Sales reps in small firms often have to do much of their own work. They do their own prospecting, conversions, and account maintenance, and they have to keep track of a lot of things. When a prospect says “I want to cancel,” we find ourselves questioning our decisions and wondering where we went wrong.
On today’s episode of The Sales Evangelist, we share the story of one of our TSE Hustler’s League members who faced this very issue.
One of his marketing customers inexplicably cancelled the contract with him, and he was left wondering why.
When their business relationship began, they started from scratch. He created directories and set up an email platform to encourage customers to review her business.
In the midst of their efforts, the customer had a baby, so she was sometimes slow to respond to his need for information.
He set up tags in her emails so she could track her leads and prospects, and he set up her Google to sync with her CRM.
When it became apparent that she wasn’t very familiar with her own CRM, he learned the system himself so he could help her.
She told him she was happy with the emails he generated for her, and she referred him to other people. She even updated her credit card information with him.
Then, one month later, she cancelled.
When one of our members steps into the hotseat as part of TSE Hustler’s League, we first respond to the challenge by asking questions.
The client told him that she didn’t feel like she had seen any results from their partnership. He hadn’t met with her or spoken to her over the phone, and there weren’t any guarantees or metrics within the contract.
At this point in the Hustler’s League, we would typically provide our suggestions, and we’ll get to that on next week’s episode.
Today, though, I am asking for your feedback. What would you recommend he do in this situation? How would you respond?
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Nobody wants to lose anything of course. But do you care more about losing something rather than actually gaining something? This is something you need to think about if you want to achieve success in sales.
In last week’s episode, I mentioned that 74% of executives indicate that they give their business to the company that established buying visions as opposed to 26% who do a side-by-side comparison.
Today, we talk about value-building to establish what has been shared last week. One of the things our community members in TSE Hustler’s League wanted to focus on more was ways they can improve their ability to express value to their prospect.
See, if you’re closing only one out of five leads for example, there’s something really, really wrong.
Here are the highlights of today’s episode:
What is Loss Aversion?
It means being afraid of losing things more so than you care about gaining something. So you would rather not lose money than worry about gaining it.
People are 2x as motivated to change a behavior or make a decision to avoid a loss as they are to achieve a gain.
And this concept of loss aversion is common among many of us, including your prospects. Therefore, it is your job as a sales professional or entrepreneur to create that buying vision within your prospects so they can gain more success and generate more money.
What’s causing them to not move forward? What’s hindering them from being successful? Typically, the status quo of clients is that they’re losing out on opportunities.
This is where the idea of insight comes from where you bring more to the table something prospects may not know already. Show them and establish that this is not working. This is where they’re losing money. And this is where you need to fix things.
Obviously, your goal is to help them make money but it’s going to jump to them more if you can establish the loss, the loopholes, or the leaks within their company.
Share a story that can validate this. This helps your client create a buying vision by creating a picture in their head as to how their pain point can concretely affect them. Establish the loss. What are they losing right now by staying in their status quo. Help your prospect recognize their loss.
Today’s Major Takeaway:
Nothing ever worthwhile is ever easy. If you want to stand out, be different. Bring something to the table. Bring value and don’t look like your competitors.
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