You're going to hate this and if you have a boss, s/he's going to have kittens at the very thought of acting on this advice. I don't suspect many of you will.
Consider this scenario for a moment. You pitch a company, you qualify them and you decide that you're not right, but they do have a genuine need. Or you pitch, they have a genuine need but your chemistry isn't right. What is that business worth?
Do you have a competitor you know is good and reliable in the area who might be better suited to winning that work. Why not agree to take 10-30% of their fee as a finder's fee and introduce them to that prospect you can't, don't have enough capacity to help or don't get a along with enough to work with?
Average order value: £10,000
Traditional approach - revenue £NIL Co-opetition: Revenue £1,000-£3,000
So get out there, kiss and make up with your rivals. Imagine if your close rate is as high as 4:10. That leaves 6:10 revenue opportunities unclosed and no money. If they close less than you at 1:3 that will give you up to an extra two thirds of 1 deal's worth of revenue (or £6,000) for every 10 you pitch for an don't win.
I'm sure I could have explained this more clearly but for those of you who do get it, I don't suppose it makes commercial sense. Then add to this the good will of them passing you their unwon prospects.
I don't suppose you would ever alert your competition to pitch opportunities when you know a prospect is going out to market to 3+ vendors to increase your odds of making some revenue? That would be going too far.
After all, you'd never COLLABORATE WITH YOUR COMPETITION.
(s) SALT (Europe) Ltd, 2006 Regards Marcus Cauchi Managing Director S.A.L.T. (Europe) Ltd The Experts in Lead Generation, Conversion & Retention Sandler Sales Institute, 180◦ From Traditional Sales Training©
Sales training London, sales management training, sales outsourcing, sales consultancy, marketing consultancy, guerrilla marketing, outsourced marketing, telemarketing, PR, direct marketing Frustrated that prospects squeeze you for discounts? Angry that they make you do all the work and then fail to commit? Sick of hearing excuses?
Sandler Sales Institute® - Licensed Franchisee Guerrilla Marketing® - Licensed Master Practitioners Mob +44 (0) 7876 616 983 Tel 0845 458 1237 (UK Only)
London1.Sandler.com
Sales Training London How Do You Make Money When You Lose the Sale - To learn more about this author, visit Marcus Cauchi's Website.
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Marcus Cauchi
(Visit Marcus's Website)
Marcus Cauchi is London's first licensed
Sandler sales trainer. 19 years in direct
sales, he's sold physical products,
services and intangibles with varied
success. Over 16 years he left behind over
£56 million in deals he could have won,
but did because he didn't know any
better. He thought you had to qualify for
needs, present the benefits of your
solution, trial close, follow up with a
proposal or further information and the
close. He learned the hard way that when
you "pitch" a prospect lies to protect
himself. When you present and answer his
questions, he'll steal your ideas. When
you close, he'll mislead you or defer to
a higher authority (boss, wife, CFO) and
then when he's got you to document in
writing (proposals) and give away your
confidential pricing, he'll shop that
around your competitors to get the best
deal. When you follow up for a decision,
he'll give you unlimited access to his
voicemail and hide. Marcus teaches
counter intuitive selling. Average clients
increase revenues by 100-1100% in a year.
He's probably not for you though as it's
difficult and expensive.
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Marcus Cauchi's
Complete
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