#13 we need references RT @12Most: 12 Most Likely Signs You Never Had The Sale http://t.co/vQltajrY #12Most
12 Most Likely Signs You Never Had The Sale
We’ve all been there. We get ready to meet with a new prospect that we’ve been dying to meet for weeks, months or even years. We know our products, we know our competitor’s products, we’ve memorized our elevator speeches. And somewhere along the way, someone taught us Always Be Closing. We go in with our style tight, our mojo right and expect a sale (or at least a follow up meeting) by twilight.
whomp whomp
You hear news that makes you cancel the mechanical bull upgrade you wanted for the company picnic. That huge sale didn’t happen and yet you were so certain you had it in the bag.
Our view is that it’s best to disqualify yourself from a situation before you are too far “in it” which means to keep asking strategic qualifying questions to understand the true pain such that you can map the solution to the pain. We’ve outlined some signs for you to look for in the next go around.
“Getting to Know You”
1. Let me think it over
This is not really a desire to think it over. It’s a desire to back out politely without hurting your feelings. It often happens when you are not connecting with the true driver of this meeting: the customer’s pain. If you can’t demonstrate that you can understand, let alone articulate their pain, but you’re eloquent at pitching, then you’re not adding value or helping the customer identify the solution.
2. I will get back to you in a few weeks or months
The good news is that it’s better than #1. The bad news is that while you may have connected nominally with their pain, someone in their gut says that your competitor just may be a better option. If they tell you they will get back to you in 6 months, delete their number or contact details. Disqualify yourself as soon as you can from situations like this.
3. Lets talk again in a few months
Better than #1 and somewhat better than #2 as there may be interest in speaking again because you’ve uncovered some of their pain. The trouble is that there is no clear understanding of who is calling whom and for what reason. This is vague and not a good sign. You could certainly display initiative and “go for it” in a few months but be careful not to be too pitchy. Our advice here is again to disqualify yourself.
4. Wow, that sounds really expensive
Contrary to popular belief, price is never the issue especially if you can demonstrate that you are capable of solving the right business problems. It’s a stalling tactic and it’s an effective one because it distracts from the point of solving their business problem. A similar comment is “I have also heard your competition is 30% cheaper.”
5. This was a great meeting – I want to make sure that I keep you in my list of contacts as we have many projects coming up. Please send your product information to me.
Doh! This means absolutely nothing. We recommend saving rainforests and not sending any follow up brochures. To be polite, send them to your site or LinkedIn profile instead.
6. Tell me about your company’s history
This is not a capabilities request. It likely comes up when they are not certain why they should be meeting with you and so ask for background. If the question of why is in their mind and (or because) you can’t demonstrate you understand their pain and offer a direct solution, it’s advisable to “cut your losses” and move on to people who are a better fit for you and vice versa.
“Window Shopping”
7. Send me the proposal so I can present it
Oh dear. As in branding, you own your message. It’s not in your interest to let them state your case for you. This is likely shopping for information to compare with their favorite vendor or to perhaps maneuver you into a negotiating situation that isn’t tenable. Even worse, you’re not able to demonstrate your superior understanding of their business problem vis a vis the competition.
8. How is it that you are different to your competition?
Hmm. When asked this question, it’s because it’s hard to tell the difference in offerings/value proposition/likelihood of delivering best product. You’ve not successfully connected with their pain/emotional drivers nor have you presented in a way that it’s clear to them that your solution solves their pain. This is not a capabilities question because in their mind you are equal to your competitor. They are looking for an emotional reason to connect with you and you’re missing the mark.
9. No need for my boss to be here since I can sign off on the project
When you hear this, you don’t have the right decision maker in front of you. It may be a technically true statement but a boss can slash a budget just as quickly as a boss can make one. You want to make sure you’ve connected with the budget owner as well so that your project is saved and another’s is slashed or cancelled altogether.
10. Can we have a product demonstration?
We think this is a cart before the horse problem and a rather direct technique they use to get information so that they can negotiate with others or create an unhealthy negotiation session with you. To be clear, we don’t think it’s a bad thing to do so much as it’s better to ask and learn about their business first. You may learn that you’re not a fit and disqualify yourself before you give the demonstration thereby protecting your information.
11. We want to change our vendor
We find this one troubling because there can be inertia in changing a vendor. Your success depends on so many variables like how long have they known the vendor, who else in the company does business with this vendor, if the vendor’s President has a social relationship with the prospect’s President, etc. Once you’ve been fleeced of all relevant information, they will go back to their vendor asking for a discount or something else. And, the current vendor may fight dirty to keep the business.
12. We currently work with Schoolmate/Family Friend but we feel we’ve outgrown them
This is like #11. Though they may have proof that the schoolmate or family friend is doing an awful job, it’s a sticky wicket trying to “fire” them. Unless you can demonstrate Olympic style feats in your understanding of their business and the solution you offer, it’s best to move on.
What would you add or change about this list? We’d love to get a vibrant conversation going!
Featured image courtesy of Neilwill licensed via creative commons.
678 Partners
678 Partners helps senior executives find the revenue they didn’t know they had. Amir Rafizadeh, the Network Sommelier, creates customized strategic business development for his clients much like how one pairs a wine with a great meal. Over the past two decades, Amir has developed and mastered advanced rainmaker strategies that can create incremental revenue for his clients. Parissa Behnia, the Idea Chef, helps companies whip up meals in their marketing kitchens that delight customer appetites and make them come back for more. Her irrepressible imagination and strategic mindset are the salt and pepper of her business arsenal and are tools that can be applied to many industries.
23 comments
#13 we need references . Read. RT @12Most: 12 Most Likely Signs You Never Had The Sale http://t.co/vQltajrY
Oh dear ... some great learning here for a potential client too!
I know I have asked people to contact me in X months and actually meant "we will be ready to discuss this opportunity in X months" - and no, they did not call again - and when we were ready to consider the opportunity, they were not on the list either. What would you recommend in this situation to be sure both parties connect?
Another situation is the qualification/set up call where I am asked for 10 minutes of my time. I do have a problem that needs to be solved and so I agree - only to be told that the solution only fits companies with 100 seat in their call center or something equivalent. Good grief, how awkward is that? Surely you could tell from my company profile that I have less than 100 employees in total? If you cannot take the trouble to assess my potential that way, at least have your caller capture the profile and disqualify us before we find ourselves in an embarrassing conversation that wastes everyone's time.
And finally, on the subject of "we want to change vendors" - ask yourself - do you really want to be their "vendor"? We consider ourselves to be partners in our clients' success - our best clients refer to us as "partners" and we perform our best work in these circumstances. Partners don't "cheat" on each other - can you say the same when you are "just another vendor"?
@mightymeeting Glad you liked the post! Have you been in a similar situation? When you get a chance check out the other posts at @12most
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@deleted_112586_simasays Thanks for your comments Sima. To chase or not the chase is the question :) Thanks for stopping by.
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This is such a great post! These days we are dealing with a different buyer mentality and a longer sales cycle, so it is vital to know how to qualify a prospect up front with good probing questions. The qualification process, if done properly, can save you hours of chasing a lead that is just "window shopping" or "fishing". The points listed in this post are right on target!
I love sales, I love the hunt, but I hate when people waste my time. When I started in sales 15 years ago I used to get super excited when a lead came in. Now, I ask questions first, then get excited. It is critical to develop a list of 10 great (or 12 in this case.. hint, hint) questions to ask a prospect before spending the time to prepare a proposal. Probing also helps identify the prospect's needs and pain points. Once you've identified their challenges, frustrations and concerns it is up to you to showcase how your services will in fact address those pain points. In addition, if you can convert their pain into ROI - dollars spent versus dollars potentially lost in not using your services - then you are ahead of the game.
Last, with those questions be sure to listen, listen, listen. Being a good listener goes hand in hand with asking the right questions. By asking the right questions and listening to your prospect, you can eventually hone your sales skills and possibly sell a ketchup popsicle to a woman wearing white gloves. :)
@HelenLevinson Thanks for the great comments Helen. Right on the different buyer mentality and longer sales cycle. Thanks for stopping by. We are glad you agree!
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@HelenLevinson Awesome reply - btw - when are we finally going to meet?
Thanks for stopping by 12most - great to have business leaders like yourself here adding to the conversation.
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How about this..'we will add you to the distribution list for our RFP process'. UGH!
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Hi Sean,
#4 is a BIG red flag. While I do believe that there's sometimes an opportunity to educate clients, most of the time "wow, that's really expensive" is really a prospect saying they're not serious. Whenever someone tells me they can get the work done for less, I tell them to go ahead. Because you get what you pay for -- and my business is not for sale to the cheapest bidder.
Great point about #8. At the end of the day, we can differentiate all we want from the competition --but people do business with people they like.
@dariasteigman Love the part "if someone that can do the work for less, go ahead and use them". The more interesting prospects would think about that for a minute. When they start asking more about how you would do X and what steps you take to do Y, then you know price was not an issue, Thanks for your comments Daria and also thanks for stopping by :)
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Really cool post - a few things I've noticed over the years:
1. Never be the rebound guy after #11/12 (change vendor/former buddy vendor). That former vendor will never get back in the door, but they'll whisper in the client's ear every day that you're "screwing them" and "we never charged you for something like that" and eventually the client ditches you both for a third vendor... Be the third vendor. I've never had a good experience as the second vendor, because the ink on the "divorce" is never dry.
2. #7 ("how do you differentiate yourself") is an opportunity to redeem yourself. They're giving you one free pass to make a second attempt at speaking in their language. Just remember it's only one chance.
3. #4 ("sounds expensive") is an opportunity to take things out of the cart. The client says they want features, durability, and high end, but they really want the cheapest product available. If you can compete on price, do so. If you can't, run, don't walk away. My most common mistake here is not taking enough out of the cart - take the wheels off the cart, just be very clear in your documentation as to what he client gets.
@Tad Dunville Tad, taking things out of the cart? Would you mind if I can use that one going forward? Interesting concept. I actually really like that for #4. We have seen a few situations when the divorce (as you may call it) had not be really finalized but we managed to find out more about 1) why it happened (In the first place) and 2) more importantly what was the glue factor to make sure it was not going to happen again (none of the existing vendors had got this far). Despite the vendor (whether 2nd or 3rd saying what they wanted to say), we made the prospect see what they were missing and how the 2nd and 3rd vendor missed the opportunity completely. The vendors were missing some key pieces of strategy in their overall work which made the un-selling of the vendors amazingly simple. Thanks for stopping by!
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@wadvisor Thanks for the kind word and you're always welcome to use that phrase - I learned it from a friend some time ago. Best to you.
Dan, My fav is the product demonstration (#10), and how many folks we meet jump into presenting without knowing anything about prospect. Then prospect says, let me think it over (#1) or a combination of #2 and #3. Sales person wonders why 2 weeks/months later prospect does not return phone calls or emails since they had this GREAT presentation!
Pleasure of stopping by is all ours. A great BIG thank you for allowing us to stop by :)
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@deleted_91832_Sean McGinnis Sean love those questions, What, Why, How, When, Where and the like instead of let me show ALL the pens I have and BORE you to death. I am going to have to use that one in my future interviews with the sales people. Love it!
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I love #11 - It is sort of like infidelity and getting into a relationship with someone who already is.
So you are telling me that you want to change vendors, so I am going to work my tail off for you and then you are going to do the same to me?
How about we start the conversation off differently and discuss how my differentiated value and services will improve your situation? Let's get into the relationship the right way under the right circumstances.
Bottom line, your short term success may be just that, and you may become the next victim in their vendor infidelity LOL
Amir and Parissa, thank you so much for stopping by 12most.
Dan
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WOW I love that analogy, infidelity hmmmmmm great point (and it came from a man chuckle) @danielnewmanUV
@danielnewmanUV Pleasure was all ours sir. Thank you to you and Sean for allowing us to stop by :)
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