The days of the easy sale in mortgage lending are over. As a mortgage technology vendor these days you must be prepared to work that much harder. In the article “Selling Through Resistance” by Ryan Estis he predicts that we’ll be hearing “Let me think about it” more and more.
But he cautions that this is a very natural response during the sales process and not something to fear. Unfortunately, it’s often where deals stall and eventually die. Consider that 60% of customers no four times before saying yes, yet 48% of salespeople never even make a single follow-up attempt!
The majority of sales (80%) require five follow-up calls, but 44% of salespeople give up after a single sign of resistance.
From a customer’s perspective, that resistance is completely rational. They should be reluctant. Just because you believe in what you’re selling doesn’t mean that your prospective buyer does. You must transfer that belief. In total, 82% of buyers don’t trust sales reps. Our job is to earn that trust. That takes a bit of expertise, some solid evidence, and the ability to help people overcome their fear of or resistance to change.
In truth, “let me think about it” isn’t actually an objection. It’s what we refer to as a stall, indicating that something else is making that potential customer uncomfortable. So, offer support: “Of course, you can. Can I ask if there is something specific that you need to consider further?”
Their response gives you a chance to address those concerns and offer guidance to help them arrive at the best decision.
Top producers actually get excited when they encounter resistance or tension in the decision process because it’s often a sign of engagement and potential interest. If a prospective buyer has taken the time to posit objections and challenge you, then you’ve piqued their interest. You’re engaged in the opportunity, and it’s up to you to demonstrate how your value proposition aligns with their most critical needs and objectives.
Change is hard. Regardless of their confident demeanor, customers on the inside are often experiencing fear, uncertainty and doubt around a buying decision. The ability to remove perceived risk plays a key role in determining who wins the sale.
When you encounter resistance with a prospective customer, I encourage you to embrace that tension and lean into a collaborative conversation about those objections. Transform that resistance into a natural and logical decision to partner.
Michael Hammond is the founder and president of NexLevel Advisors. NexLevel provides solutions in business development, strategic selling, marketing, public relations and social media. A seasoned technology executive, Michael brings close to two decades of leadership, management, marketing, sales and technical product and services experience. His expertise spans start-ups to multi-billion dollar corporations, running businesses, business units, marketing, sales, strategy and product and services organizations. Michael brings exceptional insight, leadership, passion, and strategies that create profitability.