Moving into post 3 of this series of 4, we have established some reasons for the prospect to act quickly which they appear to have accepted. So far, so good. Until for some unexpected reason, we have been informed that we are no longer being considered as a supplier for this piece of business. We are now on the outside looking in. Before we start thinking about whether to go into turnaround mode, let’s just consider some of the potential reasons for them deciding to go with another supplier:
- Incumbent supplier has leveraged their relationship in the account
- Lower price
- Stronger track record in this area or sector
- Increased functionality or integration etc
- Ease of use
- Brand value (and confidence)
- Market presence/share
- Lots of similar profile customer references
- Clear upgrade path
Or worst of all, we were simply outsold. Our competitor dug a bit deeper on understanding the prospect’s pain, they invested more time and energy in developing the key relationships and they just got themselves into the trusted adviser space. The “no trust” reason for losing business is more about NOT achieving trusted adviser status, than in us necessarily doing anything wrong.
In assessing where and how it went wrong for us, do we accept that all decisions are emotionally led and supported by logic? In other words, people do things for their own reasons and find the logic to justify or support the decision. We can never win all of the business we work on and learning to focus on things that we have a degree of control or influence on is a good start. Before engaging with a new prospect, we should get our ducks in line and cover all the bases. After all, there is nothing worse than a lack of preparation costing us business we could have won.