Urgency is closely related to scarcity. Urgency implies lack of time and in my last post I wrote about being honest about scarcity, of any type. It is legitimate for things, including time, to be scarce so long as you’re honest and upfront about the reasons.
Once they are convinced of the value of your offer, get the prospect to act as soon as possible. There is a state of mind, we’ve all experienced it, called “buyer’s remorse” that sets in soon after someone makes a substantial purchase. You don’t want buyer’s remorse to set in before someone makes a purchase because then they won’t do it.
Hang on, you may be thinking: isn’t it better to allow people time to think it through? After all, if it is not beneficial, surely it is better they don’t make the purchase in the first place. There is some truth in this and there may be some value in allowing a short cooling-off period. But 24 hours should be more than enough.
The problem really sets in where there is a third-party involved in a decision, maybe a management committee. Your prospect is to be your advocate with them. Asking your prospect to stay enthusiastic over maybe a couple of weeks and then to sell your offer to a management committee is a big ask!
Advantages to the Prospect
Let’s start by asking why making a quick decision benefits the prospect. Usually there are plenty of reasons the vendor would prefer a quick sale; slow sales are more work and likely to result in disappointment. But why does it benefit the prospect? Let’s assume objectively the offer will benefit the prospect.
- The prospect may be able to see the benefits but time can cause doubts to grow. Whilst some doubts may be real, they are likely to be the sort of issues you deal with during your offer.
- Many managers find their time to think strategically limited. If your offer is strategic or for personal development, one thing you are offering is accountability. This is not heavy; it means the prospect needs time to prepare to work with you and this can be highly advantageous. Often time constraints become a concern if they have time to think about them.
- If the offer is for personal development, does it need to go through a committee? Usually organisations have a budget and if so, they may need to speak to a line manager but that may be all they need.
How to Accelerate Decision-Making
- Information for third parties can help your prospect make a case. Some people want minimal information and others want loads. You can cater for them by producing a single document with a summary on the front. The summary should be tailored to the prospect’s needs and agreed with them. It should be no more than one side of A4. The rest of the document should be an account of what you offer. This is for people who want detail, so give them detail!
- Get your prospect started – if you can offer an introductory task to the prospect, they will hopefully complete it and look forward to discussing it with you. This gives them some idea of your approach and so help assuage any doubts they may have.
- Stay in touch! You can offer a brief conversation close to the crucial meeting. Does it help to offer to meet the decision-making body yourself? Your service is not for them but for your prospect, who needs to champion your offer. I’ve done this several times during my career, seeking support for personal development. Most committees know it is important and are not that interested beyond seeing the benefit to their organisation. So, the priority is supporting your prospect and keeping them enthusiastic.
- A financial incentive for a quick decision has several advantages. Apart from the obvious, it sets a deadline. For you this is an advantage because it removes the burden of time spent chasing lost causes. If the prospect has a real reason for delay, eg they have applied for funding, you can offer an extension. If the prospect doesn’t care about losing the incentive then it is likely they don’t care about your offer.
Stay in Touch
A final word to prospects. You can change your mind. If you do, the thing to do is contact the vendor and tell them! The worst thing small businesses encounter is the warm prospect who goes silent. Most businesses want to keep communication open, a definite no allows communication to continue. The cold shoulder does not help that to happen.
Moving things along from a “yes” to payment can be one of the hardest tasks facing any business. How do you approach this critical stage in your sales funnel?
