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The surprising truth about what closes deals: Insights from 2.5m sales conversations | Matt Dixon (author of The Challenger Sale and The JOLT Effect)
- Matt Dixon, author of The Challenger Sale, says that 40% to 60% of sales opportunities are lost due to customer indecision. Most deals are lost to “no decision” rather than to competition. Dialing up the FOMO backfires 87% of the time, as customers’ fear of messing up (FOMU) outweighs their fear of missing out on benefits (FOMO). The JOLT method helps salespeople jolt customers into action, by judging their level of indecision, offering a tailored recommendation, limiting exploration and taking risk off the table. To catch issues early, use the “pings and echoes” technique to surface customers’ fears and concerns. Most customers prefer honesty and sharing of expertise.
- Challenger salespeople focus on what should be keeping a customer up at night. They teach the customer insights from working with many similar customers, problems and solutions.
- The three major fears that drive customer indecision are fear of making the right choice, fear of learning something negative after signing a contract, and fear of not realizing the expected ROI.
- The pings and echoes technique is just like sonar detecting objects underwater, salespeople can use this to gauge the customer’s preferences and concerns by articulating potential issues or questions and listening for the customer’s response.
- Salespeople should shift from asking the customer what they want to confidently recommending what they should do. This will help customers make decisions faster.
- The JOLT method helps salespeople jolt customers into action when they are stuck in a place of indecision. Salespeople can judge the customer's level indecision, offer a tailored recommendation, limit exploration and take risk off the table.
- Most deals are lost due to customer indecision. Dialing up the FOMO backfires 87% of the time, as customers’ fear of messing up (FOMU) outweighs their fear of missing out on benefits (FOMO).
- Salespeople need to be honest and share their expertise with customers. Most customers appreciate sales reps that are knowledgeable about the products they are selling.
- Candidates who apply for jobs through Reforge are 3 to 5 times more likely to be accepted than candidates who apply through the careers page.
- The best salespeople are challengers. They don’t think about what’s keeping a customer up at night; they think about what should be keeping a customer up at night.
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