How to make the most of Sales Rejections?


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So you are a passionate Sales professional who reaches out to potential customers to try and sell your amazing product / service.

You build interesting conversations, get to know their strengths, understand their needs and you feel that your product is a perfect fit for them and you also see the positive signs all along the way that things are moving as per your plan.

And then, you hear the shortest but the most disappointing word ever – ” No ”

Firstly “No” is the not the end of the road. There are two types of “No” s

1. Permanent No

It may be due to the following factors

a) They do not have the funds to buy your product

b) They do not need your product

What should you do now?

Rather than being disappointed with the whole exercise, here is something that you can do. Tell them you understand their decision and express your genuine willingness to help them in case they have any queries or questions in the future with regards to your line of activity.

Also seek their permission to send curated case studies that would help them to do better in their business. These case studies or tools or techniques should be in line with your business.

For e.g:  If you are in the business of selling animated videos for marketing, share with them the case studies of how certain global brands have innovatively used videos for their reach out campaigns.

It need not be your works but still it is a useful resource that would come in handy when they plan to increase their marketing spends sometime in the future.

You can send such articles once in a month or in a quarter. This activity is sufficient for the No to turn into an opportunity in the near future.

2. Temporary No

This can be due to the following factors

a) They are working with someone already on the same.

b) They do not have the funds to engage with you immediately.

c) Lack of interest

Now this is an interesting situation. There is nothing to be disheartened about in this scenario as this is similar to a treasure hunt. You are already en-route and you will strike gold very soon.

What should you do now?

The major difference between this and the previous situation is that you know a lot of information about the prospect – his likes, his company and his upcoming requirements.

Based on these you can create a custom follow up campaign spanning across months that will lead you to the treasure chest. This should be very customized depending on the factors as mentioned above.

Let’s take the same example of selling animated videos for marketing. Now let’s look at what can be done when the following factors come into play.

a) When your lead is working with another vendor for their video – You can wish them good luck and after a considerable amount of time touch base with them and ask them whether the video is out. They would share the video and most likely ask your feedback as you belong to the same industry and you can provide your genuine feedback.

b) When they do not have the funds to engage with you immediately – Try understanding their budgets for this task. Mostly they would be open to share their planned budget for this. When they do, check if it would be feasible for your firm to take it up at that pricing. If yes, you have a deal and if not you can always try arriving at a number that works for both of you.

c) When you smell lack of interest – It is best to wait and be in touch with them. Identify their competitor and if they use your product/service  or something similar, you can gain their interest by letting them know.

Conclusion

A “NO” not always means “Next Opportunity”. You can be patient and convert the “no” into a “yes”

You can connect me with me on LinkedIn here

 

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