Have you ever lost a sale to an inferior competitor?
7 February 2016
There are lots of reasons an inferior supplier may win the business, and surprisingly price isn't typically the driving factor. Developing a robust sales process which addresses the top seven reasons businesses typically fail to win business is key. Quiet Storm have a simple and effective way to help you implement a new sales process or refine your existing one.
1 - Incumbent Advantage - Incumbent suppliers have a huge sales cycle advantage, because they have inside knowledge and experience of the prospect. The tendency is for them to win business by default. How do you get past this hurdle?
2 - Inability to Remove Risk - Changing supplier is always regarded as a risk until the promises made, are experienced. The ability to remove perceived risk plays a key role in determining who wins the deal. How do you remove the perception of risk?
3 - Access to Key Decision Makers - One of the toughest jobs in all of sales is to penetrate the key influencers and decision makers. There is a direct correlation of winning to the number interactions the salesperson has with executives during the sales cycle. How do you ensure you get the right level of contact?
4 - Business Solution Focus - Understanding your products is essential, however winners are better able to prove their value as a business partner who had the expertise to solve the customer’s problem. Where do you add value?
5 - Poor Messaging - Successful communication is the cornerstone of all sales. Winners have the ability to tailor compelling messages that resonate with the various evaluators up and down the chain of command. How do you pitch the benefits of your proposition?
6 - People & Experience - A complex sales cycle will rely on a team effort. Smart, dedicated, customer-oriented people who add value to your proposition in the eyes of the buyer. How do you maximise the value of your people?
7 - Pricing - There will always be a low bidder but there is acceptable price range a prospect is willing to pay. This price range can vary between 10 and 25% of the lowest bid. How do you know which business to go after?
Losing a sale is always hard - but having a clear sales process means you can constantly improve your effectiveness
Learning you are the loser in the eleventh hour of a deal is a frustrating, humbling, and sometimes an embarrassing event. If you find yourself in this circumstance, perhaps it’s time to ask if any of the factors above were at the root cause of your loss. If you need help in understanding exactly how to improve your effectiveness then choose from one of the three options below.