How to Make Customers Buy – The Art of Lost Sales Analysis

It doesn’t matter what industry you work within, being a good salesperson remains the same. As a company owner, if you are not converting promising potential customer into hard sales one of the best things to do is to conduct a lost sales survey and analyse the reasons behind it.

A Lost Sales Survey

It is important to understand every process related to your business. There could be multiple reasons why a person doesn’t make the jump to purchase with you. It is handy from your point of view, as the business owner, to understand why it was they decided not to buy with you. In addition to that, did they go and buy the same product or service from a competitor of yours, or are they still in the market? There are a wide range of questions that can get to the bottom of lost sales and work out how you can tweak your approach to ensure it doesn’t happen next time that same person walks into your store, or visits your e-commerce website.

Lost sales surveys highlight areas of improvement that you can make within your organisation to smooth the sales process and improve the rate of sales. A good survey report will also identify those customers that are still in the market for a product or service you offer, allowing you to follow up and try to get them to sign up with you.

Reasons Your Company Is Not Selling As Well As It Should Be

A lost sales analysis can pinpoint exact reasons that a person has chosen not to purchase from your company. There could be a wide range of reasons, including the following:

A Lack of Appreciation of Your Customer’s Needs – You need to fully understand your target market and the desires of individual’s. Tailoring certain products or services towards different types of customer will help you to make a sale, showing flexibility to your potential customers.

You Have No Defined Target Market – Tied in to point one, if you have no defined target market how will you know which approaches work best for different types of customer. Categorise and segment your current customers to work out how to tweak your marketing in the future.

Your Staff Aren’t Delivering an Effective Sales Pitch – Each customer is different and sometimes a single pitch that has been designed for all customers isn’t effective. Your staff should be accustomed to think on their feet and deliver sales pitches within certain frameworks, depending on the type of person in front of them and a range of other circumstances.

Flawed Sales Process – With each customer you have to be able to identify what their problems are and how you can solve them. On top of that your staff have to have specific product knowledge and the flexible patter to close a deal. Is your follow up process ideal for your target market? Another reason that sales are not up to expectation is you fail to follow up when a deal has been closed, losing potential retention of customers and possible referrals.

Understanding that the sales process in your business has to be continuously analysed and tweaked will go a long way to helping your company grow and evolve, meeting the needs of your current and future customers

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