Recently, I read an article by Jane Porter on losing a sale. It brought back memories of losing sales opportunities when I was selling sponsorships on the street and the lessons I learned along the way.
Sponsorship is all about partnerships and creating win-win scenarios. Too often, I see people go through the motions and not really work at sales. Then they can’t figure out why they never got the business. Some other property got “their” money.
Sponsorship salespeople need to build better relationships. That does not mean more gifts for prospects, more dinners at fancy restaurants, and tickets to sold-out concerts or events. It means helping prospects to achieve their goals. It means sending them articles and stories that will assist them in moving their businesses forward. It means giving them a lead for a new client or staff person when it is the right prospect for them. It means building a relationship wherein the prospect sees you, the sponsorship manager of a property, as a valuable relationship.
You help them. You consult with them. You make them successful.
When a prospect or existing client stops asking questions or coming to you for advice, you should be worried. It means someone else is providing them with advice. If someone else has filled your role, soon they will take your sale! Know your clients’ timelines for decision making. Even if it is not soon, still create a sense of urgency. Set timelines for steps toward the close so you can move the process forward. Failure to achieve small wins along this long road will cause you to be left out of the decision-making process. That’s another point. Know who the decision maker is.
So often, I encounter clients who think they are talking to the decision makers and then cannot figure out why they lost out to someone else. You need to know and manage the hierarchy or you will lose the sale.
There are two last issues that I often come across.
One is the “issue of price.” The reason we all object to price, is because we think we can get the same product for less somewhere else.
There is a difference in quality and performance between a Focus and a Lincoln. If I want a luxury car with comfort and all the bells and whistles, I will pay the extra money for the Lincoln. As a property, your products are different from others and you need to show why, along with how you can deliver results accordingly to overcome a price objection. And finally, watch for the brand that is “looking for a proposal.” When they want you to send them a proposal versus having a discovery session, your Spidey Senses should start to tingle. They already have a supplier and are just doing “due diligence.” They are price shopping or quote gathering.
If you cannot get a conversation or full discovery with them, you probably do not have a chance in the long run. I walk away from people who don’t have time to meet and talk about what they need. I know that, unless I understand what they are trying to achieve and the budget they have to achieve it, I cannot help them. So, I don’t build the proposal or submit.
These are just one person’s thoughts. Yours are welcomed as well, please comment below, and thank you for reading.
Brent Barootes