Your sales representatives are always on the lookout for opportunities to convert customers. But the process of handling potential customers and understanding their psyche is not easy. You need to have constant contact with your customer base to ensure they’re converting at every possible opportunity. During your interaction with your prospects, there are signals you may notice that indicate that they are ready to buy.
Research from Marketing Donut reveals that about 92% of sales reps give up on prospects after they decline an offer four times, and we see that prospects tend to say “yes” for the product purchase the fifth time. We further discover that just over 8% of sales reps ask the prospects to consider the purchase for the fifth time. This shows the magnitude of the leads lost during the sales process. This leads to the notion that sales reps lose out on opportunities for conversion because they fail to notice buying signals of customers. Let’s delve deeper into understanding what buying signals are and how they can help in closing deals.
What are buying signals?
As a business, how do you know when your prospect is keen to buy? There are certain indications that a customer passes on subtly which should notify you about their seriousness about the purchase. You need to be quick to discover indications that a customer sends across to close the deal to improve your brand growth.
Incorporating buying signals in your growth marketing strategy is essential to increase sales. Let’s dive deeper into understanding some different types of buying signals that you may notice throughout your sales pipeline.
Signal 1: Asking about pricing and methods of payment
When prospects ask you about the product pricing, they are considering purchasing. This might be misread as a pricing objection rather than an opportunity to position your product or service better to your audience. Don’t be fooled – in most cases your potential customer does not find the price prohibitive. Be wary, the wrong action here can close the conversation as easily as it can continue it.
Probe further by checking the number of times they’ve visited your website’s pricing page and seeing if they have reached out to you online. You can track these types of actions by using lead generation software. In most cases if your prospects are asking about payment, it is because they’re visualizing ways that they could pay. This is a good opportunity for you to get a new conversion or even offer them a deal to help them close.
You need to ensure that you provide the most convenient payment methods to close these deals and avoid any hassle during the process. Providing credit card payment, payment plans, automatic payments and more options will help your customers make the transaction with ease.
Signal 2: Asking for confirmation and assurance:
Another instance where you need to stay alert is when prospects ask for a guarantee as an assurance for the product purchase. This question is posed when they want to see how reliable you are and are likely close to buying. Asking for confirmation and assurance of your product can have different purposes though. Your product may facilitate consumers with the ability to extend their product warranty. If your product does fall in this category or you’re able to provide it as a value added service, chances are that you may close the deal.
Signal 3: Pain points
Your business should be able to solve a customer’s pain points. If they’re asking for clarity about how your product could work for them, they’re already considering it as an option for their needs. This is a perfect time for you to pitch the benefits of your product and position in the best way possible. Let’s take a look at certain customer journey touchpoints and how to take appropriate actions to assist them better.
A few sales representatives feel a bit sore when customers ask for product discounts, which increase the time of negotiation. Sometimes, it might even put off a customer from purchasing if they don’t get what they want. Prospects do this to get the best out of their purchase. Instead of shunning away the customer, if you can handle these product discounts and price objections well, you can close the deal sooner than expected.
Their struggle between two choices
If the prospect is caught up between two product options, they’ve already decided to purchase, but they’re looking for an assurance that lets them know which one would work better for them based on their requirements.
Statements of surprise
When you come across customers using surprising phrases during your interaction, it is one of the obvious signals indicating that your product resolves their issues. While statements like “interesting” or “really!” may not sound as strong as the other buying signals we’ve covered, you still need to know that your course is set in the right direction.
Repetition and confirming information
When someone asks you to repeat information, or asks for confirmation of the information you’ve already given, they want to ensure that your product fulfills their needs and reassure themselves of their purchase decision. Your sales team can take up this opportunity to instill confidence about your business to them.
Signal 4: Questions about reliability
Reliability is one of the core foundational elements of a purchase. When a prospect asks these questions, you need to understand and address their concerns accordingly. One of the core responsibilities of a sales personnel is to do your best to position your product. When prospects ask questions like “Who will my account manager be?”, “Can I get a refund?”, “How long does the warranty last?” or if they need information on your after sales service, it is to assess the reliability of the company in terms of product durability, customer service and trustworthiness.
When a customer asks questions about your company like your experience in your industry, that is an indicator of another buying signal. These organization-oriented questions are a part of any potential prospect’s internal dialogue.
Signal 5: Questions about specifics
When somebody asks for the product specifics like model, color, or feature, they are hinting that they already have a specific product in mind. This implies that they are taking a step forward by showing interest in your product. Additionally, when a customer asks you about your product add ons or product variations, they want to discover the extra value additions that can be included if they purchase. It is a sales reps responsibility to know the A to Zs about your business.
When customers ask questions like these, having the essential information handy will help you create more interest and lead to purchases. Furthermore, when they ask you for the terms and conditions that govern the purchase, it is very likely that they decided to purchase the product from you. It is just that they need certain clarifications and revisions before they initiate the transaction.
Signal 6: What do we do next?
When customers ask you for the next step, they’ve considered your brand as a fitting option. If you can’t give them an adequate reply, you’ll lose them. This question almost guarantees you’ve closed the sale, so be careful. Another important element that your sales team needs to consider is not being a pushover to customers, this might annoy and drive them away. Give them an answer that will help them move further through their buying process with ease.
Good growth marketing takes skill
Creating an excellent growth marketing strategy doesn’t come easy. Fortunately, with the right tips and tricks, you can get exponential growth for your business from end-to-end. Our guide, What is Growth Marketing? Your Complete Guide to Business Growth, will help you take your marketing to the next level.
Missing buying signals is easy and can cost you a considerable amount of sales. To avoid losing potential conversion, it is smart to work with a growth marketing agency that can help you design a data-driven, result-oriented marketing strategy.
Growth Marketing Genie can help you optimize your marketing strategy and analyze your data to help you see where you’re losing prospects and how you can start getting more conversions. This could be your first step to more lead conversions, greater user acquisition, and higher revenue generation!
Reach out to us today to find out more!
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