Seventy-four percent of salespeople complain about losing a sale because their price was too high. And 74 percent of them are wrong.

How did you lose the sale?

Why did you lose the sale?

Was it really price? Or was it you?
   
Losing the sale manifests itself in “blaming complaints” about: price, unreturned phone calls, bidding, loyalty to others and other blame-based excuses about why a sale does not take place, and the relationship isn’t being built. Ouch.
   
Here are the major reasons salespeople lose sales:
1. The customers were loyal to someone else. Your first job is to uncover what makes the customers loyal. What’s the real reason they continue to do business with someone else? Ask yourself if you and your company possess the same qualities.
2. Lack of real connection to or with the buyer. The prospective customer is looking for comfort, peace of mind and assurance
3. Lack of engagement. You weren’t able to create real, interactive dialogue.
4. Lack of perceived value. If the customer does not perceive genuine, definable value in your offer, then there is none.
5. Lack of perceived difference. If the customer does not perceive genuine, definable difference between you and your competition, then there is none.
6. Lack of relationship. When a long-term relationship is present, truth, trust and value are the basis of purchase.
7. Lack of hustle. Response time to a customer’s need for service and/or information are critical factors in purchase.
8. Poor salesmanship. This has fundamental flaws of preparedness and presentation skills. There’s an obvious lack of the questioning skills or sales strategies that create a buying atmosphere.
9. Poor attitude. The way you present yourself and your word choice combined with your tone and demeanor leave a HUGE impression on the customers. 
10. Lack of ability to reduce or eliminate risk. This may be the prime factor in losing sales. And the least talked about. The simple answer is: PROOF. Can you substantiate your claims?
10.5. Failing to do your BEST. Without a doubt, this is the BIGGEST flaw in salespeople. Whether it’s because of attitude, belief, self-confidence, preparation or follow up, executing at a level less than BEST leaves a huge opening for your competition to win.
     
“They took the lowest price,” is the most-often-stated “reason” for the loss of a sale.   STRATEGY: Get the customer to change the criteria of proposal submission in a way that is in favor of both the customer and you.

GIVE THEM IDEAS TO GET THE ORDER: Make the customers aware of the cost of buying inferior products as it relates to work stoppage and lack of productivity. Make them aware of the value of their image and reputation.

PROVE IT TO WIN IT: Make everyone competing provide a VIDEO testimonial for each item they’re selling and every claim they make about it. Document and prove elements like service response time, how friendly you and your team are, and how easy you are to do business with.

ASK YOURSELF: Why did you really lose that sale? What could you have done to make it?

Lowest price is the EASIEST excuse for a salesperson to make. Customers take lowest price because they perceive your product or service is the SAME as your competition. Not good. 

If you are sick of losing sales like that, then you better discover WHY they took the lowest price, and create greater value differentiation. 

“Jeffrey,” you whine, “But what about ‘bidding’? You know, the people who take three bids then choose the lowest price?” I’ve got some surprise answers about bidders next week!