By Alex Horvath
When attending an auction, it is interesting and often entertaining to try and spot the myriad of buying signals permeating the room. There are numerous nods, twitches, sneezes, hand-signals, jerks, and dozens of other physical gestures auctioneers are trained to look for, in order to spot the buyers.
The same can be said for retail, where the signals are not as obvious, but just as important. An example: In retail, salespeople are taught that if a male customer starts reaching backward, unknowingly fumbling for the wallet or checkbook that is in his back pocket, that could be a potential buying signal (or he might just have an itch). Similarly, another buying signal is when otherwise normal looking folks start straining upward into their foreheads, squinting their eyes hard, as if trying to visualize in their minds the out-the-door price, including tax.
There are dozens of other fairly direct signs, from the customer comparing prices with one of your competitors (shows theyíve been shopping and are probably tired of it), to the times when they simply look at you with a vacant stare and mutter, "Can you wrap this up for me?" The smart retail sales professionals know when to its time to just shut up and sell.
The same is true in the ISO business. Though you are often dealing in-person or over the phone with intangibles like credit card processors and check guarantee services, you still must be able to listen to your customer and help to convert their buying signals into more "done deals" for you.
The best way to do this is to evaluate the kind of conversation you are in with the prospect. Are they involved with your presentation? Or are you simply entertaining them? In short, are they responding to your statements about the product or service with appropriate questions and does it seem like they are really interested in what you are talking about (Some examples: "How does your claim cycle work?" or, "What does ëPremium Approvalí mean?")?
If doing most of your business over the phone, has the prospect ever said they would fax you a competitor statement, and then actually did it? Are phone calls returned long before you planned on calling the person back? Are they asking as many questions about your company, and your place in the industry as you have been planting seeds? Do they have an objection that simply needs to be addressed, such as sign-up fees, hidden costs, benefits to their company, your service vs. nearest competitor, compatibility, Y2K or any other addressable issues? If any of the above situations are whatís keeping all of those big deals youíve been working on from being closed, then again, you have been missing some prime buying signals.
Even objections should be looked at as buying signals. Many sales are lost daily because the customer threw a wrench in the works with an objection, and the sales person didnít know how to handle it, and gave up. Then, a more seasoned sales professional down the road a bit sells them anyway with their service. A wise man once stated, "An objection is simply a request for more information." Itís a fear-based method for your client to tell you that they need more from you than what you have been giving. So, next time you hear an objection during the sales pitch, remember to pause, regroup, and address the concern with the clientówhatever it is. Often you will find that the customer has misunderstood the information you were trying to conveyóand once dealt with, they have a new comfort level, and sign. Donít be afraid of having to overcome objections. Remember, objections are your friend!
Finally, a sales pro I know who is successful in the check guarantee business, says that another good buying signal is the one you can give to the prospect, by coming out and asking for the sale. "Just ask them if they want to come aboard," he said. Then, shut up. Let them be the next ones to talk. "If youíve explained the program to them well enough and they seemed interested, try to close them as early as possible."
Which of the following buying signals do you recognize?
