This mistake cost them a multi-million dollar deal…

A client lost a multi-million dollar job because they didn’t take our advice. They’d bid for a job with a previous client. The selection panel consisted of five people.  Four had worked with our client before.  But they didn’t know the fifth one and more importantly, he didn’t know them.

They thought they were home free.

But they lost!  Here’s why….

 

Transcript

This is Rashid Kotwal.

Sometimes I hate being right.

A client lost a multi-million dollar job because they didn’t take our advice. They’d bid for a job with a previous client. The selection panel consisted of five people.  Four had worked with our client before.  But they didn’t know the fifth one and more importantly, he didn’t know them.

They thought they were home free.

But they lost!

Why? Because the fifth member, who happened to be the procurement manager did not know them. And did not feel comfortable with the level of detail provided and could not see the value for the price quoted.

So he vetoed the bid.

Our client made the fundamental mistake of believing the prospect truly understood the value being provided and could do the cost/benefit analysis.

But the procurement manager didn’t.

Explaining your value is a fundamental rule, which if ignored can kill the deal.

Explain why you’re different. And more importantly, how the value you provide is greater than the investment.

One of the best ways to highlight value and differentiate yourself is to tell your prospects in intricate detail what goes into your solution.

Tell them about your education and experience and why this is relevant in solving their problem.

Tell them about the materials you use. The processes. The quality control. Your guarantees.

Use case studies and testimonials from satisfied clients to provide proof that you can deliver.

And frankly, this applies no matter what you provide, be it a service or manufactured item. Your prospects won’t know what goes into what you provide so often can’t perceive the real value.

Remember, in sales while there’s usually only one person who can say “yes”, there can be multiple people who can say “no” if they don’t understand what they’re getting.

Agree?  Disagree?  Leave your comments below and if you’ve found this valuable, please share this with your colleagues and friends.

Before I sign off, if you want an edge selling significantly more to high value corporate clients, call me.  We’ll work together to hone your skill set and dramatically cut your sales cycle time.

Contact details are on our site revealedresources.com.

Till next time, this is Rashid Kotwal.

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By |2018-12-24T09:23:31+11:00December 28th, 2018|Practical Tips, Sales, Video, Video Carousel|0 Comments

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