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18/04/2016 | Three Reasons You Aren't Winning Great Business

No matter what sector your business operates in, from construction to insurance and all that is in-between, in order for your business to grow it is important to identify prospects that are of a high quality. However, identifying key targets is just one issue businesses face in their quest to attract, and more importantly, convert great business.

But as with all things in business there are a number of barriers that can stand in the way of this.

Having worked for over 20 years for a number of businesses looking to identify potential growth opportunities, some of main reasons companies struggle to win great business include:

1. Failing to understand the needs of the prospect
We’ve all been there, you have identified a great new prospect and have begun strategically engaging with them. However while trying to convey the benefits of your business you have inadvertently committed one of the biggest cardinal business sins; you have failed to really understand what the prospect needs from you. Your business may be able to offer a prospect a whole arsenal of benefits, but if the prospects themselves haven’t identified the services you are pitching as something they genuinely need, the chances are they don’t need that particular product or service – at least at that time
The easiest way to truly understand the needs of a prospect? Ask them. Simply asking “what is really important to you?” may seem an obvious question, but it can be easily overlooked, and often yields the greatest results.
Step out of the way yourself with your words, get them talking and do great listening – all the clues are there!

2. Not understanding emotional signifiers.
It’s a much understood term that any sale is highly linked to the emotion of the buyer. So to effectively convert great prospects into great business it is important to identify and tap into such emotions. Asking questions is a great way to truly understand what motivates a business person; but the questions themselves are just one part of this. Identifying emotional signifiers from a prospect and mirroring them back showcases that you truly understand their needs, and are able to share their emotional business motivators. Key questions here include asking a prospect how they feel about a particular subject. Their response will prioritise what is most important to their business, while uncovering what really motivates them as a person.

3. Not asking for the business.
While this may seem obvious, it is easily forgotten. So often we work with businesses who have worked hard to identify great prospects, even securing a meeting with key decision makers within the organisation, but have failed to close the sale. Why? Often, this is because of a basic, but easily rectified error on their part. If you have received the emotional buying signifiers from a prospect it is important to keep them close. Making sure your prospect has all the relevant information, while understanding how and when a prospect will be making a decision is also important. If possible,
Stay away from questions like “I look forward to hearing from you” as it puts your much coveted ‘ball’ back in their court.

Creating any of the barriers listed above can mean that you are met with resistance from a prospect when closing the sale. At ROM Consultancy we have devised our bespoke Four Steps to Winning Great Business workshop, which is specifically tailored to helping businesses identify key prospects within their targeted sectors. The strategic workshop provides you with the skills and framework to build rapport, gain a deeper understanding of a prospect’s needs, while presenting your service/product compellingly - all uniquely placed to ensure you convert the sale.

For more information on the powerful benefits the Four Steps to Winning Great Business Workshop can bring to your business, click here

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