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What REALLY Lost the Sale

Posted On: February 23, 2014

Lesser salespeople always have an excuse for why a sale was lost. The most common excuse is that “the price was too high.” Sorry, but that’s not it.

If the price really were too high, no one would be purchasing the product or service, and the company wouldn’t be in business. If the price simply was outside the prospective customer’s budget, the mistake was made by the seller: He or she didn’t accurately understand the customer’s needs and what the buyer was willing to pay.

In fact, here are the main reasons why salespeople lose sales:

The customer was loyal to someone else: Figure out why the customer is loyal to another provider and what your company can do about it. Is a competitor providing a better deal or better service, or simply appearing to do so? What can your business do to generate that level of loyalty?

Lack of connection: If the prospective customer doesn’t feel a true connection to the salesperson, the prospect is unlikely to buy. It’s simple human nature: Whenever we dole out our hard-earned money, we want to feel we’re getting a square deal. We want to feel assured that the salesperson is being honest with us, and that we’ll be better for purchasing the product or service.

Lack of perceived difference: If the customer doesn’t perceive genuine, definable difference between you and your competition, there is none. You need to define what makes you the best choice and make that clear to the prospective buyer.

If you’re not the best in at least in one category — price, quality, or speed — why are you even in this business? Figure out what makes you distinctive and promote it.

Lack of knowledge of the product or service: You should know more about whatever you’re selling than you know about anything else in your life. If you can’t answer every conceivable question about what your product does, how it works, how long it lasts, what warranties or guarantees come with it, etc., you have no business selling it.

Attitude issues: We touched on this before, but it’s always worth repeating: Your attitude means everything. The way you present yourself, your tone and demeanor, all make a gigantic impression on the customer.

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