Not all deals come to a close, so when a deal doesn’t close, how long should you wait before re-engaging the prospect? David Perry speaks in length about closing in today’s episode.
Re-engaging the prospects
- David is a big fan of value selling.
- Value selling is part of the training that enterprise sellers can go through. It is a value-based approach which is a seemingly simple framework on the surface but with a lot of power behind it.
- Looking at frameworks is helpful when conversing with other salespeople or whoever is involved in the deal.
- The more you look at the framework, the more you are able to see the things that are taking priority in the organization at a given moment.
- There are top three reasons why deals don’t close:
- The lack of access to power
- The lack of articulation of value or tying it to the key master sector business issue
- Sales reps, however, have a whole array of reasons why deals don’t close.
- Value selling is very difficult since every customer has their own view and perspective of what value is. You need to be able to translate that value for it to be considered value for the overall organization.
- Before re-engaging the prospect, you will want to make sure that the team has a clear idea of what the gap is. Brainstorm with the team about the issues and forecast the additional risks that you will have when you re-engage with a prospect.
- All the issues with the deal must be discussed with the rest of the team no matter how minute those issues may be.
- When you are having a problem re-engaging the prospect even when the deal is almost at the end of the line, it’s good to take a step back and identify the bad signal and whether it’s the lack of access to power or something else.
- At the end of the day, your first step is to call or email the prospect to try and get back on their calendar.
- Chapter 11 of David’s book, Game of Sales: Lessons Learned Working at Adobe, Google, and IBM, lists all the value sources that you can use as hooks for re-engaging and catching the attention of your prospects.
- With huge deals and with so much at stake, it’s normal to feel like the deal is dead several times over.
- Reaching an impasse doesn’t mean that you have to let go of the deal.
- It’s important to always be prepared no matter who you meet, especially if you are meeting with the executives. Make sure to learn what you can before the arranged meeting. Identify their style and make sure to adapt and adjust.
- Make sure to highlight the risks of the deal to the executives. Transparency is important.
“Prospecting: When a Deal Doesn’t Close, How Long Should I Wait Before Re-Engaging the Prospect?” episode resources
Follow David Perry on LinkedIn. You can also check out his book, Game of Sales: Lessons Learned Working at Adobe, Google, and IBM on Amazon or get the PDF here.
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This episode is also partly brought to you by Wingman. Wingman uses AI-software to empower remote sales teams with conversation intelligence, actionable insights on successful playbooks, and delivers real-time coaching.
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