When you lose a sale, you immediately look at a dozen different reasons why it did not go through. Instead of jumping to conclusions and listing all the possible reasons for why things did not work out, track what went wrong with a more structured approach.
GET A MOVE ON IT
It is natural to feel under the weather when you do not win over a prospect. Give yourself some downtime and brood over it if necessary, but do not dwell on it and get sucked into a pool of self-pity. The quicker you snap out of it and focus on fixing things, the better.
ANALYZE YOUR LOSS
Look at your loss from all angles. Move beyond the reasons of why you lost out; ask yourself why the competition won. What did they do differently? How did they approach the prospect?
Get out a piece of paper and scribble down details of your performance versus that of the competition. Rate yourself in key areas, from the product to the sales team to the sales proposal and presentation. Also look at the prospects’ point of view. Did you fail to read their signals or understand what they really wanted?
KEEP YOURSELF UPDATED
Being up-to-date on every aspect of the sales process is essential. The only way you can make informed, intelligent decisions is if you have the latest information about your team, company, industry and prospect. Invest in a database that your team can access so everyone is on the same page regarding lead activity. You can monitor sales, see how much of your target needs to be met and where you are falling short.
MAKE USE OF TECHNOLOGY
Another great tool to keep track of your sales process is customer relationship management or CRM software. You can manage and close sales, as well as generate new leads. These tools help you keep track of each of your leads at every stage of the process. When you engage with your prospect every step of the way, it will be easy for you to understand where they dropped out as well.
Sales can be a rollercoaster experience, and a sales loss can be a real blow. But, there is always a method to madness. Looking at things from a logical perspective and having a process in place for such situations will help you understand your workflow better. And when you understand what you are doing right and wrong, you automatically become a better salesperson.
For a salesperson, there is one thing that probably nags them more than meeting their targets: finding new customers. Lead generation is one of the first steps in the sales pipeline process, and can get tough in today’s competitive market. There may be times when you feel like all the potential customers are hiding under a rock, or are being snapped up by the competition. Where do you look? How do you go about it? Here are a few thrifty ways to generate leads.
1. CREATE GREAT CONTENT
The rules of advertising and marketing have changed; what customers want now is content they can use and learn from. Putting together short, snappy and well-made product videos is a sure-fire way to generate buzz and sales. Your videos will educate potential customers about your product, and leave them wanting to know more. Include a link to your website or sales enquiry page at the end of the reel.
2. DIRECT MAILERS
Email is not going to go away, even in the age of QR codes and mobile marketing. A boring email signature is the easiest way to end the conversation! Offer something new with every email- a link to the company blog, a new product page, a new white paper you may have published or a link to a press article. Anything to drive traffic towards your business!
3. DEFINE YOUR CUSTOMER
Before you look for new buyers, you need to know who your present customers are. Take a close look at existing customers and understand the demographics: who they are, where they come from, the age group, their spending patterns. Until you define who your customers are, you will not be able to identify ‘hot’ leads.
4. PLAY THE STALKER
Now that you have zoned in on who your customers are, stalk them. We do not mean you wear a trenchcoat and dark glasses and follow your customers around. Engage with them outside of your business. Who are they interacting with? What interests them? Where do they hang out? Review their activity on social media pages. You are likely to find tons of other like-minded individuals who may want your products.
5. BEFRIEND SOCIAL MEDIA
It is the most talked about internet phenomenon of our time, and the truth is, social media is still very hot. And it is the fastest, cheapest and simplest way to engage with your target audience. Create pages, share content and product information, start conversations. Thousands of people discover brands through social media recommendations and referrals. The more you interact, the more buzz you create, and the greater your chances of snagging new customers.
Once you have generated quality leads through these methods, a great way to seal the deal is with an impressive sales proposal.
Sales involves getting your message across in the most effective way possible. That means that you have to be comprehensible, convincing and clear when you make your pitch. Breaking things down for the prospect, without losing the essence of your pitch, what you intend, and what you expect, can be a challenge.
FIRST THINGS FIRST
When you deliver a sales pitch or presentation, you must make sure that your pitch is absorbed correctly. If you are not able to articulate clearly, or if your pitch confuses more than it informs, then you run the risk of getting lost in translation. When this happens, you may end up alienating the prospect and losing their business.
LOOK AT THINGS FROM THE PROSPECT’S PERSPECTIVE
You need to do your prep work. Before heading out for a sales meeting, consider the people you are meeting. Look into their level of expertise, where they stand within the organization, as well as their level of proficiency with the language. Some of your prospects may not be familiar with technical terms, or may use different terms in their part of the world. Avoid using jargon, slang and acronyms. You should adapt your pitch to suit the prospect’s needs. If you have access to the prospect’s style sheet, then follow their spellings and terminologies. For example, if the prospect uses the word ‘firm’ instead of ‘company,’ then put that in your pitch. They will appreciate the effort.
MAKE IT GLOBAL
When business cuts across borders, your writing and presentation skills should too. Your communication should come across clearly to people who may not speak English as a first language. One thing you can do is to eliminate word clusters and phrases such as ‘up for it,’ ‘top it up,’ and so on, and replace those phrases with a single word of the same meaning. Abbreviations and text-message language should also be avoided- ASAP, BRB, BTW not only appear unprofessional, but may also be confusing for a reader who does not understand.
THE BOTTOM LINE
Just like everything else related to sales, presentations are also all about the prospect. Ensure your sales presentation does not get lost in translation.
Let’s face it – sales is a tough job. We are going to use a cliche now, but it is a dog-eat-dog world out there. The pressure of targets, generating leads, acquiring new customers, rejection…things can get pretty tense and hectic, and we have only scratched the surface. It is easy for members of your team to feel discouraged and stressed out. As a team leader, it is up to you to create a positive atmosphere and provide an encouraging environment. Here is how you can boost sagging team morale without breaking the bank.
1. SALES IS MORE THAN ‘JUST A JOB’
However pumped up employees may be when they begin their career, things may slow down in the daily grind. Everyone wants to feel that his or her work is not just about making a profit, but has a higher purpose and benefits people. Approach sales from more than just a numbers point of view. Ask people to share stories about the value they find in, and impart through, their service.
2. TRAIN YOUR TEAM TO POSSESS A POSITIVE ATTITUDE
Thinking positive is the best trait a salesperson can have. An angry salesperson is highly unlikely to close a deal! When your team is in a positive frame of mind, it automatically translates into their work. Even when things are at a low and targets are not being met, inspire them with training sessions and ask them to come up with new and innovative strategies to change the game.
3. CELEBRATE STRENGTHS
Talk to your sales executives one-on-one and understand and highlight their strengths. Then, look at how you can work together to showcase those strengths and use them for the larger benefit of the team and company. Studies show that employees who are given a chance to play to their strengths are more productive.
4. EXPRESS GRATITUDE
Never stop thanking your team. Send out notes of appreciation for little things; acknowledge when a team member has put in extra time or is working under constraints or personal pressures. These small touches go a long way in showing that you care. Also, extend the culture of gratitude to the whole team- encourage them to thank each other as they work together.
5. MIX THINGS UP AND HAVE FUN!
All work and no play makes a Jack a dull salesboy. Instead of sending out insipid ‘thank you’ emails, make it an enjoyable activity. Have a monthly get-together with contests, activities, and a potluck luncheon. Offer fun rewards to employees who meet their targets- maybe a day at the spa, or tickets to a movie or ball game. When the rewards come in fun and interesting packages, your team will work harder to receive them.
Not every sales call turns into a success. Sales executive often have to deal with rejection, and if you are new to the sales process or just starting up in business, rejection can be tricky to deal with. Here are a few tips on how to cope with the ‘dreaded R.”
1. KEEP YOUR COOL. We know it is hard when a prospect makes a dozen demands, badgers you for time and asks for lengthy presentations, only to give you thumbs down. You probably feel like punching them, but whatever happens, keep your cool and be polite. Thank them for their time and the meeting. You never know when your paths may cross again.
2. DON’T BEAT YOURSELF UP OVER IT. Think of a rejection like a bad breakup- the sooner you get over it and focus on what lies ahead, the better! In order to do so, do not blame yourself incessantly. Rejections happen. Take stock of what went wrong and see how you can improve. Did you give away too much information and not ask the prospect what they wanted? Tone it down. Did you misread the prospects requirements? Be more careful in future. Also, don’t dwell on invalid or baseless rejections: for example, a no from an angry or frustrated prospect. Shrug it off, move on. Do not take it personally.
3. CHECK YOUR EMOTIONAL INVOLVEMENT. When you build a relationship with a prospect, you may become emotionally attached- and this is where obligations creep in. You may feel that the prospect is buying out of remorse or compulsion, or conversely, you may close at a much lower rate for fear that the prospect will stop liking you. Keep the personal and professional aspects separate, and focus on selling the benefits of your product- this way, you can sell even to your best friend.
4. DO NOT BE AFRAID TO APPROACH THE BIG GUYS. A lot of times, sales executives are afraid to approach the real decision makers and top management, because rejection coming from a higher level may seem to carry more weight. You should not consciously avoid speaking to them. Remember, they all started in the same position as you and worked their way up. Plus- you also get a chance to make an impression and establish contact.
What you need to remember is that rejection can happen to the best and most experienced of sales people- sometimes the prospect is just not the right fit; or maybe they are just not ready for your product. Sometimes, it could have been a lack of information or a wrong approach. Whatever the reasons, walk away learning something more from the experience, and the next call is sure to be a success!