Losing the Big-One: Salvaging Lost AccountsWritten by Garrison Wynn
Losing Big-One: Salvaging Lost AccountsAfter careful consideration, we have chosen our vendor, and it’s not you.” Hard words to hear. That big deal, account you’ve been courting for months, has fallen to someone else. “We appreciate all time and effort you put into your bid. It was quite professional.” Yeah sure, they really appreciate your months of grueling work, but not enough to actually write you a check. You feel like you’ve just been elected mayor of Loser-ville. So what do you do now? At this crucial point, many salespeople make one of two mistakes: they either forget about this big potential customer (and time invested) forever or they make some desperate move that further cements their fate as Company That Couldn’t. “Hey wait-a-second Mr. Prospect, are you really mentally prepared to give me a final no? Hello?…. Hello?” (Never comment on a prospect's mental health). One thing that separates a good salesperson from a great salesperson is ability to become a backup vendor. In essence, positioning yourself as secondary supplier for account sets you up to continue to build a relationship with client, to someday win that business. Most companies want to have depth in their supply chain. Everybody likes to have options. Few clients will deny your last request. “Sure, whatever.” Maybe they don’t sound sincere, but they’ve just given invitation to keep relationship alive. Now you can go to work showing them what a great vendor you could be. One key thing to remember is to never criticize company that won business. If you talk bad about winning competitor, you are criticizing customer’s recent decision. Calling your potential customer stupid is not an effective sales tactic. Next, find out exactly why you lost deal. People typically don’t have much trouble telling you where you went wrong. If they balk, tell them that to be an effective backup vendor, you want to know more about their specific needs. Before long, you find out what you did wrong – and what you need to do right – to eventually get business. Every bit of detail you discover will help you win account one-day. Look for role you played in failed deal. You can also ask for referrals. You will be amazed how easy it to get leads from a company that just told you they have chosen another vendor. Then sell to other companies and get testimonial letters from them. Send copies and a thank you note to company who gave referral. Continue to build relationship just like you would if you were primary vendor. Put regular ticklers for client in your contact database (if you don’t have contact software, pick up your rotary phone next to lava lamp and order some now) and touch base with them. Keep reminding them that you’ll be ready when they need backup.
| | Ten Fatal Flaws Frequently Found from the PodiumWritten by Sandra Schrift
1. No clear purpose for presentation. What is point and focus of speech? 2. Not starting and stopping on time. Be flexible and be able to cut talk short if asked. Be in control. 3. Not dressing appropriately. Always be a step above audience. If it’s business casual, be a little dressier than casual. 4. Not knowing audience. Make sure you know what audience expects. 5. Not checking out your room. A/V equipment and seating for any potential problems. Give yourself enough time to make room right for you. 6. Not having good platform skills. Knowing your subject is not enough. You must have ability to excite audience and keep their interest. 7. Not having rapport with audience. Not doing your research to find out what really interests them. You will know that magic moment when audience is nodding with approval.
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