There are no salespeople who have a 100% close rate. None. But there are also deals that salespeople lose that they shouldn’t. The best salespeople know how to learn from their mistakes and adjust accordingly, while everyone else keeps doing the same thing while hoping something breaks their way.
Spiro can help you close more deals and make more money, but it’s just as important to know what you need to change to make sure you don’t lose the next deal. Here are five likely reasons why you didn’t close that last deal you were working on:
1. You didn’t follow up (enough)
It takes between 8 and 12 contact to close a deal, but most salespeople only follow up once or twice before moving on. Whether it’s because of time constraints, or laziness, lots of deals that could be closed are getting left on the table. Spiro can help you follow up by letting you know which actions to take that are most likely to result in a closed deal, so make follow-up a top priority.
2. You tried selling to the wrong person
Not all prospects are created equal, but you wouldn’t know that if you polled a bunch of salespeople. There’s selling to the wrong person because they’re not the decision maker, whether it’s a husband without his wife, or the wrong executive at a large firm. Then there’s selling to someone who isn’t even in the market for your product. All of this can be avoided by qualifying the prospect with the right questions up front, rather than just crossing your fingers and hoping for things to work out.
3. You made it about you
This might be one of toughest mental shifts for salespeople to make, but when you’re talking to a prospect, you need to remember that it’s all about them, and not about you. Your goal should be to find out what they want, what makes them tick, and how you can solve their problem. Who you are and what you can do for them only comes secondary to who they are and what problems they have. Remember that the next time you pitch a prospect and you’ll get much better results.
4. You got defensive
As salespeople, we want to be liked. When someone isn’t receptive to our pitch or starts acting difficult, our immediate instinct is to become defensive or push back. But this is the wrong approach if you want to be a sales success. The saying goes “Win the argument, or win the deal,” and it’s absolutely true. As “M” told James Bond inCasino Royale, “I need you to take your ego out of the equation.” Salespeople need to take their ego out of the transaction and remember their only goal is to close the deal, not argue a case in front of a jury.
5. You didn’t create enough value
When you put aside all of the tactical aspects of selling, you are left with the question of whether or not there was enough value created for the buyer. Price can be a consideration of course, but when enough value is created for the customer, it justifies a potentially higher price. Always understand what the value of your product is, and, more importantly, where the value is for the customer you’re talking to. Many salespeople forget that they’re not in the “selling” business as much as they are in the value-creation business.
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