The art of selling is a mysterious one to perfect, and the reason behind the success or failure of a sale is often ambiguous. Sales prospecting.
As a salesperson, nobody wants to suffer the feeling of defeat, especially when it comes to one of the best deals.
You know what? When salespeople win, they assume it’s because of their expertise or the outstanding solution they presented. However, when they don’t win a deal, it becomes much easier to blame outside circumstances, such as marketing, or fault the customer for not wanting what was being offered.
But yet, the feeling that you were in control of a sale and had all the qualifications for success but still walked away empty-handed is incredibly frustrating. This blog post will dive deep into why salespeople miss out on their best opportunities and how to leverage them. Read on!
Reasons Why Salespeople Lose The Best Deals
1. Failing to solve the problem
As salespeople, it is essential to have a singular focus on the problem that the customer is trying to solve. The key reason for deals being lost is the tendency to get too focused on the product and its features without taking the time to understand the underlying issue and how it affects their customer’s business.
When dealing with a customer, it is essential to listen closely, ask questions and offer solutions that acknowledge their objectives. In addition, you should demonstrate how your solution can be used to address their pain points and resolve their underlying issues.
When you outline how your product differs from its competitors and list the advantages of each feature without being too sales-y, prospects will be more likely to be persuaded into making a purchase.
You have a greater chance of closing the deal by showing prospects the product’s value and contextualizing it with their specific problems.
2. Lack of SMARKETING Agreement
When sales and marketing (SMARTKETING) teams don’t work together in harmony, there’s a notable disconnect between the vision marketers have for a given product or service and the messages salespeople use to close deals.
As such, customers may receive conflicting messages from different people within a company, leading to clarity and overall trust in a business. However, without collaboration between these two teams, it’s no surprise that salespeople often lose out on giving potential customers what they need to sign on with them.
So, the gap between these departments has to be bridged with weekly meetings to share updates and feedback and exchange relevant information to provide buyers with high-quality and relevant content.
Taking measures that ensure proper alignment helps close more deals and brings both departments together to better target prospects with strategies tailored specifically for them.
3. Not reaching key decision-makers
As sales teams encounter different hurdles to close a sale, one of the most frequently experienced problems is an inability to reach key decision-makers. As these contacts may be hard to pin down and prove challenging to engage with, salespeople are often stuck in a void that prevents them from making progress on the deal.
Ultimately, failure to gain access to the stakeholders responsible for giving the green light caused deals that should have been won to slip away into rival hands.
So, it’s essential to identify and convince each of these decision-makers: C-Level Managers, Business Users, and Mobilizers. This relationship-building improves the odds of closing a successful deal and lessens wasted effort and missed opportunities.
4. Lack of personal connection with the buyer
A successful relationship between buyer and salesperson hinges on finding an equilibrium point where both parties can flourish.
Allocating more time to getting to know each other can help establish trust and create a bond, but five critical roadblocks often impede this process:
- The salesperson is too pushy
- Differences in communication styles
- Incompatible personalities
- Over-eagerness to form a friendship.
Establishing rapport by respecting these differences rather than plowing through them can pave the way to a mutually successful outcome.
5. Not adding value to the conversation
Winning B2B business deals require strategy, precision, and the ability to add value. Failing to contribute meaningfully to the conversation is a critical misstep in the sales process that causes the sales team to lose a deal.
People don’t want to hear a pitch! They want valuable insights that help them make informed decisions, which is why a LinkedIn survey found that B2B prospects are five times more likely to engage with a sales professional who provides new insights about their business. [source]
To add value, you must understand their market well and what buyers want. You also need to be able to advise them on how to improve their business case. Therefore, every engagement should demonstrate your understanding of the buyer’s industry, goals, and priorities if you want to bring substantial value and fulfill buyers’ expectations.
Even the most well-qualified salespeople can lose a deal for several reasons. But by taking the time to understand what went wrong and using that knowledge to adjust your approach, you can become a more successful salesperson. And next time, you might just close that deal.