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Evaluating why you have lost sales in the past, is the crucial first step when devising a strategic plan to increase your sales revenue in the future. Performing a lost sales analysis will allow you to identify where improvements in your sales strategy are needed, so you can re-evaluate your approach and continue to see growth in your funnel.
Below, discover 8 explanations for your dry sales pipeline:
1. You don’t truly understand what your prospect needs.
Recognizing your client’s needs and understanding how your top competitors are positioning their sales strategy, is crucial to your success. With this knowledge, you will be able to differentiate yourself by offering a unique sales proposition (USP). Tailoring your services or products to better match what your prospects needs, gives you not only the opportunity to diversify your services, but shows your customer you are adaptable.
2. Your target market is undefined.
If your revenue targets are not being met, it is time to re-evaluate your target market. To begin, categorize the various segments among your existing customers. Doing so will give you the opportunity to identify the similarities and differences between your customer groups. Subsequently, you will be able to recognize what aspect of your offer appeals to each group, so you can alter your services and/ or product to match their needs.
3. You haven’t properly assessed the cost value of your products.
You could easily be losing sales due to the poor cost value of the products you’re currently offering. No two customers are alike, so avoid losing sales by continually re-evaluating which of your products and services provide the best value return to each of your unique customers. Sales should never follow a ‘one size fits all’ mentality.
4. Your sales pitch is ineffective.
Similar to cost value, if your sales pitch is a one size fits all presentation, you need to implement variety. Customers’ needs and desires change constantly, so your sales pitch should follow suit. Each one of your prospects is unique, so tailoring your pitch to the particular person and their situation ensures you are addressing all of their needs.
5. You fail to follow-up efficiently.
An effective follow-up plan is critical when maintaining a thriving relationship with your prospect or client. Following up after a closed sale demonstrates dedication to your customer. Not only will this ensure an open line of communication in the future, but follow-ups are valuable when generating referrals from your current clientele. In addition, it is also important to follow-up with prospective clients during the sales process. Not only does following up with prospects keep up on top of their evolving business needs, but it allows you to continually act as a resource for products and services that may assist them at every stage of their career.
6. You fail to close deals properly.
Unfortunately, not all sales you pursue will close. To bridge the gap between open and closed sales, you have to ask potential customers what prevented them from making a purchase. By identifying the holes in your strategy, you can prevent future mishaps by taking a different approach in the future. Learn from your mistakes and adapt our sales process accordingly.
7. You do not possess adequate product knowledge.
If you are not able to fully explain all aspects of how your products and services will benefit your prospects bottom line, you have already lost the sale. A lack of product knowledge will create uncertainty and break the fragile relationship you have with your prospect. Trust is delicate aspect of sales.
8. Your sales process is flawed.
Take a close look at your sales process. Are you able to build a good rapport with the customer? Can you properly identify their needs? Do you offer them feasible solutions that will work for them? Did you close the sale? If not, your sales process is flawed. You have to identify the problem and correct it.
By identifying the factors that have cost you sales in the past, you can begin to devise a plan for the future. Performing a lost sales analysis with the eight factors listed above, will provide with the tools you need to re-evaluate your approach and continue to see growth in your funnel.
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