My weekly sales tips are about success, winning, and outperforming the competition. However, part of success is an originator's ability to face disappointments, set backs, and lost transactions. It happens to every originator. Top producers can quickly pull themselves up by the bootstraps, learn from their experience, and pivot to the next opportunity. Success in the commercial equipment leasing and finance business is a numbers game, made up of more wins than losses. Top producers turn their losses into additional opportunities. Top originators focus on the "big picture" and never get hung up on a single lost transaction, because there are always new opportunities to capitalize on right around the corner, with the very next call or meeting.
I recently coached an originator who had spent nearly seven weeks working a larger transaction. The transaction had consumed most of her time. It was the transaction that was going to make her quarter and secure her a strong relationship with a vendor. The transaction fell apart in the 11th hour, by no fault of the originator. She was devastated. The loss put her severely behind for the quarter and her relationship with the vendor stalled. In addition, her backlog of other transactions had significant decreased. What were the lessons learned in her words?
Even when you have a large opportunity working, an originator cannot ever stop prospecting for more business. Home runs are great, but singles and doubles are a necessity.
When you are establishing a vendor relationship it must be about more than one transaction. An originator needs to be selling her overall value, and her desire to go beyond just the deal at hand. Do not wait until the first transaction is funded.
Every transaction has outside factors which the originator does not control; however, these factors should be known and monitored throughout the process.
The next step is to quickly get busy. To move forward, to gain knowledge from the loss, and to move on to the next opportunity. Be positive about the potential in the market and go out and close your fair share.
This originator quickly pivoted and started pursuing new opportunities. She doubled down with the vendor and moved that relationship forward and now has several transactions in process.The originator lost no time in getting back in the game. She turned a loss into multiple wins.
Survive- Thrive- Lead
This "Sales Tip" is provided by Wheeler Business Consulting.
