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Article

The True Cost of Not Making a Buying Decision

Overcoming an obstacle, one strategy at a time

Dear Lee,

Today, after a six month sales cycle that included extensive relationship building, expensive marketing strategies and a detailed return on investment analysis that revealed a monthly savings of $13,347 per month (net after the expense of my new proposal), the client shared that she was inclined to delay the decision by twelve months! Her reasoning? She feels that she can get a better deal when her contract comes to end of term. I am so frustrated and angry! I’ve neglected other clients because of the amount of effort, time and energy I have put into winning this deal. Without this deal I will not make plan. I am at my wits end and fear that I could lose my job. Do you have any thoughts that may help?

P.S. I was very impressed with your background from the press release issued last month. I have not shared today’s announcement from my client with my boss. He will not be pleased.

BG, Hartford, CT

Dear BG,

A delay is not the same as a denial. You haven’t lost the sale! In fact, you are probably closer to making this sale than you realize. You have obviously done your homework, built value in your products and services and established a positive business relationship with the client. Congratulations! You have built a strong foundation that will bode well for you, as you proceed towards a successful sale.

A few thoughts that will help you to bridge the gap of where you are at, to where you want to be - include the following:

I. The cornerstone of your strategy is the substantial return on investment. A savings of $ 13,347 per month equals $160,164 per year, $480,492 for a three year period or, $800,820 over five years! Remember, repetition is the mother of skill. Know these figures by heart and repeat them often, to those whom are in a position to make or influence a decision in your favor.

II. Memorize these Critical Time Stats:

A) There are 8,765 hours in a year (365 x 24)

B) There are 525,498 minutes in a year (365x24x60)

C) There are 31,556,925 seconds in a year (365x24x60x60)

 

III. Share with your client how much it is costing her every hour, minute and second that she puts off the decision:

A) $18.27 every hour she delays the decision

B) $ .30 every minute she delays the decision

C) $ .005 every second she delays the decision

IV. Three Key Questions:

1) Even if she got a better deal in a year by 10%, wouldn’t she be spending an additional $13,347 per month?

2) Are there any efficiency improvements that can’t be implemented until a decision is reached? If so, what is the negative impact to her organization during the next twelve months?

3) Is there a personal win for her in being the “driver” of the decision to save, $160,164 per year?

Lastly, BG, Anger is never the first emotion, Fear is. Therefore, don’t allow fear to steal your joy of being in one of the greatest profession in the world! Remember too, this acronym for FEAR: False Expectations Appearing Real. Don’t let situations that haven’t yet occurred, interfere with your ability to change the here and now. You have done your homework, you have extensive knowledge about your client's business and I can tell that you care about doing the right things, in the right way, at the right time, for the right reasons. The only fear that should be felt is not by you but rather, your competition. Based on the good work you have done, they have reason to be very afraid!

Wishing you continued growth and success BG!

Great Selling!

For questions regarding Leadership and Performance topics or to book Lee as a Keynote Speaker for your group, he can be reached at [email protected] or 832 567 8512. Actual names in articles from the Coach Novak series will not be used without permission.

More Stories By Lee Novak

Lee Novak is a twenty-five year Sales Management Executive who uses a proven people-first, client-first philosophy. Lee has a reputation for building teams that not only are high performance groups but also who do business the right way, at the right time and for the right reasons. He is the recipient of numerous awards for his sales leadership, innovativeness and measured performance, while working in various Executive roles at ADP Dealer Services (a Fortune 500 company in the technology and service sector) for twenty one years - where he was responsible for over $ 600,000,000 in revenue during his tenure. Lee is currently Partner at Novak Enterprise Consulting which focuses on Sales Management Coaching, Associate Development, Improving Sales Performance and Life Enrichment Coaching and he is a respected keynote speaker for corporate and award banquet events.