As a salesperson, you know that you will lose some opportunities. As long as you continually keep increasing the number of prospects in your sales funnel, it all balances out. But if you've begun to lose most of the sales deals that keep you from attaining your goals, it's time to look closely at the sales strategies and procedures that you're pursuing. There are always specific factors that determine if you lose deals, and it is essential that you find those out and correct them before you lose even more.
You aren’t solving the right problem
Many reps made the error of speaking too much and not making an effort to listen. Most B2B customers look for sales reps who understand their company and their difficulties.
Ask questions about the needs, difficulties, and pain points of the prospects. If you can't reply to these concerns, you're going to have a hard time moving the agreement forward. Always remember to do the homework and know how your products and services will make a difference for their company.
Lack of personalization
Employing only one sales pitch for all of your prospects is a major fault committed by sales representatives. Each customer has their own and different reasons for making a purchase. Your current tactic may work for a few, but some prospects might need more nurturing. Hence, researching carefully and customizing the sales strategies to sound more attractive is essential. Remember to address their pain points.
Not enough value added
With mobile and web technology the prospects know what they need and how they need it. Information is not restricted to the sellers unlike in decades past. There are several vendors who offer the same. Why should a prospect choose to work with you instead of hundreds of other vendors? Adding value and building a firm relationship with the prospects is crucial.
Not making customer experience a priority
It is essential to concentrate on customer-centricity in the era of the consumer, a condition in which businesses have to embrace a customer-first approach and adjust to ever-evolving customer behavior.
Organizations need to build an entertaining, instructional and personalized purchasing environment for the person and their wants and needs. This approach becomes even more important when considering a customer's lifetime value. The better you serve, the more they are loyal to your brand.
Untimely sales follow-up
Probably today's biggest single issue for sales organizations is the idea that you just don't have to follow up with opportunities. Of course, people don’t like to be contacted frequently – but the large bulk of prospects will disappear if you don’t follow up.
If you don't follow up on time, you're losing future revenue possibilities. Following up with your opportunities indicates you are concerned and demonstrates you are credible. It also helps to transform your clients in the long run into faithful clients.
Next time you're losing a sale, take some time to reflect on the real factors you've missed, look for fields that could be enhanced. Analyze what the customer's fundamental cause for going elsewhere was. Do not nag yourself with thoughts of failure, instead of blaming factors that were not under your control, learn where you went wrong and use the lesson for the next prospect.