Let me explain. I recently downloaded a new Mahjong Tile game on my tablet. The game consists of tiles with various designs placed on the screen in a pattern. There are 100 or so tiles, four of each design. The goal is to choose matching tiles that are open on the side. So you can’t just choose matching tiles. They have to have an open side. The tiles are also stacked. You win by matching all the tiles. It’s not normally easy to do and you don’t always win…until this particular game. I’ve played over 50 times and have won every single time. It’s no longer fun.
There’s just no excitement or anticipation knowing you’re going to win!
What does this have to do with business?
Well, if you’re talking to a lot of prospects and they’re converting to clients every single time… that can feel great – at first! But at some point this becomes overwhelming — and dare I say, a burden. You and your team have to accommodate these clients for the long term. You need to have the resources in place whether it’s time, people, products or space.
So take a step back and ask yourself, why are all of your prospects hiring you? Is it because your sales conversation is so fine-tuned that they know you can solve their problems better than anyone else? Is it because you are the only person out there offering these particular services or this exact solution – and they must have it no matter what? Is it because your price point is so affordable that they can’t possibly pass up this incredible opportunity?
If you’re not sure why your clients have hired you – what was the driving factor or biggest benefit – ask them. If you discover that pricing is the number one reason your clients signed on with you, it could be time to raise your pricing!
Now on the flip side, if you get a lot of No’s, you might think that you need to lower your prices. But don’t jump to conclusions just yet! You may not be talking to the right people or your sales conversation might need improvement. It’s possible you aren’t conveying your true value to your prospects. Lowering your prices won’t necessarily improve your conversion rate!
Consider asking your prospects why they chose someone else. Keep in mind they could tell you the decision was based on pricing when that may not be the true reason. Pricing is an easy out for prospects, so either take their feedback with a grain of salt or dig a little deeper.
In any event, I encourage you to track the number of sales calls you conduct and how many wins and losses you have. This will help you determine when you need to make adjustments.
In parting, here’s a great quote I want to share with you:
“Winning is great, sure, but if you are really going to do something in life, the secret is learning how to lose. Nobody goes undefeated all the time. If you can pick up after a crushing defeat, and go on to win again, you are going to be a champion someday.” Wilma Rudolph