So often, a prior interest doesn’t end with a good close. Sometimes, there are lost opportunities. As a salesperson, how do you generate interest in lost opportunities? Today’s episode will talk about how you can turn “trash” to treasure!
Imagine this sales scenario: You are moving through the sales process with a new prospect and he/she is very excited to work with you. For some reason, however, before you get a chance to close the prospect loses interest. You’re not alone. A study from HubSpot shows that almost half the deals are lost due to budget and the other half is because of timing. Other reasons for a loss of interest are as follows are because of the lack of the prospect’s authority, no time to review or wanting more time to review the deal, and lack of urgency. Your deal became a back-burner item and it just fizzled out. Being diligent, you reach out multiple times but eventually decide that you can’t waste any more time and move on. At that point, you label the deal as a lost opportunity and end it. Think about all those deals and lost opportunities. Could there be a treasure in that trash?
YES! There is.
One company thought The Sales Evangelist was a lost opportunity. Donald’s sales team had used a particular software and actually liked it. With changes happening in the TSE organization and the pandemic, however, they didn’t get to use the software as much and canceled the service. In this case, Donald was already a customer but canceled the service to focus resources on more immediate needs.
Due to Covid-19, the software company wasn’t doing too well. Luckily, one member of their team figured out a way to move through it by looking at the list of people who had canceled their subscription. The company figured these cancelations were customers who, at one point, saw the value of their product. They asked themselves how they could re-generate interest and get these customers back.
Donald was one of the customers they reached out to. In one of Donald’s previous podcasts, he talked about making an offer so good, the prospects can’t refuse. Through that email, Donald got an offer he couldn’t refuse. The software hadn’t been overly expensive when he was their customer, costing $50/month, but the email invited Donald to come back at 50% off, $25/month, for 6 months. Donald was happy to accept the offer.
Had the software company focused on looking for new business alone, they would have had to educate new clients about their software and convince people to use their software. It would have been a much harder uphill battle. Instead, they had the wisdom to focus on the people who had already shown some loyalty. While it took some work to bring these customers back, it was far less than what it would have taken to look for new clients altogether.
Visit your CRM and look out for lost opportunities. Do your research and understand why they became lost opportunities. It is best if you know why they dropped your service and address the reasons why these customers dropped their accounts. There are many different ways you can spark their interest again:
All you need to do is be creative to ensure that you are offering great customer service while reinvigorating your accounts.
Remember that 25% of deals fall away due to bad timing and reasons will vary. As a salesperson, you want to be sensitive to the reasons why the timing might be wrong. Look at accounts at least three months after they decide to drop the service. This is generally enough time for your clients to self-correct any issues that may have prevented them from working with you further.
When you offer a discounted deal, let the prospect know it is only good for a limited amount of time to create some urgency.
Even if your customers aren’t ready to sign on again, at least you’ve been able to touch base and get your company in front of them.
Salespeople should be looking at the next deal but in times like these, it’s great to revisit previous accounts as well. Get ready to go on a treasure hunt!
This episode is brought to you in part by Crmble, the easy-peasy CRM for Trello that helps you manage your contacts and leads without investing in complicated solutions, sync all your data, manage custom fields, and get powerful reporting on your sales. Try Crmble now for free at www.crmble.com/tse. This course is also brought to you in part by TSE Certified Sales Training Program. It’s a course designed to help new and struggling sellers to master the fundamentals of sales and close more deals. It will help them elevate their sales game. Sign up now and get the first two modules for free! You can go and visit www.thesalesevangelist.com/closemoredeals also call us at (561) 570-5077.
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It’s your first day of work or you’re new to sales or your business and you’re getting some opportunities. You’re calling the prospects. You’re getting your way in.
Even if you don’t know anything much about the industry or the product you’re seeing success.
Is it beginner’s luck? I believe it’s more than that.
Luck is merely the place where opportunity meets hard work.
What makes new reps so different?
They’re eager. They don’t have preconceived knowledge. Whereas seasoned sellers feel so confident they don’t push themselves too much.
I listened to this podcast called How I Built This by NPR. In the show, they interviewed a girl who had no knowledge of the industry but she was able to build a thriving organization. Or the guys of Airbnb had no prior knowledge of hospitality. A lot of people don’t know what to do in the beginning.
What they had was not beginner’s luck, but hustle. When you’re new, you hustle and hustle because you’ve got nothing to lose.
And when you’re seasoned, you’re afraid you’re going to lose something. But how can you even lose something you’ve never had?
The beginners don’t have boundaries. They do stuff and see results. And as time goes by, the start to become afraid. They start to learn about the lingo and the processes. Someone tells them not to do it because it doesn’t work.
If you want to be a top performer, continue the hustle all throughout the process. Work late, work early. Do what you need to do.
Sometimes we get stuck in our old habits and this can keep us from opportunities. And what if you changed that? Break past that. The fears you have may not even exist. So stop falling back in your comfort zone.
Are there certain habits you need to break? What habits do you think you need to go further and beyond them?
Are you making 20 calls per day? You probably can do better than that. Don’t expect the same results from doing the same thing over and over again.
Don’t be afraid. Try new things!
Check out the TSE Hustler’s League.
Tired of PowerPoint decks? Use Prezi Business and your presentations will never be the same.
Are you absolutely sure that you’re not doing things to cripple your sales and goals in the end? Our guest today will shed light on the 10 Mistakes that Kill Sales Opportunities.
I’m bringing in Anthony Iannarino, the mastermind behind thesalesblog.com. His daily blog is dedicated to provide salespeople with the much-needed practical tips and insights every salesperson should know in order to help advance a career in sales. Anthony is an entrepreneur, writer, speaker, coach, and sales leader.
Today, we will dive deep into a blog post Anthony has written back in 2014 about the 10 Mistakes that Kill Sales Opportunities. Due to time constraint, we can’t discuss each one of them but we will delve into the most important ones.
Here are the highlights of my conversation with Anthony:
10 Mistakes that Kill Sales Opportunities
If you can’t find or create a compelling reason for your prospective client to change, you aren’t going to make a sale. No deal.
You have a great product? Great! But until you get the customer to agree that they’re unhappy in their current state, they’re not going to move forward with you because they’re not yet compelled to do that.
How you can push somebody to recognize that change:
They have to recognize it personally, but you can nudge them along the path so they can recognize it.
Give them a vision of:
How to earn the right to ask for a close?
Why is this important? It’s a violation of trust
What sellers can do to create a compelling reason for their customers to buy:
Don’t try to make up something compelling. Find out what’s already compelling.
Getting this information before sitting down with a decision-maker about it:
Why sellers have a tough time building the consensus:
Current projects Anthony is working on:
Book: 17 Elements: 9 Success Elements and 8 Sales Goals
Connect with Anthony via thesalesblog.com
Join the newsletter every Sunday
Scroll down in his site and sign up to get each post in your email everyday.
Anthony’s Major Takeaway:
Put the relationship above the transactions if you want to have lifetime relationships, if you want to be a trusted adviser, and if you want to stake out that position where you own all the opportunities.
If you put the transaction above the relationship, just being transactional makes you transactional. Your customer is going to treat you that way too because you set the standard.
Anthony’s blog on the 10 Mistakes that Kill Sales Opportunities