Marty Thrasher has owned a number of businesses during his entrepreneurial career and has heard a lot of objections from
prospective clients and partners.
Moore’s Law is an observation that Intel co-founder Gordon Moore made in 1965. It claims that the number of transistors on an integrated circuit double every two years. Fundamentally, this means that computer power is increasing exponentially. The Law of Accelerating Returns makes a similar claim. It says that all technological change grows exponentially. This is why it is only a matter of time until someone tells you that your product or service is not up-to-date, if this has not happened to you already.
When
it does happen, you need to stay calm, cool and collected. Do not try
to argue with the prospect that is making this claim. First, identify if
the prospect knows what he or she is talking about. Ask the prospect
about the functions that the product or service is not able to perform.
Next, ask about products and services that do perform these functions.
The answers to these questions will show you what the prospect really
knows about what you are selling. It is quite possible, especially if
you are dealing with a high-level executive, that they are only saying
that your product or service is outdated because someone from the
research and development department told them so.
The next step is to find out how well the prospect knows your industry. If the person you are talking to can’t answer your question about what your product or service can’t do, you can easily take back the control in the negotiation. You can assure them that what you are selling meets the standards of the prospect and is a competitive product or service. If it turns out that you are really selling something that is out-of-date, set another appointment and give yourself some time to collect more information and decide on your next steps. That’s what an experienced entrepreneur such as Marty Thrasher would do.
Moore’s Law is an observation that Intel co-founder Gordon Moore made in 1965. It claims that the number of transistors on an integrated circuit double every two years. Fundamentally, this means that computer power is increasing exponentially. The Law of Accelerating Returns makes a similar claim. It says that all technological change grows exponentially. This is why it is only a matter of time until someone tells you that your product or service is not up-to-date, if this has not happened to you already.
When
it does happen, you need to stay calm, cool and collected. Do not try
to argue with the prospect that is making this claim. First, identify if
the prospect knows what he or she is talking about. Ask the prospect
about the functions that the product or service is not able to perform.
Next, ask about products and services that do perform these functions.
The answers to these questions will show you what the prospect really
knows about what you are selling. It is quite possible, especially if
you are dealing with a high-level executive, that they are only saying
that your product or service is outdated because someone from the
research and development department told them so.The next step is to find out how well the prospect knows your industry. If the person you are talking to can’t answer your question about what your product or service can’t do, you can easily take back the control in the negotiation. You can assure them that what you are selling meets the standards of the prospect and is a competitive product or service. If it turns out that you are really selling something that is out-of-date, set another appointment and give yourself some time to collect more information and decide on your next steps. That’s what an experienced entrepreneur such as Marty Thrasher would do.
