B2B companies often face a common challenge - a large sales funnel, accompanied by a high rate of lost projects. While having a broad funnel may seem promising, the reality often paints a different picture. What's even more frightening is that frequently, the reason behind losing an opportunity remains unclear. There seems to be no real desire to find out, and a project being marked as 'Lost due to price' inside the CRM is accepted without further questioning. However, it is hardly ever the price that causes the loss of a project.<o:p></o:p>
It's important to understand why projects can be lost - and how they can be won. Let's take a look at some of the most obvious reasons. To begin with, let's ask some basic questions about your involvement in the project.<o:p></o:p>
Firstly, is the project even known and being approached? While this may sound like a silly question, unfortunately, it's sometimes valid. Have you missed a project that was available for engagement? Are you engaging with the project at an early stage, before the specifications have been influenced towards a competitor's advantage?<o:p></o:p>
Secondly, do you have a clear understanding of the full scope of the project? I recall instances where countries proudly posted their 500 k€ project win for a certain part of the project, but missed out on the cross-selling opportunities for other potential parts of the total 3.5 M€ in the project.<o:p></o:p>
Did you know that on average, customers begin involving potential suppliers when the project is 57% completed? Does this give you any ideas?<o:p></o:p>
Perhaps the relationships themselves need more attention. Make sure to identify all decision-makers and influencers, develop trustworthy relationships with them. Find out what is genuinely important to them, including any fears or objections they may have. Be aware of any risks associated with internal politics or hidden agendas. Continue to support your customers even when you know there may not be a larger project for a while. It is likely to result in positive outcomes in the long term.<o:p></o:p>
It's important to demonstrate the value your solution brings to the customer and ensure it is translated into customer business value.<o:p></o:p>
It's important to not only thank your customers for having awarded a project, but also to ask them why they chose you or why they didn't. Ask deep questions and encourage honesty. You might also consider involving a senior manager or executive sponsor to show your customers how much you value them.<o:p></o:p>
The role of self-belief in achieving success is more significant than many people can imagine. As a leader, you and your team must be fully convinced about the success of a project. This conviction will drive you to do the right things. Instead of indulging in self-doubt and negative self-talk, it is crucial to replace them with affirmations and positive statements that reinforce self-belief. I will cover this subject in more detail in a later article.<o:p></o:p>
How do you maintain high hit rates? Join the conversation and share our experiences and success stories in the comments section below. Together, we can inspire each other to improve our sales skills and establish long-lasting connections that stand the test of time!<o:p></o:p>
