We’ve all been there before: the presentation goes smoothly, the client seems interested, and they’ve signed on the dotted line…only to change their mind during the free-look period, or stop short of the final signature. These situations are always painful, but it’s important to know how to cope with them gracefully and bounce back. Here’s how to deal with last-minute client rejections:
You don’t need to “play it cool” and pretend you’re 100 per cent unfazed. In fact, it’s advisable that you don’t do this ,as it can have the unintentional effect of suggesting their business wasn’t very significant to you.
Do say you’re disappointed, but always end it by saying you respect their decision. You can also reiterate the value proposition. For example:
“I’m disappointed to hear you decision, as I felt this plan would offer you the best coverage at the price range; but I’ll be here if you want to see more options or change your mind.”
“I’m sorry to hear that, I was looking forward to helping you with (insert client’s goals). I’m ready to step in and help if the situation changes, or you change your mind.”
Restating the value proposition can, sometimes, prompt a client to raise the reason for their rejection.
Clients tend to prepare generic statements to explain their rejection, well before talking to you. Quite often, you’ll hear something like “Oh the time just isn’t right for me now”.
If you allow the conversation to go this way, be careful not to press the client too far, as it can come off as annoying. It’s better to avoid this path altogether – don’t ask why, but ask what you can do. For example:
“Is there another approach you’d be more comfortable with?”
“If we had done (any other option), would this have worked better for you?”
This is a gentler way to prompt an honest response, and an actionable one: you’ll have a more precise idea of what you need to change.
Don’t demoralise yourself! Sometimes, the client’s last minute rejection really has nothing to do with you, or the product.
People go through changes on their own end. Clients sometimes see a change in income that reduces how much they can pay; or they’re changing jobs and are in transition. Their rejection emerges from their circumstances, and may have no reflection on you, or how you conduct business.
Move on to the next client, and don’t fall prey to excessive self-criticism. Above all, don’t let your imagination spawn false beliefs about yourself.
Don’t “hold it in”, and talk about it if you have to. Beyond the emotional benefits, a mentor or colleague can shed light on possible areas of improvement.
They may also be able to see when it’s not your fault (see point 3), and help prevent the rejection from feeling personal. Perhaps most importantly, mentors or colleagues can help to spot and prevent “strike back” behaviour – this is any kind of passive-aggressive behaviour, snideness, or knee-jerk reaction that might emerge from rejection.
Even rejection has value; it can reveal something of use in future negotiations. So whenever a last-minute rejection happens, document it. Write down:
Over time, you will start to see patterns emerge. For example, you may start to see that rejection rates rise during a certain month, or that rejections tend to increase at a given price range. You may also find that certain products / services are flat out unpopular, and will require disproportionate efforts to sell.
These all help you to inform future sales strategies; and you may find you learn more from rejection-related data, than from your successes.
If you suddenly disappear from the client’s life after a rejection, this leaves a negative impression: it becomes clear that you were only interested in making a sale. This makes it unlikely that they’ll return to you, even if their situation changes later.
Rather, you should still make the occasional effort to ask them how they’re doing, reconnect with New Year greetings, etc. Remember that ultimately, people want to buy from people they like, not just products they like.
Even after rejection, don’t demonstrate a transactional relationship, where you only have time for them if they’re buying from you. Doing so is just another form of burning bridges, and they’re less likely to refer you to others.
At Exodus Capital, we understand that the emotional impact of rejection is one of the first major hurdles you face. Through close mentorship and support, we help financial advisors to build resilience and adapt, and come through this strong initial challenge. Whether you’re just a little anxious, or honestly crushed by a recent client rejection, do reach out to us for help, if you want career opportunities that can match your wider goals.
