Approaching a sale conversation with the fear of losing an opportunity is a recipe for failure. That is why i am going to share with you 3 tips to help you adopt a different mindset.
We are going to dive into qualifying questions, pitching and handling objections very soon but, if your brain is not wired for success, whatever practical tip i’m going to give you is going to be worthless.
It has to do with what scientists call “loss aversion”: a phenomenon for which people prefer avoiding losses than acquiring gains. The moment you step in a meeting room or call a prospect your fear of losing that opportunity is going to affect in multiple ways how you talk behave and the risks you are willing to take to close the deal:You will be afraid of digging deep into clients objectionsYou will look needy and less confident You will make concessions on price or deliverables hurting your margins and stressing your teamYou will not dare to “walk away”( a very powerful technique we are going to talk about to pull the client your way instead of pushing your product or service ) All this happens because you perceive this interaction as a chance to make a sale and you don’t want to miss this opportunity.
The first step toward mitigating this behavior is becoming aware. You cannot change something in your behavior that you haven’t pinpointed. Find a trigger that will help you recognize your loss aversion “switching” ON: hitting the “send” button on your email, giving out your business card at the beginning of a meeting, hearing the notification of a new linkedin message etc.
The second advice i can give you is approach every interaction as an opportunity to learn who they are so that you can start engaging with them at a deeper level. In this way even if they are not going to buy, you will have valuable information to keep in touch, build credibility and a more meaningful relationship.
The third advice is fill up that pipeline. Work consistently on your network, attend conferences or visit places where your ideal prospects hang out. If you have the next prospect just one email away it is much easier to do not make concession and step away from the conversation waiting for a more profitable time.
Our brain was designed to avoid losses and it is not an easy task to rewire it for success. Let me know if you encounter this situation often, what “fears” you face when you pick up the phone and don’t forget to follow my advice to close more deals.