What is the most common customer objection when you lose a deal?
Lack of need9%
Lack of urgency48%
Lack of money20%
Lack of trust17%
Something else (comment below!)3%
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When I launched my deal coaching practice I asked several CIOs what they required when approving new technology purchases. Lacking these elements represented delayed or lost deals, denying the client increased efficiencies and the vendor the revenue needed for growth.
This included:
- A credible Technical Architect to champion a successful implementation, integration and adoption.
- A decision-making executive who can sponsor and fund the project.
- A clearly defined business case, ROI and payback period
- Alignment of internal and external resources including vendors, integrators, Legal, SecOps, etc.
- Mutually agreed upon project plan with actions, owners and 'go live' dates.
If there is a need and a customer doesn't move forward saying there is a lack of urgency, we haven't demonstrated the ROI they will receive from making a decision with us. I had to choose lack of trust on this one. If someone doesn't move forward, they must not trust that we will deliver the results we promise, or we haven't sold the value properly.