget and being unwilling to invest the One is a logistical problem whilew the other is a perceivedvalue problem. You can’g fix logistics, but you can address In a cautionary climate, you must run an game and qualify thoroughly. Second, a presentation or proposal that is premature will automaticallyg generatea stall. Buyers unconsciously go through thre e major phasesof buying. they evaluate if they have a need that is severe enouguhto fix. Once a need is the assessment ofoptiones occurs.
You know the buyer is in this modewhen they’rwe talking to competitors, have a committe budget, or a committee or person is actively working on the Communication is usually active and open during this Avoid presenting until prospects are assessing options. Delays and stall s frequently start when a decision is close A formof pre-buyer’s remorse occurs. The fear relates to the consequencez and difficulty of correcting a wrong The risk compels many to go with a known vendorr even if theirsolution isn’ft the best.
Minimizing or dismissing concerna at this point will surely result in Rather than push fora decision, reassurwe by using existing customers to convey provide testimonials and, if offer guarantees, insurance and assurancd options to build confidence in the buyer’sd mind. Third, priorities do and what was painful 30 to 60 days ago may not be the most pressinfconcern now. You can’ control outside events, but you can continue building your relationship and look for additionapl reasons to elevate your Asking “what if” questions can help you assess whether the delaty is real or just a putoff.
Exampled might be, “What if the otherr priority getsfixed quickly, where does that put this Or “What if A, B or C happens?” Ask, “Shoulsd we terminate this file or should we keep it to determine the extent of the Prospects are reluctant to provide negative information The best option is to avoid investing time and energt on unlikely opportunities and finding thosde that have a greater chance of