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Seven Reasons to Say No to New Business (Part 1)
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Your gut instinct says no.
This reason is at the top of the list. Your gut instinct or intuition is the most powerful weapon you own that is always correct & even if it isn't always a logical thought. You should never ignore a nagging feeling something isn't right. When you hear that little voice inside telling you to turn away the new business you should follow it or you could regret your decision later.
Here's a common scenario that raises the gut instinct red flag. You're sitting in a new business meeting and everything on the surface seems to be going well but you can't ignore a sinking feeling in the pit of your stomach. You can't put your finger on it but you know something just isn't right and you feel you're not seeing the whole truth. Then your head gets in the way. Your rational voice talks you out of those feelings and instead you dismiss your instincts as ridiculous so you take on the new customer. Ultimately that customer doesn't pay their bills or makes unreasonable demands which take away any profits you could make on the deal. You then realize you should have listened to your original gut instinct.
Sometimes there doesn't have to even be a logical explanation why you don't trust the situation. Just remember that if you get that inner message don't let financial greed talk you out of your first impression. Whether you're a business owner, a sales professional, or a corporate executive, your gut instinct is the best resource you have. Listen to it at all times.
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The customer does not appreciate the value of what you offer.
While some people make decisions based upon price, the most profitable business for your company will be from customers who appreciate the value of what you offer. Value could include your expertise, credibility, service, knowledge, reliability, and guarantee. Anybody who selects your company based on price alone views you as a commodity, not a valued service. A disloyal customer who is more concerned with price rather than value will switch very readily to any competitor who will undercut your price. Your chances are greatly diminished for repeat business from a customer who doesn't appreciate the value of your products or services.
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The customer expects you to invest time and resources into pursuing their business without any financial commitment on their end.
Anyone who is just shopping around and is looking for free advice is not going to be a good customer. You should determine how much time and energy you are willing to spend for free before you ask the prospect to make a commitment. Giving away products or services for free before the prospect makes any financial commitment diminishes the value of your company. It also raises the level of what they expect you to deliver beyond what you would normally offer for a specific price because they have already received something from you for free.
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To be continued next month... |
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Source: Debbie Bermont is president of Source Communications, a marketing consulting firm. Debbie is a leading expert on helping businesses reduce their marketing costs and accelerating their sales growth.
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