Sales Leadership with Jim Pancero
Sales Leadership with Jim Pancero
How are you helping your reps get value from their lost sales?
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Too many reps come back to the office announcing “We lost the Phillips proposal because our price was too high.” A critical responsibility as a sales leader is to understand price is never a reason you lost. Price is only a symptom.
The real problem is your customer didn't see enough value (compared to your competition). If you offered a higher value than the others, your buyer would be happy to pay your higher prices.
What caused your buyer to not see your extra value? It could be you have a weak message when buyers ask “Why do I want to buy from you?” It could be your reps are not proactive in how they work your buyer through the evaluation and proposals offered. What about reps not focusing on the buyer's challenges and are just pushing their products?
These are all reasons why a customer would say your price was too high, even though your loss is due to something other than price. After all, the more of a differential in value you offer, the more of price premium they will be willing to pay.
Today’s video talks about how you can help your reps still get significant value out of their lost sales…so they can sell even more!
Are you helping your reps get value out of a lost sale? Hi, I'm Jim Pancero, helping you and your team be more effective in selling today. And the reality is too many sales reps are coming back to their managers and saying, "We lost the the Phillips proposal because our price was too high." A critical thing as a sales leader is to understand price is never a problem. Price is only a symptom. The reality is you lost the business. But the question is why did you lose it? Price is only the symptom of the issue of saying what was it the customer didn't see enough value that they were be willing to pay your prices for what you were proposing. This is the time for a manager to really evaluate with a sales rep and not accept the excuse that it's just our pricing that caused us to lose, but what was causing the customer to not see that value. It could be that you have a very weak message when the customer said, "Why do you want to buy from you?" that you didn't really have anything to say. Or it could be that you have a weak selling process, that you're not more proactive in how your reps are going through the steps and working a customer through the evaluation and proposals of what you offer. It could also be that you're not focused on the customer's challenges and just pushing product or that you're involved too late in the process. The reality is these are all reasons of why a customer would say they wouldn't buy from you or your price was too high. But look what happens. Those aren't price issues. Those are value issues. And the more of a differential in value you can prove, the more of a differential in price customers will pay.