Leaving Money on the Table

What is "Leaving Money on the Table"?

Leaving money on the table means failing to maximise your revenue potential in a given sales situation. It can occur in different scenarios in sales, such as not pursuing upsell opportunities, underpricing your products or services, failing to negotiate a fair price for what you offer or failing to follow-up with customers after a sale.

In essence, leaving money on the table is a missed opportunity to increase your revenue, which is vital for your sales success. Unfortunately, many salespeople fail to recognise when they are leaving money on the table, which can negatively affect their sales results. 

How Does It Happen?

Leaving money on the table can happen for many reasons.
Here are some of the most common ones:

• Lack of Confidence: A salesperson may not feel confident enough to pursue an upsell opportunity or to negotiate a higher price, leading them to miss a potential revenue opportunity.
• Inadequate Knowledge: A salesperson may not have enough product knowledge to suggest an upsell or justify a higher price, leading to missed revenue opportunities.
• Fear of Losing the Sale: A salesperson may be afraid of losing a sale and not push for upsell opportunities or negotiate a higher price, leading to missed revenue opportunities.
• Poor Follow-up: After a sale is made, a lack of follow-up may lead to missed opportunities for future sales or upsells.
• Poor Pricing Strategy: Underpricing your products or services may attract customers initially, but it can also result in leaving money on the table in the long run.

Now as a salesperson, your primary goal is to make the most profit you can in every sale.
So, how do you go about avoiding leaving money on the table?

What Can You Do to Prevent It?

To prevent leaving money on the table, here are some practical tips you can follow:

Know Your Products or Services Inside and Out: 

To prevent leaving money on the table, it's essential to have a deep understanding of your products or services to identify upsell opportunities and justify a higher price. Knowing the features and benefits of your offerings helps you recognise the opportunities to offer additional products or services to your customers. Being well-informed can help you justify a higher price, but also help your customer understand the value of their purchase.

Be Confident in yourself and your ability to close a sale: 

Customers can sense when a salesperson lacks confidence, which can lead to missed revenue opportunities. You must believe in the value of what you're selling and know that you can provide solutions that meet your customers' needs.
Confidence also allows you to suggest an upsell or negotiate a higher price without fear of losing the sale.

Listen to Your Customers: 

You must also listen to your customers to identify upsell opportunities that meet their specific requirements. 
Listening attentively to what your customers are saying and understanding their needs can help you suggest relevant products or services that fit their needs. By offering solutions that meet their needs, you increase the likelihood of a sale and reduce the likelihood of leaving money on the table.
Practice active listening which involves paying close attention to what the customer is saying and responding appropriately. This allows you to identify the customer's desires and provide relevant solutions that meet those needs. This approach can help you build trust with the customer and improve your chances of closing the sale.

Follow Up After a Sale: 

Following up helps maintain the customer relationship and creates opportunities for future sales and upsells.
A well-planned follow-up strategy can help keep the lines of communication open and help you identify additional revenue opportunities.
For example, you can follow up with your customer and ask them about their experience with your product or service, as well as if there are any other issues they would like to address.
Moreover, follow-up can also help you collect valuable feedback about your products or services. Customer feedback can provide insights into areas where you can improve, and it can also help you identify opportunities to offer additional products or services. By maintaining contact with your customers, you can build a relationship that lasts beyond the initial sale, and create opportunities for future revenue growth.

Learn How to Negotiate:

Learning to negotiate effectively is crucial to prevent leaving money on the table in sales.

By understanding your value proposition, doing your research, preparing your negotiation strategy, listening actively, building relationships, being confident and especially being flexible you can improve your negotiation skills and achieve better outcomes in sales.
Remember that negotiation is a process, and it takes time to develop your skills. With practice and persistence, you can become a skilled negotiator and achieve greater success in sales.

Be Strategic with Your Pricing: 

Setting a reasonable and competitive price for your products or services is essential, but it's equally important to consider the value you provide and the costs associated with producing or delivering them. Be strategic with your pricing, and don't be afraid to negotiate if it means maximising your revenue potential.
Consider the market and the competition when determining your prices, but always ensure that the price reflects the value of the product or service you are offering.
Furthermore, consider offering bundle deals or promotions to incentivize customers to purchase more. Offering package deals or promotional pricing can help entice customers to buy more than they initially intended, ultimately leading to increased revenue.

Overcome the Fear of Losing the Sale:

As a salesperson, it's natural to feel anxious about losing a sale. However, allowing this fear to affect your behaviour can lead to missed opportunities and ultimately, leave money on the table.

To overcome the fear of losing a sale, there are several strategies you can implement:

• Focus on the customer: By focusing on the customer, you shift your attention away from the fear of losing the sale and towards providing value to the customer. This approach can help you build a rapport with the customer and improve your chances of closing the sale.

• Be prepared: Take the time to research the customer and their needs, as well as your products or services. Being well-prepared can help you feel more confident and prepared to address any questions or concerns the customer may have.

• Embrace rejection: Rejection is a natural part of the sales process, and it's essential to learn how to handle it. Instead of viewing rejection as a failure, see it as an opportunity to learn and improve. By embracing rejection and using it as a learning experience, you can build resilience and improve your sales skills over time. Keep in mind that the best salespeople only close 5 out of every 10 sales.

• Maintain a positive attitude: A positive attitude can go a long way in overcoming the fear of losing a sale. Focus on the positive aspects of the sales process and the value you provide to the customer. Your input and advice not just your product or service. Maintaining a positive attitude can help you stay motivated and focused on achieving your sales goals.

• Visualise success:  Visualising success can help you overcome the fear of losing a sale by focusing your attention on the positive outcome you want to achieve. Take a few moments before a sales call to visualise a successful outcome, and you may find that you approach the call with more confidence and less fear.

Conclusion

To prevent leaving money on the table, you must know your products or services, be confident, listen to your customers, follow up after a sale, be strategic with your pricing, learn to be a good negotiator and conquer your fear of losing the sale. Remember that the key is to be confident, knowledgeable, and attentive to your customers' needs. With the right mindset and approach, you can increase your sales and improve your bottom line.