SALES MISTAKES ARE A GOOD THINGThe instant you lose a prominent prospect can be an overwhelming emotional time. That is, you can become overwhelmed with confusion, disappointment, and even despair. Additionally, anger and resentment can also surface. The fact of the matter is, losing a deal is a good thing. Sounds like lunacy right? But think about it. You will never get a better chance to critique and analyse your actions. And also learn where you went wrong and what mistakes you made. All of this will undoubtedly increase your sales efficiency and ultimately your conversion rate moving forward.
LEARNING FROM SALES MISTAKESThere are small subtle things we do or say – or do not do or do not say – that can make or break a deal. Don’t let these deal breakers be the reason you lose a strong business opportunity. Knowing how to win leads is crucial. But what about how to lose a lead? Here are 9 Ways to Blow a Deal and how you can learn from your sales mistakes.
1. CUSTOMER IGNORANCEDeal breaker number one, and unfortunately and all too common one – not knowing your client or customer. And more frighteningly, you have done absolutely no research on your prospect. If you don’t know anything about them or their company how can you possibly be on the same page as them and help them?
2. RIGHT PLACE, WRONG PERSONIf you are not talking with the right person then you are also not connecting with the right person. If you want to close a deal, you must identify the correct contact and work on understanding their needs. That is, make sure you are directing your efforts towards the decision-maker.
3. YOU ARE NOT ASKING THE RIGHT QUESTIONSYou need to convince your prospect you and your company are the ANSWER to their problems. But how are you to know the answer to their problem if you do not ask the right questions to find out what their problem is? Ask your customer about their challenges, where they are struggling, and what their goals are. By understanding these points you will be able to tailor your approach to their needs.
4. FIXED ON FEATURESOne of the strongest ways to win a lead is to sell beyond your benefits. That is, learn to sell on value! Selling on Features and Benefits alone is not enough. But how are you to know how your customer will benefit from your product or service if you do not know the value of your own organisation. Whether your prospect is already using a competitor’s solution or is considering you as a first-time vendor, you need to make them understand why your company is better, different, and best primed to help them. Does your team have a unified why statement?
5. ME, ME , MEBefore you can even sell your product or service, you need to understand the problem that the prospect is facing. You might be the greatest company in the industry and can rattle off why you’re so great, but if you are not talking about the customer and their pain points it won’t matter. Yes, talk about what value you can bring them and why you are their best if not only solution – but then stop. Stop and listen. Listen to your prospects talk about themselves. Give them all the attention they deserve and be respectful at all times. And when you do talk, discuss the points they raised (were you listening?) ask them questions, and let them answer. This will help direct the conversation. Ultimately, you might falsely believe that by talking “at” the prospect is a great approach to avoid any awkward silence. It is not. Be comfortable with the silence. Is your team equipped with the Power of the Pause tools?
6. YOU TAKE OBJECTIONS PERSONALLYYou’re in the objection game, so expect them, get used to them, and – USE them. You must have the tools to know how to handle difficult customers, as they will undoubtedly cross your path. Be able to overcome concerns and more importantly anticipate them so you readily put those concerns to rest, and gain commitment. Once you can handle objections it is only then you can use them to your advantage. Does your team know how to turn a challenge into an opportunity?
7. EMAILS ONLY TYPE OF PERSONEmail may be a great medium to introduce your company and solutions to a potential customer, but emails should not be your selling strategy. Too much can be lost in translation. You also are not able to effectively capture tone or emotion. A face-to-face meeting (even virtually) or a phone call are the best ways to have open dialogues and really work through a sale. Ultimately, this form of visible connection will open you up to the amazing new world of non-verbal communication tells. Can your team read their customers?
8. SCARED TO TALK COSTSPrice may not always be the main objection a customer has, but it will certainly come up in the conversation. Not everyone can talk costs, to know how to win a lead, you must have the courage to think like a leader, and have all styles of conversations. Ultimately, you need to make sure you are able to talk about prices for all products and services. Someone may always be willing to do something cheaper but that doesn’t mean it will be effective. Show them the value. Do your salespeople know how to focus on the value of the solution to be able to defend price? 9. YOU ONLY HAVE ONE TOOL IN YOUR KIT In Sales, you need to be adaptable. One selling approach does not fit all. If you are talking to someone more analytical in nature, give them data. If you are talking to someone who is direct, match the approach without long-winded answers. Know your customer’s behaviour style and you will know how to best sell to them. Do you know how to read and adapt to your clients?
Don’t let these selling setbacks be the reason you lose a deal.
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