Have you ever worked super hard to close a new lead only to lose the sale?
What if I told you that losing certain clients should be counted as a victory instead of a feat? And that it might even benefit you in the long run?
Today I will be discussing a touchy subject -Why it's ok to lose some clients and the TOP questions you should ask to not only grow your business but build long term and profitable client relationships
So when building or growing your business you might think that any client is a good client, but that in actual fact is not true.
Your product might not be the right fit for them. If you persist in selling to them, the relationship and purchase cycle will be very short-lived
Don't believe me? let me share some interesting stats with you.
50% of sales time is wasted on unproductive prospecting
Increasing client retention by as little as 5% can boost profits by as much as 95%
Studies show that salespeople do 80% of the talking during a sales call. They’re not asking the right questions, and they aren’t listening.
It's much more important to firstly KNOW who your ideal client is and to secondly, UNDERSTAND what their pain points are. Lastly, it is vital to determine if your product actually can solve their problem.
So, how long do you spend listening and engaging your client before recommending your brand to them?
If your answer is anything between five and ten minutes, you might be surprised to know that that is too short a time.
Here are my TOP 6 Tips and insights on determining if a client is ideal for YOUR BUSINESS and when to let them go:
#1: Every client has a story.
You need to get to know your client’s past, present and future hopes to understand their pain points
Let's say you are selling a health-related product. Before just jumping in and asking why they need it, rather start by asking something like: "Can you tell me a bit more about your health journey?" Or "Where do you see yourself health-wise in the next few years?".
You will be able to obtain important information like WHY they want to purchase, what has or hasn't worked and what they are looking to gain from this purchase/journey
#2: Don't assume your client’s pain point.
This is especially true for salespeople and it ties in with effective listening. I cover the subject of effective listening in a YouTube video which can be found on the 360 Marketing Solutions channel or here.
Very often a client will start explaining their frustration or pain point to you and instead of listening and asking more questions, you jump to a conclusion and a solution.
Test your understanding. Do this by saying for example, "Am I right in saying you were most frustrated with the fact that your previous supplement did not increase your energy levels?".
If you are not sure about their pain points you need to ASK MORE QUESTIONS!
When you base your sale on assumption you are very likely to fail.
#3: Focus first on the client and secondly on the solution.
Once you understand your client's needs, you can determine whether your product is actually suited to your client. Now, this is where it gets difficult. Sometimes your brand just won't be suited to your client or their needs.
By referring them or suggesting something else, you not only prove that you care about them but you increase the chances of referral.
I remember fitting a very expensive evening gown, the assistant understood my needs and told me that they don't really have a suited dress but she is still happy to help me try on the dress I looked at or refer me to someone that can help. I didn't buy from them, but I referred other friends.
This not only ensures a happy client but saves you the agony of working with a client that is not suited to what you offer.
#4: Know your worth.
When running a business you might be faced with clients who want to pay less than your current pricing.
You need to first ask yourself - WHY your client is asking for a discount?
When clients are not willing to pay your price, their perceived value of what you offer is lower than the actual value You aren't meeting an exact need (so they don't see it as a necessity)
Or they are JUST NOT YOUR IDEAL CLIENT
When selling to the wrong audience you will always have to justify your pricing and explain your value.
If you want to know more about the importance of finding and selling to your ideal audience, click here.
#5: Not closing the sale immediately sets you up for success later.
Old school sales techniques teach you to always be closing. But in truth, depending on WHERE the client is in the sales funnel, they might not be ready to purchase - and that's okay. Maybe they need some more info, maybe they don't trust you yet or maybe you haven't identified their exact need.
If this is your IDEAL client but you still need to do some work before closing the sale- take my advice - DON'T FORCE IT.
A forced sale never results in a happy long term client.
Invite them to an informative webinar or send them a special on a product they were interested in. When they DO purchase they will be more likely to make a bigger purchase and invest in your company long term.
#6: A successful sale is not a sprint, it's a marathon.
When you start approaching your sales like a relationship that you value and care about. When you start to consider your client and their needs, selling will turn into helping and your client will be happy to pay you.
You need to be prepared to invest yourself, time, knowledge and passion every day. Even though you might not see an immediate return on investment.
BUT when you do, you will see sustainable growth and your clients will build your client base for you.
The more you focus on the value you give, the less you will have to focus on the price.
If you want to know more about sales tips and how to grow long-term client relationships, go watch our YouTube video by clicking here.
If you need some help with YOUR digital marketing strategy, you can head on over to our website by clicking here. We offer a complimentary 30 min discovery call to help you determine the best course of action for your business to set you up for success.
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