Just because an opportunity stopped moving forward doesn’t mean it is a dead deal. There are many ways an opportunity can stall including: competitive offer, meeting no-shows, or lack of follow-up.
Competitor Mentions
When researching technology, buyers often encounter tons of information about available options, including those from your competitors. But they don’t always get the full picture of how one solution compares to another. When a competitor is mentioned on a sales call, it’s vital to highlight the advantages of your product over that competitor’s product.
Listening to the total message shows the prospect you are genuinely interested in what they are saying. “I understand you are familiar with the competition, and I know them well… they have some nice features, and we have some amazing benefits.” The buyer doesn’t have to make a tough decision of telling you no… He’s happy he made you happy.
Meeting No-Shows
A certain percentage of prospects will always fail to show up for the meeting, but you shouldn’t let them slip away. Set up notifications in your CRM for prospects that didn’t show up to meetings to reach out to them by phone and email immediately after meetings for the first seven days. It is important to keep your product or service top-of-mind and increase the likelihood of the meeting being rescheduled.
Lack of Follow Up
When a stalled opportunity is identified (e.g., no movement for 15 days) due to a lack of follow-up, send an email that includes a clear call to action. “I’m following up about your email from November 23 to determine next steps.”
Follow up can turn a “no” into a “yes.” Some prospects might be stalling because they are afraid of making a bad decision. Most sales don’t occur until after the tenth “no”; and most sales reps quit after only two or three noes. Prospects are busy. Chances are they already have something similar to what you sell, and it works fine. They need to be sold why your program is better than what they have. What improvement to their results will switching to your product provide?
Switch up your method of contact. Send an email, a voice mail, a text message, pick up the phone, send a fax, or send a greeting card. Always provide additional value when reaching out to buyers. Follow up demonstrates you are serious and can be trusted.
Remember, when the sales process gets stalled, do not give up. Regardless of the reason for the stall, utilize the above tactics and Heat Up Your Sales!
