If your selling processes haven’t changed and your closing rates have dropped anyway, a well-known sales expert has two theories as to what’s hurting your business.

In his book A Seat at the Table, sales guru Marc Miller cites a recent MasterCard study where more than 1,000 customers were asked to rate MasterCard’s salespeople on a scale of 1-10, based on the service they provided.

Customers rated MasterCard’s reps an anemic 4.1. But when the company’s salespeople were asked to rate their own performance on the same scale, they gave themselves a 9.9.

Wait … What?

How does that happen?

Miller’s research points to two key selling skills that customers now place increased emphasis upon (and the majority of salespeople tend to overlook):

1. Strategic value: Strategic value refers to a rep’s (or company’s) ability to provide specific benefits that make the products and services being offered more valuable than competitors’. Many salespeople focus on a stock list of key selling points, while the best in the business tailor their value propositions to each prospect’s individual needs.
2. Service after the Sale: Of the customers who changed suppliers during the past year, more than half of them did so because of poor service after the sale. Over the past 10 years, competition in most markets has increased, on top of which, the down economy has created a cut-throat sales atmosphere, where companies are falling over one another to steal away buyers. In addition, a lot of companies are enforcing tighter restrictions on new purchases. One of the key side effects: Most prospects are reluctant to consider changing suppliers unless there’s a compelling reason to do so. In light of that, prospects are more interested in partnering with a sales organization they know is looking out for their long-term goals. Salespeople who focus on closing a one-time deal will more than likely find themselves out in the cold.

Source: A Seat at the Table by Marc Miller.

Tags: closing, closing rates, MasterCard, selling skills, service, Value, value propositions