In business, rejection is just as real as success. It may be one of the major causes of startup failures. Although there are some entrepreneurs out there who have mastered the art of coping with rejection, many still dread it. But if you want to really make it big in business, you have to learn how to make the most out of every “No”.
Below are tips on how to constructively handle rejection:
1. Be rational rather than personal. Don’t take rejections personally – it’s part of the game and it’s nothing personal about you. Avoid blaming yourself when some transactions or business pitch don’t pan out. Instead, use your experience to find out areas which you can improve on. Every rejection is a new opportunity to improve your sales approach, your business pitch or your overall business strategy.
2. Know your sales ratio. When you’re in the business of selling something, rejection is unavoidable. But if you know how much sales to expect in a given period of time, you will not be as discouraged. It takes some businesses 30 calls before they can close a single sale, while it may take you more calls to do that.
Remember also that sales ratio may vary depending on different factors like whether you’re selling seasonal products or providing specialized service. Knowing your sales ratio will help give you an idea whether the number of rejections you’re getting are still on the “normal” level.
3. Never burn bridges. Just because a potential customer or client says NO for the first time doesn’t mean she (he) will never buy your products or utilize your service. Sometimes customers don’t buy from you because they’re not yet ready to buy. So instead of feeling sore about the rejection, you should establish your relationship with them.
Offer them something of value in the form of newsletters or downloadable eBook and then do a follow-up after a period of time (depending on your sales cycle). Build a relationship so that you become the first company that comes in mind when they’re finally ready to buy.
4. Sometimes you just need to push a little harder. When people get in front of them (or on the phone with them) to pitch something, customers often say no as an automatic reaction. You just have to break through that barrier and get them to listen to you. Keep a positive attitude and if you’re in front of a highly-qualified lead, sometimes not taking no for an answer can help you close a deal.
5. Keep track of both your rejections and accomplishments. Keep a record of your accomplishments, or the lack thereof. This will help you determine your current progress – where you are at and what you need to work on.
Over to you..
How about you? Ever experienced clients rejecting your services or not buying your products? How do you deal with them? What do you do to make sure that you can still make the best out of every NO that comes your way? Please share your thoughts and comments below, we’d love to hear them.