What's your B2B company's average win rate? Not all prospects to whom you pitch a product or service will make a purchase. Some of them will inevitably reject your offer. Statistics show that the average win rate in the B2B industry is about 47%. For every two opportunities your B2B company has, for instance, it may win one of them and lose the other opportunity, resulting in a single sale.
Prospects who reject your offer are considered lost opportunities. Also known as closed lost opportunities, they don't have a desire to make a purchase. A prospect may say, "Thanks, but I'm not interested" during a sales call, or a prospect may reply to a sales email with a similar rejection message. Regardless, the end result is the same: The prospect has expressed a desire not to make a purchase.
Target High-Quality Leads
Lead quality matters. You'll have an easier time turning lost opportunities into new sales by targeting high-quality leads. High-quality leads consist of prospects that match your B2B company's ideal buyer profile. They work for the right businesses, have the right budgets and can benefit from one of your B2B company's products or services. You can source high-quality leads in-house, or you can partner with a third-party lead generation specialist. With high-quality leads, your B2B company's win rate will likely improve, and you can turn lost opportunities into new sales with less effort.
Inquire About Reasons for Rejections
Always inquire about reasons for rejections. Achieving a 100% win rate is a pipe dream. Whether you're selling products, services or a combination thereof, some prospects will reject your offer. By understanding the reasons for these rejections, though, you can turn lost opportunities into new sales. If you know why a prospect isn't interested in buying a product or service, you can respond with a solution.
Common reasons for rejections in the B2B industry include the following:
Address Prospects' Concerns
To turn lost opportunities into new sales, you must address prospects' concerns. Concerns are what discourage prospects from making a purchase. Assuming you inquire about reasons for rejections, you'll know prospects' concerns. You can then follow up with prospects to address their concerns and, hopefully, secure them as buyers.
If a prospect believes a product or service is too expensive, for example, perhaps you can lower the price. If a prospect is already using a competitor's product or service, perhaps you can explain why your B2B company's product or service is a better choice. Addressing prospects' concerns may persuade them to change their mind. Rather than rejecting your offer, they may agree to make a purchase.
Verify Decision-Making Authority
You can turn lost opportunities into new sales by verifying decision-making authority. In the B2B industry, decision-making authority is what drives most sales. B2B products and services are purchased by businesses and used for business-related purposes. Not all employees at a given business, however, have the authority to make purchases. Rather, it's usually C-suite executives and other high-level professionals who have decision-making authority.
If a prospect doesn't have the authority to purchase products or services for his or her business, the prospect will probably reject your offer. Prospects can't make purchases without the necessary authority. Verifying decision-making authority will allow you to check to see whether a prospect has this authority. Prospects without a C-suite job title, for instance, may not have the authority to make purchases. You turn these lost opportunities into new sales by identifying and reaching out to C-suite prospects at the same businesses.
Ask Again But Don't Be Pushy
When a prospect rejects your offer, don't give up. You may be able to convince the prospect to make a purchase by asking again. Try waiting two to three days after a prospect rejects your offer. You can then call or email the prospect to ask again. You don't have to rehash your sales pitch. Instead, tell the prospect that you want to confirm he or she is still not interested in your B2B company's product or service. Some prospects may confirm that they are no longer interested in making a purchase, whereas others may agree to choose your B2B company instead of a competitor.
A little patience goes a long way at driving sales in the B2B industry. According to HubSpot, the average sales cycle in the B2B industry is a little over 80 days. In other words, it takes about 80 days to generate a sale after generating a lead. Pitching products or services to prospects prematurely may turn them away from your B2B company. For a stronger sales process and a higher win rate, you need patience. Gradually nurture prospects into buyers.
Follow Up With a Promotion
For more sales and fewer lost opportunities, consider following up with an exclusive promotion. An exclusive promotion is something of value that's not available to everyone. You can give prospects a discount, a free product, a free upgrade or other tangible or nontangible items
Prospects who decline to make a purchase often need a little extra persuading, which is where an exclusive promotion comes into play. Prospects who are on the fence may proceed to make a purchase if you offer them an exclusive promotion. Even if it's a 10% off discount, it may be enough to persuade a prospect to change his or her mind. Therefore, you can use promotions to turn lost opportunities into new sales.
Don't underestimate the power of testimonials. If a prospect rejects your offer, testimonials may change his or her mind. Testimonials, of course, are positive reviews from former or existing buyers. You can showcase them on your B2B company's website, LinkedIn Company Page, sales emails, sales decks and more. If you encounter a prospect who's not interested in making a purchase, try to guide him or her to your B2B company's testimonials. Along with the other tips listed here, testimonials can turn lost opportunities into new sales.