Do You Have a Lost Sale Strategy

[tconnor]

Sales Tips #251
Do You Have a Lost Sale Strategy

You just lost a sale. Welcome to the real world of selling – you win some and you lose some. Poor salespeople tend to lose more sales than they make and good salespeople tend to make more than they lose. This is simple common sense. What isn’t so common is:

• why this is true
• what the poor salespeople do - or don’t do
• what the good salespeople do - and don’t do

Selling is not rocket science. It is about human nature; people’s - dreams, hopes, plans, fears, concerns and the desire to have something; more, better, sooner, longer, bigger or easier. I have heard sales trainers and sales managers, over the years, convey the time-worn, as well as ridiculous things to their salespeople such as:

• everyone is a prospect for you
• success in sales is all about numbers – see more people – you’ll make more sales.
• look forward to -no’s – because that means you are closer to a yes.
• prospects buy because the – need – our service, products, help
• prospects buy features – what our products/services do
• there is no such thing as a poor prospect
• prospects want the lowest price

If this is what you have been taught, are teaching or believe, it’s time for a fresh look at the selling profession. Lost sales are a reality. Even the best salesperson loses one sooner or later. The critical thing to consider is – what do they do when they lose one?

Simple, they have a tested follow-up strategy that they know works, not all of the time and on everyone but often enough to warrant continue using it.

Do you have a lost sales strategy? If you do, do you use all the time? If you don’t, why not?

Consider for a minute, the average cost of a sales call today is bumping up around $500-$600. Obviously your number will vary depending on whether you are selling Lear Jets or Mary Kay. Since every sales attempt takes the salesperson’s time, sales support staff time, corporate resources and energy it is prudent that you do everything possible to salvage as many lost sales as possible.

There are two approaches that contribute to your ultimate lost sale percentage. What you do in the beginning before the relationship begins and what you do after you have completed the sales process and didn’t close a sale.

Here are a few common mistakes that poor salespeople make both before the sales process begins and after it has concluded that contribute to their consistent lost sales results:

• spending too much time with people who cannot buy
• focusing on what the products/services do rather than what they mean specifically to each prospect/customer
• not asking for the business
• seeing sales objections as negative rather than positive buying signals
• negotiating – anything - before the selling process is complete
• selling low price rather than high perceived value
• letting the economy or other outside influences (outside of themselves) determine their success or attitudes.
• trying to beat the competition with lower prices or constant deals
• giving product or organization driven sales presentations

Here are a few things to consider when you have not closed a sale and you believe you should have (They were really a good prospect.)

1. Ask for an exit interview. After the sales process has been completed a few days later ask for a follow-up appointment to request an evaluation of your sales presence, professionalism and the weaknesses of your products/services.
   
   
2. Send them a thank you note with a gift; could be a book, magazine, article – something to do with their business or job functions that might help them in some way. Then call them to ensure that they received whatever you sent. If you can professionally re-open the sales dialog give it a try now. Say something like, “I have been giving your circumstances a lot of thought and I have come up with a solution/option that I am sure you would want to consider. (Obviously you better have one. This is not just a communication ploy or tactic.)
   
   
3. Ask your boss to give the prospect a call a few days after the end of the sales process with the purpose of asking the prospect to give him or her an evaluation of your professionalism and competence. Obviously your boos is looking for opportunities to re-open the process.
   
   
4. Observe how the really good salespeople handle you when you don’t buy. Is there anything in their behavior or approach that you can adopt or adapt?

These are just a few. Why not come up with one of your own that you can use after every lost sales transaction.