Hidden Opportunities: Closed Lost No Decision with Matthew Dixon
Hidden Opportunities: Closed Lost NO Decision. Matthew Dixon introduces the JOLT effect and explains why it’s the antidote to all those Closed Lost No Decision entries in your CRM.
Discovering Closed Lost No Decision Opportunities:
After analysing 2.5 million sales calls, Matthew found that 40-60% of opportunities (depending on the industry) are lost to no decision. He urges sales professionals to resurrect these opportunities, as he questions why prospects would invest so much time, and the salesperson’s efforts if they had no intention of buying.
Status Quo Bias and Indecision:
Matthew explains the distinction between indecision and the resistance to change, known as status quo bias. He discusses how factors like the right configuration, thorough research, and fear of not seeing a return on investment contribute to buyer indecision.
Dialing Up FOMO – Fear of Missing Out:
The podcast delves into whether dialling up the fear of missing out (FOMO) or dialling down the fear of messing up (FOMU) can influence buyer decisions. Matthew emphasises the importance of understanding the buyer’s mindset and being customer-centric in your approach.
The Ping of Indecision:
Matthew and Marcus discuss the challenges of detecting indecision in buyers. He likens indecision to carbon monoxide – difficult to detect because buyers often see themselves as decisive. High-performing sales professionals possess an innate ability to listen for the “ping” of hesitation.
The JOLT Framework for Overcoming Indecision:
Matthew introduces the JOLT framework, which stands for Judging level of indecision, Offering recommendation, Limiting exploration, and Taking risk off the table. He explains how applying this framework can help navigate buyer hesitations effectively.
The Impact of Partners on Decision Making:
The show explores partner-assisted deals and the lessons learned about overcoming buyer indecision. Understanding the role of partners in the sales process becomes crucial in dealing with Closed Lost No Decisions.
The Seller’s Role – Facilitating the Right Decision:
Matthew provides invaluable advice for sellers: hit the pause button and explore the root causes of buyer hesitations. Building trust early in the sales process. Also, prioritise the customer’s best interests, even if it means recommending a competitor or a basic version, is vital.
Thank you for joining us on this incredible journey of discovering the JOLT Effect with Matthew Dixon. Ready to unlock the potential of your sales calls and take your performance to the next level? Don’t miss out on implementing these game-changing strategies. Be sure to check out Matthew’s latest book, “The JOLT Effect,” for an in-depth dive into the research.
Contact Matthew Dixon
Contact Matt via linkedin.com/in/matthewxdixon
Get the book: The JOLT effect
Remember to subscribe to subscribe to TheInquisitor Podcast to stay updated on the latest industry insights and expert interviews. If you enjoyed this episode, please leave us a review, and share it with your colleagues and friends. Until next time, happy selling!