We all talk about tried and true tips and obvious ways to win a deal. But how often do we sit back and ponder the reasons for the loss? That’s why we’ve summarized five mistakes even the best sales reps could make when closing a deal. Read on.
Not preparing for the meeting
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You might think that meeting your prospect is as simple as whatsapp number database presenting your solution and coming back with a win. But it’s not that simple. Preparation is the key to a successful meeting.
“What can I do to make my meeting a success?” you ask?
Research. Your first task should be to learn about your prospects and their requirements. Visit the prospect’s LinkedIn or Twitter profile and note their position, activities, skills, and interests. Visit the prospect’s organization profiles to learn about their size, industry type, recent updates, and other important details.
Schedule a meeting. Value your prospect's time - create an agenda for your meeting and share it with your prospect. The agenda should include details such as the purpose, duration, attendees, questions to discuss, and location of the meeting. This will save both your time and yours.
Rehearse for the meeting. To be successful, you must practice. Hold a rehearsal meeting with your colleagues and ask for feedback. Focus on your choice of words, statements, and questions, as well as the actions you want your prospect to take. Work on areas of improvement, and you are ready to go.
Pay attention to Mom. Write down the minutes of the meeting - the discussions that took place, the decisions that were made, and the actions that needed to be taken. These will help you in your future conversations with potential clients and in finding the perfect solution for them.
Selling where there is no need
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If you try to sell to a prospect who doesn’t need your product or service, it’s unlikely that you’ll build a long-term relationship with them. They may buy from you, but you don’t need them in the long run. So how do you know how important your offer is to a prospect? Here are a few ways:
Create a buyer persona. Buyer personas are descriptive profiles of ideal buyers that include details such as their age, ethnicity, gender, hobbies, income, purpose, and other details. When you define a buyer persona, you can assess your customers’ interests and buying habits. This way, you won’t pursue the wrong deal.
Identify your value in your business. Does your product/service add significant value to their business? Does it solve their most important problems? If you think you have the ultimate solution for them, do your best to sell it. The rest, take a step back.
Pay attention to their budget. If your product/service is out of their budget and you can't agree to a lower price, it is unlikely that they will buy from you. If they increase their budget to buy from you, then you may be their ultimate solution to their problems.
Trying to sell to the wrong person
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In small companies, there is usually only one stakeholder. But in large organizations, there are many people involved in the decision-making group, and you must identify the right participant. Perform a Stakeholder Analysis to determine the person you should focus on to close the deal.
Understand the pain points, gather requirements and pitch your solutions to the right stakeholders. Maybe even do a little research to learn about them - Google them or find them on LinkedIn, Twitter, Facebook or community forums. This way you will understand your prospect and know what will make them buy from you.
Trying to sell in the first meeting
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You are meeting your prospect for the first time. You obviously don’t know their requirements. So, trying to sell on the first meeting is a big NO. Instead, put your efforts into making a first impression.
Here are a few things you can do to make a positive first impression:
Try to build rapport. Show genuine interest - address them by name or genuinely compliment them on something you like about them, such as their office, work culture, or website. Find common ground; this is a great way to build rapport.
Listen to their problems. Give your prospect a chance to speak up and listen carefully. In fact, listen more and talk less. This will show that you are genuinely interested in them.
Ask questions. Ask open-ended questions that help you express the challenges they are facing. Ask questions to get a clear picture of their problems - you can ask them about their goals, expectations, budget, and their needs. In cases where a prospect rejects you, you can ask them, “Why not us?” so that you can improve your proposal.
Empathize with their situation. Don't offer your solution right away; also, don't brag about your offer. Wait. Empathize with their problems and tell them you have their back. Then tell them what you have to help ease their problem.
Be friendly. Smile. Maybe even joke a little. But also give them a chance to talk about themselves. Don't be too hard. It can make your prospect uncomfortable.
Participating in or proposing incorrect solutions
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You make this mistake when you don’t listen. So the key to successfully solving a prospect’s problem is to listen to them. Don’t offer a solution before you’ve thought about it. If you do, you may win the deal in some cases, but it won’t help you in the long run.
And in those cases where your prospect's problem doesn't fit your solution, don't be afraid to say "No."
When all is said and done, creating an emotional connection with your prospect, planning and research will help you close the deal. If you are only focused on generating revenue rather than trying to solve the prospect’s problem, you are on the wrong track. As Catherine Barchetti, a successful American high-end retailer, famously said, “Make a customer, not a sale.”