It may sound unbelievable, but there may be occasions when the prospect does not go with your solution, and chooses either to do nothing or go with a competitor.

What can you do to learn from the experience and lessen the chances of it happening again?

You need a robust process that will gather information, and help you prepare for a similar situation in the future. What the prospect tells you could have a big effect on your future training and development, product presentation, pricing, marketing and competitor analysis.

As you are often too closely involved in the sale to get an objective view of the scenario, it’s always a good idea to get someone in authority to follow up on the call. The prospect is more likely to open up and be honest to another person, than if they had to justify the reason to you. This helps you and your team analyse the real reasons for losing the sale.

Think about what information you require from the prospect. You might ask questions similar to these:

What was the decision-making process you went through?

What was it about the competitor’s product that made more sense for your business?

Did we miss anything in our analysis of your situation?

Was price an issue?

Did our proposal match your needs?

Was our sales rep knowledgeable in the areas you needed them to be?

What was it about our competitor’s offer that you liked better?

Did our presentation impress you in any way?

Is there any way we could have changed your mind?

These questions help you see why you may have lost the sale on this occasion. However, it doesn’t mean all is lost.

Find out when the product change cycle is due to come around again. If they’re leasing the product, how long is the lease? What would you have to do differently next time to win the sale? How can you keep in touch with them during the next few weeks or months while they are assessing the suitability of the choice they have made?

Remember, when you have the opportunity to contact them again in the future, it is not a cold call, as you have already built up some kind of relationship with them. You can check on the viability of their choice, how happy they are with their service provider, and find any chinks in the armour that you can possibly fix for them in the future.

By learning from every lost sale, you give yourself opportunities to build good client relationships in the future, and that can only be good for business!

Happy Selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

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How valuable is a loyal customer to your business?

Many clients we deal with don’t think about this important question often enough. They will spend lots of time advertising for new customers, while existing customers visit only once or filter out the back door without saying goodbye.

We can think of our customer going through four stages of the buying cycle.

Firstly, there is the ‘random experience’, the one-off visit that might result in a good or bad incident, often driven by chance, with little intent involved.

Then there’s the more predictable experience...the customer has been through the process with you before, so there’s a bit of consistency and intentionality about the experience.

The next stage is where the customer feels safe in repeating the buying experience with you. They have seen the value of your services and see the differentials you offer. They may even decide to also tell others about you.

The fourth stage, though, is where loyalty comes in. This is where you carefully and intentionally design services that meet customer wants and needs, are consistent in providing for those needs and differentiate yourself from the competition with those products and services.

So ask yourself:

What experience am I creating for my customer?

Is it valuable and different enough to make the customer feel they are doing the right thing in being loyal to me?

What promises do I make to them that I can build on?

Can you buy loyalty? If you’re referring to whether you need to offer discounts, create more short-term offers and campaigns, or beat the competition on price…this may work in the short term.

But the most effective way to buy loyalty is to create a real reason for your customer to want to use you more often.. and that comes from building a valuable and differentiated brand image.

Happy Selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

Of all the skills we learn while growing up, listening is rarely top of the list. And it IS a skill, because it can be learned and developed by almost anybody.

The best way to display excellence in this key area of communication is by listening on two separate levels.

Firstly, listen for content. You mainly use your left brain for this task, as it’s normally information-rich and process-driven. Your client will outline goals, targets, objectives, pains, opportunities and other things that will assist you in developing understanding of their business.

One way to develop your skill at listening for content is to imagine you will have to explain what the prospect is saying to someone else. And in a third of the time they took to tell you! This means you will have to filter out all the chaff so you’re just left with the wheat.

Another way is to paraphrase or summarise what the prospect has said every few sentences. Rephrase it so it shows a complete understanding of their point. Something like: “So let me make sure I understand you correctly. You know your department would benefit, but you don’t know if you want to pay the fees up front. Is that right?”

To develop this skill, listen for the actual words said, rather than the way they are said. Remember that everyone sees the world from their own vantage point, and by listening intently, you see things from their perspective, not your own.

Secondly, listen for intent. You’ve heard that over a third of your communication is relayed by tone of voice, meaning that not everything the prospect says has equal importance.

Consider this sentence. It has at least four different meanings. See if you can decipher what the client’s intent is in saying it:

“I don’t think, at this moment, we would be interested in investing all that money in this project”

Depending where the emphasis is put, the meaning (and hence the intention behind the statement) could change.

If they emphasised “at this moment”, it may mean they might consider it at another time.

If they emphasised “we”, there may be other departments who would be interested.

If they emphasised “all that money”, they may be interested in budgeting a different amount.

And if they emphasised “in this project”, they might be interested in something else you could offer.

Make sure you identify what the tone of voice is telling you. It may well uncover the intent in the statement.

So, if you listen carefully for the content and intent of what the prospect is saying, it will give you a clearer picture of the real meaning, and help you improve your listening skills on every occasion.

Happy selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

“Be careful out there!” These words were said during most episodes of Hill Street Blues by Sgt. Phil Esterhaus. He was advocating that his staff pay attention and be careful when out in the field.

Your manager should be saying the same to you, every time you go out in the field! Because there are some cunning prospects out there who will strip you of every bit of knowledge you have.

Here’s some things that you need to keep your eyes and ears open for:

The prospect who asks for a free consultation:

This is a demand that you provide up-front work without any commitment from them and they want the benefit of your experience and knowledge for free. Before agreeing to do any up-front work, you should demand a significant concession that will help you close the business.

An example would be “We’ll be happy to work with you on that basis, providing you give us regular access to your sales teams.”

By asking for something of value to you, you show the customer that this is something of great value to them.

The prospect who keeps delaying the meeting:

You may find that the delays between meetings get greater and greater. They may be trying to frighten you into giving more concessions because you’re afraid you might lose the deal.

An example might be “Can we postpone Monday’s meeting until later in the month?”

There has to be some negatives associated with the delay. You could suggest that your prices may be going up, or something regarding the servicing of the account may be affected.

What you’re trying to do is see if this is a scare tactic to get you to concede in some way. If they are really having problems meeting with you, it could be genuine. If they see opportunities for meetings suddenly open up, maybe they were trying it on.

The prospect who stalls right at the end:

The prospect may say they’re not sure if this deal is right for them at this time. And you’ve spent days going through the proposal with them!

They might be trying to get some extra concession, so flush out if the stall is really genuine. Go back in the discussions to determine if there are real objections that haven’t surfaced yet. If there are, you might need to go through how you can help with those nagging thoughts the prospect still has. If they don’t exist, you will see it’s just a stall that may be looking for more concessions.

And that brings us to:
The prospect who is about to sign then asks for just a little bit more discount:

They may say something like “Reduce by just 10% and we have a deal!”

You need to make sure right from the start, and all the way through, that your price is the best possible for this contract. If you think there may be room for manoeuvre, then ask what the prospect would like to cut back on to meet the criteria for the extra discount.

This will keep the conversation on a professional level and make the prospect realise there is no movement unless there is a concession on their part.

Make sure you prepare well by knowing your limits and identifying how far you could go.

So keep your eyes and ears open for these cunning ploys that some prospects play, and remember: “Be careful out there!”

Happy selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

You’ve heard it said many times that it costs much more to get a new customer than it does to keep an existing client. You can do the sums. There’s so much research to show how a partnership with a client’s business helps you achieve goals and targets in a way that struggling to get new business never could.

If this valuable partnership is so vital to your profitable future, is it possible you can ‘buy’ this partnership and loyalty? Wouldn’t it be priceless if you could buy repeat business, without giving away the shop?

Well, you can’t buy loyalty simply with price or discounts. You buy customer loyalty and repeat business with extraordinary customer care. This is not the same as special customer “service”, but honest, extreme, personal caring for your customers.

Go beyond serving your customers. Work with them to solve their problems and achieve their goals. It means listening to them, and responding. It means the old boundaries between “seller” and “buyer” break down and we work as a team to achieve win-win results that enrich us both.

Imagine sitting with your customer, both of you on the same side of the table. The challenge your customer is facing is out there in front of both of you. You both approach the challenge with the same energy, the same passion, the same commitment. With both of you seeing the situation from the same position, the care you can offer is obvious to your potential customer.

So you CAN buy repeat business. It’s done by caring about their business better than any of your competition do. By committing everything you can to that care, the quality you offer to your prospect will be seen as something they cannot, and don’t want to, do without.

Happy selling

Sean

Sean McPheat
MTD Sales Training

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If you’re in B2B sales, you will know that your customers are really interested in how they can help their customers.

If you ask questions related to this aspect, it will help you identify what buying criteria your customer is using to make decisions. By this I mean, how will your product or service make your customer look good in the eyes of their customer?

So, ask yourself, Who are our customer’s customers? What drives them? What is happening with them that may impact our customer? What opportunities does this create for our customer? What do they think of our customer?

If your customer can see the benefits that will come to their customer, you have a better chance of partnering with them in the long run.

Don’t just think ‘customer’. Think ‘customer’s customer’!

Happy Selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

As you know, proper preparation prevents poor performance.

You’ve done your homework before the call…you’ve checked your notes from previous meetings…you’ve gone through all the questions you might be asked and prepared quality answers…you’re prepared to share your background and why you are the right company for this prospect…you’ve got testimonials to back up your claims…all correct, yes?

Then you get to the meeting and it all goes wrong. Why?

Many times, it’s because you are not really present with the customer.

Yes, you might have the best solutions for the client, but you are so focused on your information and your presentation of the solution, that you fail to focus on the present moment, watching and listening for the subtle clues your client is sending you.

So, be focused on the emotions of the client. Watch their body language when you present. Notice their reactions when you ask specific questions.

Match and mirror their non-verbal reactions when you talk about your product. Listen for the specific comments they make when you present solutions.

If you are too focused on your products and services, you may miss the subtle messages that the client sends your way.

Preparation is vital, but remember to be present with the customer at the time it really matters…during the meeting.

Happy Selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

How many times have you been told in training courses that people don’t buy features, they only buy benefits? This is very true, as the brain doesn’t compute what the product ‘does’, it only listens to what it will do for me. A long list of features only confuses the prospect, as they have to do the work in converting the meaning of the feature to how it will benefit them.

However…do you just stop at the benefit? Or do you go beyond that, to appeal to the emotional desires of the prospect?

You see, prospects have individual as well as organisational needs, and their viewpoint may well be very different to yours. They need to know what choosing your products and services will mean to them, in the short and long term.

‘Meaning’ is a key driver to making decisions. Look to this example:

Salesperson: “So, Mr Prospect, by taking our extended credit terms, you benefit by spreading the cost over a longer period, helping your cash-flow and freeing up finances for other purposes”

Here, the salesperson has taken a feature and added the benefit. For many prospects, that may be enough. But what if you created a real meaning to the conversation?

Salesperson: “So, Mr Prospect, how beneficial would it be to you to spread the cost over a longer period, meaning you would be able to invest in other areas of the business, making your new marketing plans easier to put into practice?”

This way, you are helping the prospect not only see the benefits, but also see what your products and services will actually mean to them as a company. You will be creating a clear picture in their mind about how the correct decision (choosing you as their supplier) will make a meaningful difference to their business. And notice that by phrasing the choice as a question, you make the prospect think about the answer rather than trying to find reasons to disprove you statement.

Think about how the benefits of what you offer adds value and extra opportunities to them. They will go beyond the benefits and have a deeper reason for choosing you!

Happy selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

Whether we admit it or not it’s a great boost to your ego when you win a sale.

But there’s no room for egos in the sales process!

Here’s why…

You see, when you approach a sale as a “WIN-LOSE” event you lose the need to have the prospects best interests at heart in favour of winning the business.

Your ego takes over.

Your ego wants you to look good, to talk the most, to be right and ultimately to win but in sales this is not always the case.

Both you and your prospects need to look good, the prospect more so. Your prospect should be doing most of the talking not you and you need WIN-WIN outcomes where you BOTH feel like you’ve got the best end of the deal.

It goes right against what your EGO wants!

Oh, ok, I’ll admit it – I have a big EGO! But I leave it at the door when it comes to a sales interaction.

The only outcome on my mind is to get what’s right for the prospect even if it means walking away – and I am deadly serious about that.

So, lose the EGO and focus on your prospect’s needs and wants and watch your sales fly!

Happy EGO losing!

Sean

Sean McPheat

The UK’s #1 Authority On Modern Day Selling

MTD Sales Training

Oh come on….I did say I had an EGO!

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