Why sellers close too late

You have a discovery call with a prospect, and they seem interested in your product—until it's time to follow up. After three attempts, you finally get the message: you waited too long to close the deal.

What can you do differently to prevent this from happening again? Listen to my chat with Benjamin Dennehy, who explains why sellers often get stuck in a "matrix" and how it prevents them from closing deals at the right time.

Meet Benjamin Dennehy

·  Meet Benjamin Dennehy, known as the UK’s most hated salesperson, all thanks to his amazing marketing campaign. 

·  He shares how sellers often make the mistake of closing when prospective buyers are expecting them to. 

·  Don’t forget that you’re the one with all the power when it comes to choosing the right time to close a deal.

The Sales Matrix: Closing At The Wrong Place

·  When first starting in the industry, Benjamin discovered that most sellers live in a system they don’t realize they’re part of. This is another reason why sellers tend to close deals at the wrong time.

·  There are also two systems when sellers are out in the field: the buyer's system and the seller’s system. The problem arises when these two systems intertwine, making the buyer appear as the winner.

·  Due to conditioning, buyers are aware that if they say no to a seller, the seller won't stop. So, they think of other ways to try to keep sellers from continuing without actually saying no. 

·  Benjamin delves into the list of reasons why prospective buyers give objections or deceive sellers to prevent a deal from moving forward. I'm sure you’ve heard plenty of these!

·  He also explains how the matrix is designed to prevent sellers from exerting control in closing deals, and how their buying habits lead them to sympathize with prospective buyers when they express their objections.

How to Get Out of the Sales Matrix

·   To get out of the sales matrix, Benjamin shares that sellers must start closing at the beginning of the first meeting. When you try to close at the end, you give the buyer complete control over what happens next.

·   At the start of the meeting, Benjamin does three things to get a prospect to say no:

o   Get permission from them to say no. If they believe the product is of no use, then there's no point in continuing the conversation. This will also let you know if the person you're speaking to is the decision-maker.

o   When speaking with the CEO, he asks a series of questions to determine if he can actually assist their company with their problem. If there's no "no" in these answers, then he moves on to the third step. 

o   This is when he'll discuss how they can move forward together to close a deal.

·  The method works because if prospects aren't logically saying no, then they have to agree to move forward.

“We've been told a lie that the person with all the money has the power. But in reality, money only has power when someone wants it.” - Benjamin Dennehy. 

Resources

Follow Benjamin on LinkedIn, YouTube, and Instagram.

Don't forget to DM the code TSE for a link to his two free courses.

You can also learn more about him on his website.

Sponsorship Offers

1.    This episode is brought to you in part by Hubspot.

With HubSpot sales hubs, your data tools and teams join a single platform to close deals and turn prospects into pipelines. Try it for yourself at hubspot.com/sales.

2.  This episode is brought to you in part by LinkedIn.

Are you tired of prospective clients not responding to your emails? Sign up for a free 60-day trial of LinkedIn Sales Navigator at linkedin.com/tse.

3.  This episode is brought to you in part by the TSE Sales Foundation.

Improve your connection on LinkedIn and land three or five appointments with our LinkedIn prospecting course. Go to the salesevangelist.com/linkedin.

Credits

As one of our podcast listeners, we value your opinion and always want to improve the quality of our show. Complete our two-minute survey here: thesalesevangelist.com/survey. We’d love for you to join us for our next episodes by tuning in on Apple Podcast, Google Podcast, Stitcher, or Spotify. Audio provided by Free SFX, Soundstripe, and Bensound. Other songs used in the episodes are as follows: The Organ Grinder written by Bradley Jay Hill, performed by Bright Seed, and Produced by Brightseed and Hill.