A lot in selling depends on creating and maintaining relationships. Of course, it is important for reps to have in-depth information about their company’s products and their prospects’ businesses. But, at the end of the day, people buy from companies they also have a relationship with. Trust and relationships matter more than you think.
Buyers have also taken full control of the modern sales cycle. Successful sales reps today know they need to act like trusted advisors with prospects to simplify their decision-making process, understand their needs and behavior, and deliver immediate value. Else, they will lose the deal.
Good sales teams would also like to know how it can be prevented in the future. There are many reasons why your sales team is losing deals. Knowing them can help you take the steps necessary to deliver more value to your buyers and boost revenue. Step back and evaluate your sales process. Making one or more of the following mistakes could deter a prospect and even cost you the opportunity.
Reason #1 – Bad CRM data
Your CRM is extremely important to manage your customers effectively and enable your marketing team to do their job effectively. Reports suggest nearly 67% of businesses use CRM data to target customers and 94% of businesses believe their contact database is inaccurate. At the same time, the size of customer databases doubles every year. It is tempting to put off dirty data prevention for until something goes wrong. But studies suggest it takes $1 to prevent bad data from entering your systems, $10 to cleanse and dedupe it, and $100 if you do not take action. Effectively, bad data is as dangerous as having no data at all.
We already know that bad data can come from a variety of sources. But, is it possible that a few sources are responsible for most of your problems? To figure it all out, you need to spend time assessing the situation and look for easy fixes that could eliminate hundreds or thousands of issues with minimal effort.
Reason #2 – Unable to reach key decision-makers
Most decision-makers avoid sharing their contact information. One tactic such decision-makers use is creating temporary email addresses for downloading useful marketing materials or attending a conference. They use these email addresses to download gated content or to attend an event to avoid unsolicited sales calls. Dialing a wrong number or emailing an outdated email account will waste your SDRs’ valuable time that they could have otherwise spent selling. Sales teams end up spending as much as a third of their day dealing with bad data and inaccurate contact databases.
Many internal research teams and third-party data providers scrape websites for publicly available information may resort to generic, role-based email addresses when they cannot find personal contact information. As a result, you are more likely to have emails go unopened, see higher opt-out rates, and receive more spam complaints. All of these can affect your domain reputation and email deliverability.
Reason #3 – Unaware of their buyer personas
B2B buyer personas almost never get shared beyond the marketing team. Most sales teams go-to-market with one pitch targeted at a single buyer persona. B2B sales reps need to know whether they’re talking to the CEO or an IT admin and tailor their message accordingly. Naturally, these two personas care about different things.
In many cases, buyer personas only focus on buyers and not the users. This stops you from recognizing other important parts of your customer’s journey. This is crucial in B2B and subscription-based businesses, for which retention and upsell are crucial. Buyer personas are also often pulled out of thin air from an internal brainstorming session. Such personas do not help you make informed sales decision.
Reason #4 – Lack of personalization
Modern B2B buyers expect personalized experiences that take into consideration each of their unique challenges and priorities. Today, buyers can drop in and fall out of a sales funnel at any stage in the buying journey. Sales reps need to know who they are talking to (i.e. demographics, geographics, psychographics, and firmographics), where the prospect is in the sales cycle, how a buyer progresses through their buying journey, their pain points, and expectations. All this information helps sales reps tailor content, messaging, value propositions, and sales strategy more effectively.
Sales enablement tools like SMARTe Discover and SMARTe Enrich can help you drive conversions and wins. They make your sales process scalable, helping to provide that personalized sales experience that today’s buyers demand. Dashboards offer useful insights into real-time behaviors and into what prospects are looking for. To know more, schedule a quick demo!