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According to the Altify Buyer/Seller Value Index, the average salesperson who closes $1m, wastes $218,000 a year on lost sales. That's €197,000. In pounds, it's... it changes too often so let's not go there, but it's a lot!
Well, today, it's £174,500 - and closing that much extra revenue per year would make a big difference to most of us. In simple terms, the stats say that for every deal we win, we lose four.
Where do salespeople go wrong?
But why? Well, thinking of the people I've come across during my 20 years of selling, managing, training and consulting, I'd say that too many people have absolutely no idea how to win a sale. Sure, they have sales skills, ask great questions, gain commitment, and so on. The problem is, there's no strategy. Many salespeople know the little bits which contribute to a sale, but what they miss, is the master-plan to manage the sale through to the close.
And the key thing here, is that we don't clearly know how to use our skills if we don't know the direction we need to take our communications in to win the deal. As a salesperson, I need to have a clear view of where I am with the sale at the moment, and, more importantly, what needs to be done to drive it forward.
And this is where SPACECHAMPS™ comes in.
Overcoming the problem
SPACECHAMPS™ is Navanter's win-plan tool, which helps us to have a comprehensive strategy to win the sale. It's a list of the 10 key areas we need to know about in order to progress the sale. For the salesperson who has this knowledge, the strategy is clear. Miss anything, and the salesperson is in the dark about where to go, and relies a lot more on luck to win the sale.
SPACECHAMPS™ as a sales tool
SPACECHAMPS™ reminds us to ensure we have all this information. If anything is missing, put it in your sale strategy to fill in the gaps, even if it's "bad news" - because if it's "known" then you can do something about it. Find out that the decision maker is on the other side of the world and best friends with your competitor? Then find a way to engage that person and bring them round to your way of thinking. Realise that your prospect's competition is ahead in a key area? Show them the link between your product/service and that deficiency. You get the idea...
Here's the complete list of info you need to develop your SPACECHAMPS™ win plan...Sponsor
Who can sell with me from the client's side?
Power
Who’s able to make the decision? And more importantly, how will it get made.
Aware of needs
Do I actually know what the customer’s needs are in the context of their business?
Competition 1
Who am I competing against for this work? How will I differentiate myself?
Emotion
What pain is the customer experiencing which they desperately want to solve?
Competition 2
How is the customer competing against in their market? How can my solution give the customer an edge?
Hoops
What hoops do I need to jump through to get the contract signed?
Agreed criteria
What do the prospect and I feel is important to success?
Money
Has the client got budget signed off? How much is there available for this work?
Potential
Is this a one-off purchase, or could there be more?
Schedule
When can we start work? And when do we need to finish the work by?
If you're a salesperson, make this into a habit. If you're a sales manager, let SPACECHAMPS™ guide your one-to-ones from now on as you help your employees to strategise and win more business. You've probably got a lot of the sales skills you need already - it's time to put them to work effectively.
