Sales Training London How Do You Make Money When You Lose the Sale

Guest post by: Marcus Cauchi
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Sales Training London: Why Aren't You Making R.E.C.O.N. Calls to Your Customers to Keep Them - By Marcus Cauchi

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

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Sales Training London: Why Aren't You Making R.E.C.O.N. Calls to Your Customers to Keep Them - By Marcus Cauchi

About the Author: Marcus Cauchi

RSS for Marcus's articles - 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.
Click here to visit Marcus's website.

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