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Dan Lok

Clients Say, “I need to do some research” And You Say, “…”

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EPISODE 199

Clients Say, "I need to do some research" And You Say, "..."

Prospects lie. Suddenly, they can back out of doing business and say, “I have to do a little bit more research."

You know it’s not the real reason. But it doesn’t matter that you’ve worked hard to reassure them that you can be trusted. They still need time to decide. What do you do when your client says they need to do more research?

The Truth Behind The Lies

First of all, understand that when they want to do more research, that’s not the truth. What you need to do when they say that is to get to the bottom of what’s really going on.

There might be a lack of trust, or they think you’re too pushy, or they may fear making a mistake. Telling your prospect or client, “Trust me,” will have the opposite effect.

A trustworthy person doesn’t need to say that. Instead, when the client says, “I need to do more research,” say something like, “Let’s pretend you do your research and you’ve done the due diligence, and you like what you see. What’s going to happen next?”

Then they might say, “If I like what I see, then yeah, I would send you a message and we’ll just … Let’s do it.”

When you get a commitment, then you can move forward. Otherwise, if they say they’ll do some research and then get back to you six months later, it’s a lie. You want to find out if they actually want to do business, or if they are deceiving you.

Let’s go back to the conversation. They just said, they want to do business, so you want a commitment. Say, “Before we get off the phone, let’s just bottom line this. What would it take for you and I to do business today?”

They might explain something like, “Because I took the time to build up my audience, I want to make sure that this is something they would actually accept. I want to do maybe like a smaller test, is that something we could do?”

Get To The Commitment

Now you get to the truth. They don’t want to do more research. They want to make sure they don’t burn their client list, or offer something their clients don’t want to buy. You can suggest they start with one video and do a test. If they are still hesitant,  show you understand.

“I can appreciate that. Suppose I could give you some testimonials from our graduates and successful students, would that help?” If they say yes, then say, “How many testimonials would you like to see?”

After that, work out the details about the number of testimonials and what kind of testimonials they want to include. Ask if they want to talk to some clients you’ve done business with so they can learn about your process.

Then ask, “Let’s pretend I could give you the testimonials, the two or three testimonials you’re looking for, our refund policy, as well as a couple references from clients. How do you feel about that?”

At this point, they’ll be ready to move ahead. When you get their commitment, then you’re doing business. That’s how you do it. Don’t buy into what they say. You’ve got to ask questions, and dig deeper, and find out what’s the truth. What’s holding this prospect back?

If they say they want to do more research, they’re really telling you that they don’t trust you.  They need a little bit more information, so instead of having them go out there and do whatever research that they do, provide exactly what they need.

Then you can move forward, and you’ll hear the words you want to hear: “You know what? Forget about it. I don’t need more proof. I’m ready. Let’s do it.”

Transcript

Dan Lok: Welcome to another episode of Dan Lok show. Today we are in actually New York City, and I’m with John Henry. Now John not only is an entrepreneur, but also a real estate investor as well as owns a venture capital company.

John Henry: That’s right.

Dan Lok: Now before we even talk about John’s story, I want to talk a little bit about this space.

John Henry: Let’s talk about it.

Dan Lok: Let’s talk about this space. Like what makes this space, co-working space, so special?

John Henry: First things first, thank you for having me on.

Dan Lok: Welcome man, welcome.

John Henry: Appreciate you. And look, what makes this space special is this is the proof right here. Like you’re on a one day trip, you came, you interviewed with Faiza, this content, that content lined up. We connected and it’s central in the city, a lotta energy here, there’s six floors.

Dan Lok: You can feel the entrepreneurial spirit.

John Henry: That’s right.

Dan Lok: The minute you walk in you can feel the hustling.

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Dan Lok: Welcome to another episode of Dan Lok show. Today we are in actually New York City, and I’m with John Henry. Now John not only is an entrepreneur, but also a real estate investor as well as owns a venture capital company.

John Henry: That’s right.

Dan Lok: Now before we even talk about John’s story, I want to talk a little bit about this space.

John Henry: Let’s talk about it.

Dan Lok: Let’s talk about this space. Like what makes this space, co-working space, so special?

John Henry: First things first, thank you for having me on.

Dan Lok: Welcome man, welcome.

John Henry: Appreciate you. And look, what makes this space special is this is the proof right here. Like you’re on a one day trip, you came, you interviewed with Faiza, this content, that content lined up. We connected and it’s central in the city, a lotta energy here, there’s six floors.

Dan Lok: You can feel the entrepreneurial spirit.

John Henry: That’s right.

Dan Lok: The minute you walk in you can feel the hustling.

John Henry: That’s right, and there’s a lot at WeWork’s, obviously, and this is … this, though, is billed as like the OG space, and there are a lot of veteran New York entrepreneurs here. There are several accelerators and several funds and stuff, and so yeah, I’m fortunate to be part of this community.
So we’re in Alley right now. Yeah, and that’s where we find ourselves.

Dan Lok: That’s awesome.

John Henry: Welcome to New York, man.

Dan Lok: Thank you, I love New York. The cold, it takes a couple of days to get used to. The minute I arrived, the airport, like wow! This is cold. I know New York, it’s cold. But this is cold!

John Henry: This is very cold.

Dan Lok: This is very cold. So John, take us back. How did you get into entrepreneurship?