It is inevitable in sales that whilst you’ll win some sales, you’ll also lose some.
74% of sales people will blame losing the sale on the price! Whilst in some cases that is actually true, there are many other reasons you need to be aware of.
When you win the sale it’s important to take note of what you did throughout that process to succeed. Once you’ve found what worked, keep doing it!
The same detail should be given to when you lose the sale. It’s important to try and find out why you didn’t win, and what could be done differently next time.
Here are the 10 most common reasons for losing the sale:
- You’re not cheap enough! It’s one of the most common excuses used by sales people, complaining that they’re products are too pricey. The problem is that it really is an important part of the sales process. Some companies will just buy the cheapest option
- You haven’t sold the value. Where some may argue you’re too expensive, you may not have truly sold the value of your product. It is possible, if your product is expensive, to make your customer still see that it is good value for money and worth paying more for.
- It’s not you, it’s them! Some people just don’t connect, you and your prospect may just not get on. If they can’t trust you or build a rapport, they’ll struggle to justify buying from you.
- There’s someone else! Most prospects will be approached by several sales people and sometimes the other sales executive will get the deal. On the other hand they may already be dealing with someone and not be prepared to break away from that relationship.
- Making a bad impression. Your prospects will be judging you, so if you don’t look smart or represent your company and product well, they won’t buy from you. It’s important to make an effort with your prospects to make a good impression.
- You didn’t follow the process. There are sales processes out there for a reason. They’re designed to help guide you and your prospect to buying, and if you don’t follow them you may lose the business. If you don’t qualify the prospect, you may misinterpret their needs. If you don’t present your solutions well, they may not understand what you’re selling.
- No sense of urgency. Whilst customers don’t want to be pestered, they want your devoted attention to their needs. They may need or want information right now. They may want you to drop what you’re doing for them. If you don’t have a sense of urgency there will be plenty of other sales people who do!
- You don’t have proof your product is worth it. Case studies and testimonials are hugely valuable, especially in the modern sales age. Customers need security and they want to see that other people have bought from you successfully and were happy with that purchase.
- You’re not different enough! If the prospect is already buying from someone and you can’t demonstrate enough reason for them to switch, they’ll happily stay with their current provider. You may offer the same, but find ways to be different or add value.
- You didn’t actually ask for the close. So many customers report that the reason they didn’t buy from a sales person is because they were never asked! Closing is critical, you need to be smart about how you close but if you want the sale make sure you ask for it!
Knowing these reasons should help you build your sales approach and strategy to make sure you don’t fall into one of those traps.
What do you think?
Have you come across any of those reasons when losing a sale? Did you lose a sale for another reason? Please write it in the comments box, I’d love to know!