If the prospect defines the problem, then low bid is the only way to win. Stop chasing deals you can’t win. The word BID stands for Be In Doubt about quality. Low bid almost always assures lowest quality. When the client defines the problem, they believe they know everything they need to know about the solution. Therefore, all they want from you is the price. If you are not the lowest price, why would you waste your time bidding? I have developed a formula for Success Probability. When I plug in the variables, if the probability does not exceed 50% then I do not play. As sellers, our attitudes and where we spend our time are critical to our success. Chasing deals you can’t win messes with both. Many of my clients have closing averages exceeding 80% because they only go after deals where there is a reasonable chance of winning. I am sitting in an airport lounge in Paris on my way back from India and I just received a call from a top seller for one of my clients and he told me that he was 800% of quota for the year and was working on a deal that would put him at 1000% of quota!!! Oh and did I mention that his closing average is 100%!!!!!! What would your life be like if you earned double or triple your normal income? It is not as difficult as you think.
Many organizations are realizing that squeezing suppliers has had an adverse effect on quality and are now looking for ways to determine Best Value, not lowest price. Kate Vitasek, founder of Supply Chain Visions, has a five step plan whereby suppliers and customers can create a true win win relationship where both sides profit. Take the time you save by not responding to those unsolicited RFP’s and use the time to develop relationships in your target accounts prior to any perceived need. Solution selling is commodity selling. If you want to differentiate, do it by providing a better solution to a more well defined problem. Sales superstars are masters at defining the problem and the process the client uses to choose their provider.
Apply my Sales Funnel® system to quality opportunities and you could be enjoying success that few dream possible.
Till next time
PS - Join my LinkedIn group salesfunnel.com for more conversations about selling.
PPS- I am happy to announce that Success Secrets of The Sales Funnel® Spanish version is now available as an e-book on my website.