This has happened to me several times. I have an initial, promising meeting with a potential client. They call to speak with me or I was recommended to them – so things got off to a good start. I start by asking them about their business. I talk about some of the problems they face, identify that there are things I could help them with. I discuss what can be done and they seem pleased. They ask me to drop them a proposal and I leave the meeting feeling rather pleased. It feels like this one is in the bag.
Then nothing happens.
Despite sending a very compelling value proposal, they don't call back. Eventually you get through to them and they explain that priorities have changed. Budgets are tight and although still interested in working with you, it won't be for a while – they will revert to you when things become better. You wonder if they have chosen to go with a competitor.
Someone you know, who will never be able to do as good a job, as you can.
Sounds familiar ?
If it does, be happy that you are not alone. This scenario is played out all the time, time and again in the life of Sales people, Consultants, Coaches and other professionals worldwide. It has happened to me again and again. I share here, the 3 key lessons, I learnt. Doesn't mean I don't lose sales now. It still happens, but much less.
Top 3 Reasons To Lose Sales
Reason 1 : Not Bringing Any New Insights.
Today, many clients come to the table with a clear picture in their mind, of what they need and what kind of solution they want. They may not appear to be an expert like you – but believe me, they have done their research on the web and come to you with some pretty clear needs.
So, most of us tell them about how we can meet their needs and how we can deliver the solution, they're looking for. Trouble is, if all we do is telling the client that we can meet the needs, they've explained to us and can provide the solution, that they already have thought over – we have reduced outself to becoming a Commodity. Every service provider tells clients that they will deliver on the solution, as per their needs. That, unfortunately means, that the client has to base his decision on Price. A bad thing to happen.
Of course, we tell about our great team and service levels. We show the brilliant testimonials and feedback. Still, everyone can say that and has that. We list our USPs and Differentiators. Unfortunately, the client is not interested. They are keen to know whether we can meet their needs, how and how soon.
So how can we escape being trapped in such a corner ?
We must bring new insights to the table. We must get them to change their minds about their needs or the solutions they want. We need to dig deeper than just asking the client what their needs are. We need to identify and highlight problems or opportunities they didn't know they had. We have to suggest different, better solutions than the ones they came up with.
If we can do this, then and only then, we are actually adding value. Now, we are differentiating ourself from our competitors in a real and meaningful way. We are proposing different solutions, to issues the client didn't initially specify. So our solution looks very different (and better) to our competitors.
Doing this is not easy. We have to really know our stuff. We have to be able to challenge the client without insulting them. We must be able to think on the spot. If we don't, then we are just competing on Price.
In my next blog, I shall cover Reason #2 and Reason #3. See you soon.
Then nothing happens.
Despite sending a very compelling value proposal, they don't call back. Eventually you get through to them and they explain that priorities have changed. Budgets are tight and although still interested in working with you, it won't be for a while – they will revert to you when things become better. You wonder if they have chosen to go with a competitor.
Someone you know, who will never be able to do as good a job, as you can.
Sounds familiar ?
If it does, be happy that you are not alone. This scenario is played out all the time, time and again in the life of Sales people, Consultants, Coaches and other professionals worldwide. It has happened to me again and again. I share here, the 3 key lessons, I learnt. Doesn't mean I don't lose sales now. It still happens, but much less.
Top 3 Reasons To Lose Sales
Reason 1 : Not Bringing Any New Insights.
Today, many clients come to the table with a clear picture in their mind, of what they need and what kind of solution they want. They may not appear to be an expert like you – but believe me, they have done their research on the web and come to you with some pretty clear needs.
So, most of us tell them about how we can meet their needs and how we can deliver the solution, they're looking for. Trouble is, if all we do is telling the client that we can meet the needs, they've explained to us and can provide the solution, that they already have thought over – we have reduced outself to becoming a Commodity. Every service provider tells clients that they will deliver on the solution, as per their needs. That, unfortunately means, that the client has to base his decision on Price. A bad thing to happen.
Of course, we tell about our great team and service levels. We show the brilliant testimonials and feedback. Still, everyone can say that and has that. We list our USPs and Differentiators. Unfortunately, the client is not interested. They are keen to know whether we can meet their needs, how and how soon.
So how can we escape being trapped in such a corner ?
We must bring new insights to the table. We must get them to change their minds about their needs or the solutions they want. We need to dig deeper than just asking the client what their needs are. We need to identify and highlight problems or opportunities they didn't know they had. We have to suggest different, better solutions than the ones they came up with.
If we can do this, then and only then, we are actually adding value. Now, we are differentiating ourself from our competitors in a real and meaningful way. We are proposing different solutions, to issues the client didn't initially specify. So our solution looks very different (and better) to our competitors.
Doing this is not easy. We have to really know our stuff. We have to be able to challenge the client without insulting them. We must be able to think on the spot. If we don't, then we are just competing on Price.
In my next blog, I shall cover Reason #2 and Reason #3. See you soon.
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