You Have Nothing to Lose… So Ask Why Not Me?

PROVIDENCE, R.I. - April 7, 2014 - PRLog -- We’ve all experienced that frustrating moment when a prospect just won’t close with us.  If you quickly work through the denial, anger and acceptance of the situation, there is one last thing that you can do.  This is in fact, the most valuable thing you can do for yourself.  Rather than losing sleep and ranting over cocktails about this deal you lost, you should ask the Prospect “Why” they decided not to do business with you.

There is several reasons you should ask this question.  First it will give you vital information about the content and style of your presentation that you can reassess before you risk losing the next sale.  Second, the prospect’s feedback could tell you if their decision is based on a issue or situation either they didn’t tell you about, or perhaps you didn’t “listen to” in your presentation dialogue.  Third, you may very well have done everything right, gone above and beyond the call of duty, and their decision to do business elsewhere could be based on a pre-existing relationship with someone else (family, friend, past college buddy). Lastly, their final decision could come down to price, or specific details about your product, or service.  For example, we choose one cellphone carrier over another for specific details – usually price (based on our usage) and coverage.

Some of us invest a good amount of time and resource into new client acquisition.  To save time and be the best you can be, it is important to know “Why” people don’t buy.  It may have absolutely nothing to do with us.

Several ways to approach the question is:

“May I ask what your decision to do business elsewhere was based on?”

“Mr. Prospect, I’ve reviewed the notes from out meeting and feel that I delivered on everything you asked for.  Will you take a moment to elaborate on why you chose to do business elsewhere?”

“Was there something I could’ve done differently to win your business?”

It can be very upsetting when a prospect doesn’t close.  It is important to learn from the event.  Avoid burning bridges at all costs.  “No” doesn’t mean “No, Not Ever!” it means “Not Right Now!”  Preserve relationships with prospects for future business and referrals.  Get to know your competitors so you can cross-refer clients when it is appropriate.  Pay it forward, it will come back to you.

For more information, please call 401-603-5731