When we win a sale, we put it down to our sales expertise, our talent and the quality of the solution. When we lose a sale, we put it down to the customer not being ready to buy, or the price or something someone else did.
Most of us don’t take time to reflect on the reasons why we win or lose a deal. However, if we don’t reflect, we don’t learn.
Here are some factors that make a difference between winning and losing a sale
Focusing on your solution and not the prospect’s problem
As salespeople our real value is in solving a problem. Sometimes salespeople feel like they are selling a solution, but often they are pushing a product without realising. The prospect is not likely to show an interest in our solution until they understand what problem it solves.
The more effort and time you put into understanding the problem, the more likely the prospect is to buy or move closer to a deal. Highlight the features of your solution that will impact your prospect’s pain.
Target the decision-makers
Have you ever wondered why your sales cycle is so long? You want to speak with the person who can make a decision, has the budget authority or can influence the final decision.
Typically, there is more than one decision-maker; there are often multiple stakeholders who need to be spoken to—speaking to as many of the decision-makers as you can increase your odds of winning a deal.
Sales and marketing alignment
Both sales and marketing need to work together. When there is no alignment, it weakens businesses. If there is a gap between sales and marketing, it needs to be bridged so that you are supplying the buyer with relevant, high-quality content and reaching the right market.
Regular sales and marketing meetings will help keep the two teams working together, share feedback, and support both teams improve their performance.
Taking a “no” for an answer too early
Just because you hear “no” doesn’t mean the sale is lost. It’s essential to dig deeper into their reason for the rejection. If you don’t know why they are rejecting your pitch, then how are you going to refine your pitch in the future.
If the rejection is based on budget, then ask when the budgets will be reviewed. If the rejection is because they have a solution in place, find out when the contract is up. Keep the door open.
Every salesperson has a unique selling style. Your style is influenced by what you sell, your current performance and how close you are to achieving your target. Analysing the reasons why you win or lose a sale will make a difference to your closing ratio. You will be able to improve your skills and win more deals.
We understand the demand for quality leads and the need for your team to meet those demands. We are here to help and add value by finding tangible, highly qualified leads where we have secured a date and a time for an appointment. These individuals are in your target audience, at the right decision-making level and have an interest in your solution. Taking away this pressure from your Sales team allows them to focus their time on closing deals and generating revenue.