1 – Needs Recognition.
2 – Evaluation of Options.
3 – Resolution of Concerns.
4 – Negotiation u0026amp; Closing.
(Credit: Neil Rackman)
Each stage has a different objective.
Which stage are you in?
In the needs recognition phase, the buyer is not motivated to buy. They’re still “cold”.
Are you using questions and the pain / pleasure principle to create a desire to buy?
At the Evaluation of Options phase, the buyer has a desire to buy, but has not yet decided that they want to buy from you.
Have you uncovered the decision criteria?
Every buyer has concerns, whether they voice them or not. A client of mine pitched his service to a multinational company and thought he had done fabulous! Everything in his presentation had gone perfect – he had asked questions, built rapport, successfully gone through the first three stages.
Finally, he asked the buyer “Is there anything that might stop this deal from going through? What obstacles do you see?”
And the buyer voiced all the objections. He said, “I’ve had so many other similar vendors pitch me similar products, but I’ve never done business with them because I don’t believe X, Y and Z!”
Once the objections were out in the open, my client was able to neutralize those objections and close the deal!
Had he not uncovered the objections, he would have walked away thinking he’d done great – and then been surprised when the deal didn’t go through.
Have you uncovered the concerns / objections?
The final stage is negotiation.
Are you making the mistake of negotiating too early?
Go through the first three stages and get a verbal agreement that this is the right product for your client and that they’re interested in doing business with you before you move forwards…