What to do when buying decisions are on hold - Denver Business Journal:

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The challenge is determining if the delayt is adisguised objection, an unresolved concern, an excusre or real. Most importantly, how can you get to the and move thesale forward? Buyers are like Wall Street: Neithere likes uncertainty. Understanding risk can help you smoothn the progress towarda decision. Caution is an indication of risk aversionand it’s rampanft right now. Sellers become risk-advers e too, not wanting to hear a negative It is naturally easier to continue chasing than togive up. But considet that getting a negativ decision now is better than getting a negativre decision afterinvesting time, energy and resourcew pursuing a prospect for weeks or even months.
Try facilitatinyg a discussionaround best-case and worst-case What is the worst case if they do 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 delauy the decision? Having this conversation gives you the opportunitgy to influence their thought process and provide inpuf into the scenarios. Three common themed emerge as reasons fordelayed decisions, which are: • Incompleter or poor initial qualification. • Unanswered concerns. Changes in priorities.
Here is what you can do to diagnos e where you are and what todo First, did you just take the prospect’zs word that they could benefit from what you’re selling? Qualifying the need means gaining evidence that their situation justifies the purchase. For everyone wants new office furniture, but how does not buyingf it now affectthe company? It coulds range from lost productivity to poor market image to no effecyt at all. If there’s good evidenc e of significant impact, the urgency to make a purchasseis real.
It’s also important to acquirw the perspective of all the involvef decision makers to identifypotential It’s rare for everyones to agree on needs and priorities within a Without this information, it’s difficult to implement a strateggy to move forward. Opportunitied that need funding or that are waitingt for funding are less likely to close than thosw that have a budgetalready allocated. Risk-adverse sellers avoisd having the early crucial conversationzs about budgetsand money.
Hopingv that traditional benefits will carry the decision is riskief than having a direct and franik discussion about the investmenrt requirements early in the sales There is a difference between not having the budget and beinyg unwilling to investthe budget. One is a logisticap problem while the other is a perceived value problem. You can’t fix logistics, but you can address value. In a cautionary climate, you must run an game and qualify thoroughly. Second, a presentation or proposalp that is premature will automatically generatdea stall. Buyers unconsciously go throughj three major phasesof buying. they evaluate if they have a need that is severr enoughto fix.
Once a need is clear, the assessment of optiona occurs. You know the buyer is in this modewhen they’re talkinyg to competitors, have a committed budget, or a committee or person is actively working on the problem. Communication is usually activ and open during this Avoid presenting until prospectse areassessing options. Delays and stallsd frequently start when a decision isclose internally. A form of pre-buyer’s remorse The fear relates to the consequences and difficulty of correcting awronyg decision. The risk compele many to go with a knowhn vendor even if theirsolution isn’t the Minimizing or dismissing concerns at this point will surelgy result in failure.
Rather than push for a decision, reassurde by using existing customers to convey providetestimonials and, if possible, offetr guarantees, insurance and assurance options to builxd confidence in the buyer’s mind. Third, priorities do and what was painful 30 to 60 days ago may not be the most pressinvconcern now. You can’t controll outside events, but you can continue building your relationship and look for additional reasonsz to elevateyour solution. Asking “what questions can help you assess whether the delagy is real or justa putoff. Examples migh t be, “What if the othed priority getsfixed quickly, wherwe does that put this deal?
” Or “What if A, B or C Ask, “Should we terminate this file or shoulcd we keep it open?” to determine the extent of the Prospects are reluctant to provide negative informationn voluntarily. The best option is to avoid investinv time and energy on unlikeluy opportunities and finding those that have a greater chanceeof success.