Lost a prospect because they didn’t see the value you’d deliver?
As a small business owner, marketer, or salesperson, I bet you’ve been in a situation where a potential client has rejected your proposal and blamed it on price. A large percentage of the time it’s because they didn’t see the value you bring to their business. This can be discouraging, but it’s important to know why this happens and that there are ways to turn the situation around and learn from it.
Let’s go over a few actionable tips and strategies to help when your potential client doesn’t recognize your value.
First thing is first. You need to put yourself in your prospect’s shoes for a minute.
They’ve had a discovery session with you where you asked them a bunch of questions for the purpose of uncovering problems they need solved. I’m assuming you talked about what is currently working and the history behind their wins and losses. Then you created this amazing proposal that you are sure they will jump up and down over. Except, that didn’t happen. Maybe they just don’t quite get what you’re offering, or maybe they think it’s too pricey.
But they said NO Thanks.
- We are not ready to make that investment right now.
- It’s not the right time.
- We have other quotes to look at.
When you’ve reached this point don’t make any assumptions. The hard truth is you didn’t do your due diligence ahead of time. Somewhere along the way you missed out on addressing their concerns and answering important questions. You didn’t allow space for this to happen. If you put yourself in their shoes, how would you have handled the situation?
Your prospect expects you can address their concerns, handle their objections and show them how much value you bring to the table. You gotta ace this part. You’re the expert after all, right?
If this project is worth it, you have an opportunity to save it. What you do next will dictate if they say yes or no.
Understand the Prospect’s Perspective: They need to believe you can deliver what you promise.
When your at this stage of the game, you need to STOP and fess up. Understanding the perspectives of your client will make or break this deal. If they don’t fully understand your product or service, or maybe they don’t see the value in the price, you’re as good as out the door. So, ask permission to stop and revisit the situation so you can gain more clarity on what is being asked of you.
“Mrs. Customer, I need to apologize. The value of what I deliver must not be clear. I haven’t properly explained how this proposal solves your problem. Would you be OK if we revisited a few things? I really want to help you. Can you help me understand and confirm what I have missed?”
Here’s the thing, you can save this and table it as a lesson learned.
Tip: All objections need to be addressed BEFORE the proposal is delivered. By understanding their perspective, you can address their concerns in advance and provide more value. Something is only TOO expensive when you haven’t been clear on the outcome of your solution.
Communicate Your Value Proposition Clearly
Communicating your value proposition is key to attracting and retaining clients.
And it starts at the beginning of your selling process.
The problem I see is entrepreneurs shying away from pulling out the good, the bad and the ugly from the client in your client discovery session. That is what the session is for. Once you have all the data you need, only then can you map out a solution that will excite your potential client. Ensure that your messaging in your proposal is clear, concise, and addresses the needs and goals. What you deliver shouldn’t “cost” them money. It needs to deliver an ROI and be seen as an investment.
Tip: You’ll never see the word costs and investments together.
If you need to boost your proposal, adding customer success stories can help to showcase how your offering has helped others.
But I can tell you this:
- the confidence you portray in your service
- the clarity in which you explain what it solves
- how it solves it and
- added timelines and ROI
will close the deal. I often see clients look up testimonials AFTER they’ve signed on the dotted line as validation of their decision to hire you. True story.
Qualify Your Prospect Beforehand
If prospects consistently fail to see the value in your offering, it may NOT be your product or service. Don’t jump to the assumption something is wrong with your offer. You might be trying to sell to someone who you haven’t qualified – meaning they were never going to say yes anyway. Hey, looking at refining our services is never a bad idea. Using surveys to conduct a little market research and gathering customer feedback is the best way to see if your offer is a great one.
Stay Positive and Keep Learning About What Your Prospect Needs
As a small business, playing the long game, it’s essential to view every lost prospect as a learning opportunity. I do my best to ask those that said NO, why they said no. Use that feedback to improve your offering, and continue to refine your messaging and value proposition.
Losing a prospect can be discouraging, but it’s important to stay positive and learn from the experience. This gives you what I refer as ” bounce back ability“‘; that strong desire to keep evolving and refining what you deliver and who you deliver it to. By understanding your client’s perspective, communicating your value proposition clearly, qualifying your prospect, and continuing to learn and improve, you can turn the situation around and come out on top.
You have what it takes to succeed – and I’m here to support you every step of the way.
