4 Obstacles to Closing Sales

By Stephanie Richards| Jan 19, 2015| 4087 Views
4 Obstacles to Closing Sales

It makes sense to talk about sales sometimes on this fancy equipment financing blog, right? Ok, so let’s get started. We mostly like to focus on educating people about why financing their equipment makes sense, as well as give sales and marketing tips once in a while. We’re pretty good at it. Why, you might ask? It’s because we always care about the human side of things. Be it making sure our customers are taken care of or speaking to prospects in an H2H (human-to-human) manner, we’re here to help.

The game of selling can be stressful. Our reps are working their tails off to make our customers happy, but the art of closing sales isn't always easy. They have to know everything there is to know about the equipment we lease while also catering to the needs of a vast array of clients from all backgrounds and sizes of business. If someone dials up Nick Lionello and has a question about the HDL 700 or the 408T Renegade, you best bet he’ll know about it. Chances are your business relies on sales, too. Whether it's towing services or decorated apparel, you need to get deals done. So, what are some other obstacles that might make closing sales harder? Let’s take a look.

Obstacle #1 – Fear of Failure

There’s always a chance that some prospective clients are going to be afraid to fail. What this means is they may have had a negative buying experience in the past that has conditioned them to be suspicious, skeptical, and predisposed to believe they’re going to be dealing with shady sales approaches. Don’t worry, it happens.

So how do we get around this issue that’s not our fault? Well, we know that clients like to buy, and they probably don’t like to be sold. Nobody wants to make a mistake or pay too much, and they sure don’t want to make the wrong call and look bad to their employer or hurt their bottom line.

Believe it or not, this fear of failure is the number one reason why people hesitate to buy. That’s where customer loyalty and satisfaction comes into play more than ever. By telling past successes, sharing quotes from happy customers, and being transparent in the sales process, you can blow past this fear of failure and wind up with a prospect that’s ready to buy.

A black pen marks an "x" on a checklist.

Obstacle #2 – Fear of Rejection

This obstacle pertains to the salesperson, not the prospect. No one likes being rejected, be it at work or outside the office. A salesperson’s fear of rejection, criticism, and disapproval can take a relationship that was cultivated over the course of many weeks and extend it even further. If you’re too worried about what reaction you’ll get by pushing to a close, then you’ll never close the deal.

Suddenly, a transaction that was headed for a quick close winds up being extended because someone would rather wait around than risk incurring the wrath of his or her prospect by asking for a firm decision.

Rather than letting fear of rejection get the best of you, understand that you and the person you’re dealing with are both in this for one reason: to finish the deal. Have the confidence that pushing to a close (even with the potential of the client saying no) is best for both parties involved. You’ll be glad you did.

Obstacle #3 – Customers are Busy

You know how busy you are? Yeah, your customers are that busy, too. They have businesses to run, reports to generate, hats to embroider, etc. If they’re in the market for equipment (or your services), then chances are they have a volume of work that will be much easier to handle by making this purchase.

This, of course, sometimes makes closing sales that much harder, because you’re playing a mean game of phone tag, or dealing with unsigned documents, or hearing the client say, “I just don’t have time to talk right now. Call me back.” You’ve heard it before, and you’ll hear it again. People get overwhelmed with work, and that’s something that everyone can understand.

Make sure you maintain momentum through the entire sales process, and gently push it to a conclusion at the right time. The easier you make it for your customer, the better chance they’ll find the time to finish the deal.

A tidy desk with a computer is next to a stack of pile of papers and books.

Obstacle #4 – People are Lazy

People get into their comfort zones. They like to do what they like to do, and what you’re selling may require them to put some effort into accepting change or doing things a new way. There’s always going to be that educational threshold that might put your message on the backburner. Heck, at Beacon Funding we undertook a huge project to bring in marketing automation, but the process is going to be worth it in the long run. However, you can certainly bet that the decision was not one that came along lightly.

Some prospects will even tell you, “Yeah, I’d be better off with your product/service,” but to them the trouble just isn’t worth the effort. Maybe they see no pressing need or urgency to stop doing what they’re doing and start doing something else with what you’re selling.

This one’s not easy to overcome. By continually stating benefits, showing past successes, and driving home the reason they contacted you in the first place, chances are you’ll win them over – someday.

The Good News: Everyone Buys at Some Point

People aren’t going to be able to continue doing business without having the tools and equipment they need to get the job done. So guess what? If you hit them up enough, you’ll likely get your prospects by the time they’ve decided a purchase can be put off no longer.

So if they don’t buy from you, they’ll buy from someone else. That’s just the nature of the game. Find a way to overcome the natural, physical, and psychological obstacles to buying, hone your skills so you’re the best salesperson out there, and keep your head up. If you know your audience, know your customer, and know yourself, then nothing will stop you.

 Stephanie  Richards

Stephanie Richards

P: 847.897.2735 |  EContact Me

Stephanie is a Certified Lease and Finance Professional (CLFP) that started with Beacon as a Business Development Consultant in 2012.