Sales and fishing have a lot in common
If you think of sales and fishing, you probably wouldn’t think the two are all that similar, but if you take a second to reflect on it, they have a lot in common. Both require, time, patience, and consistency. Both have a lot more success with the correct training and tools. Both require the ability to cast a wide net. Both require a high tolerance for failure and competition.
Have you ever been fishing on a dock, enjoying the sunshine, casting and reeling in, but catching nothing, when along comes another fisherman and he lands a fish? How frustrating!
This happens in sales too. You may have been working with a prospect for months. You have done all the things you know how to do. In waltzes another sales person with the deal. What!!!???
This post is about overcoming the lost deal, improving from losing a deal, and recognizing that you did not have what the prospect needed.
We all lose deals because a family member of the prospect is in the business and that prospect is going to pick that person no matter what - we win deals like that too.
We all lose deals because our product isn’t the best fit for the client’s needs- we win deals like that too.
It can be a frustrating and puzzling feeling when we worked hard, used our best pitches and tools, built a relationship with a person, and didn’t get the deal. How do we know what went wrong? How do we know WHY we didn’t get the sale? We have to ask. If we don’t ask, we’re just guessing.
Over time, I’ve realized that the reasons for not getting the sale are basically the same and they fall into the same categories: relationship, trust, fit, and consistency.
Relationship- The client has a better relationship with the other salesperson. Whether they are family members, childhood friends, graduated from the same college or go to the same church- they just feel a closer bond with someone else. Once, I lost a deal because they felt someone else just understood them more- the other sales person brought the prospect’s employees popsicles on a 100 degree day. I had never thought to do that…. The prospect felt the other salesperson really understood that the employees work in the heat and a small refreshing break meant a lot to all of them. Very good lesson for me: know your prospect.
Trust- The client must trust your relationship. They need to trust that you are telling them the truth and that you’re trustworthy enough for them to share details (some possibly confidential) of their business with you. I’ve lost clients because of gossip many times. Someone else heard that I was meeting with the client and spoke to the client about it- they felt like I had breached their trust by not keeping our meetings confidential enough. This is an important lesson for you and for your team- people in your company who are not on your sales team need to understand the delicate balance of sharing information. I’ve lost sales because someone on my support team shared something they shouldn’t have. Business relationships are still relationships, and building trust is a key component of them. You and your team need to be clear on how you will handle confidential information and how you will build trust with clients.
Your client also needs to trust that what you’re telling them about your product or service is true. If you say, “Our product is a great fit for your business,” that better be true! You will gain much more trust and more business down the road by saying “I actually don’t think this is the best product for you- let’s try a different one.” Sure, maybe you don’t get that sale, or it’s a smaller sale, but your reputation as a trustworthy person will gain you more business in the long run.
Fit- Sometimes someone else’s product seems like a better fit for the client. Maybe it actually is a better product, or maybe they just understand the other product more. For example, I once lost a client because the other sales person broke down the processes step by step and even shared demonstrations of how the process would work. I thought our product was self-explanatory and easy to follow. Turns out, I was just more familiar with it and didn’t ask the client if they understood. Instead of just saying “Oh, we do that.” They actually pulled out their computer and walked thru all of the forms, all of the processes from beginning to end. That could have taken two hours to do, but if the prospect was engaged in learning the whole time, I can see why they trusted the process and the salesperson more.
Consistency- Have you ever lost a deal because you did not return a call, text or email in time? I have. But how can you be 100% game on all the time? You can’t. But you can use technology to make sure the person knows that you are working on what they need. When you go into a meeting, forward your calls to someone who can start the process. When you are out for the evening or weekend, send auto return emails and texts with actions that the person can take until you get back. Have your emails forwarded to someone who is covering for you. (You will have to do the same in return for someone else.) Normally, if you cannot answer a question right away, but the client knows when you will be back or that they can ask someone else in the meantime, they will not turn outside of you or your company to solve the problem.
Sometimes fishermen are fishy, but sometimes they just showed up more, learned about the fish they were trying to hook, took more time with the process and were a bit quicker and more agile with their reflexes. The good news - you can fish that way too!!