Here's your typical sales process scenario…..
It's the middle of the month and you are sitting at your desk reviewing the preliminary monthly sales forecasts submitted to you by your sales representatives. You note that for about the 10th month in a row you are still dealing with the same prospect you've seen lingering, month after month, again, forecast to close.
You and your company have put a lot of time and expense into selling this account. As each day, and month go by, you feel a steadily increasing pressure to close this sale. During one of your last meetings with the prospect, they inform you that they are not ready to move forward yet – leaving yet another one of your deals in a state of "limbo". In other words, they are not making a decision either way, which can be even more frustrating, as there is still the possibility that this deal could be lost.
Research shows that in sales, roughly between 60-80% of all lost deals are due to the client making no decision at all!
While you may want to scream and punch walls and curse at this point, even though it may make you feel better for a few seconds, what you really need to do is take a deep breath and take another look.
First, go back to the beginning of the process – have you been able to truly define clearly what the sales prospect needs?
Do you know the main road blocks that are causing the deals to get stuck? For example, ask yourself these questions:
- Are you honing in on fixing their "pain points"?
- Are you finding that way to reach them "emotionally"? (Click here to read more about what I mean by this)
- Is it more of an "internal" matter that you need to deal with – your own corporate lawyers, bosses, etc?
- Deep down, are you allowing the proper time to nurture the client and keep them not only in your sales funnel, but continually moving towards the end?
Each one of the above questions is CRITICAL to know the answers to.
Once you can pinpoint where the hangup is, you will better be able to find the correct solution to get the sales deal signed.
Also, keep this in mind, as well. If you are selling IT, for example, your core foundation and mission is to help customer utilize technology to help drive corporate goals. While it may seem that IT is a technology based, what it really is, is SERVICE based.
While reevaluating your sales process, make sure that you know the ins and outs of your company – it's "dynamic", it's "culture" – like the back of your hand.
There are many companies out there selling the same basic service or product. Never lose sight of what it is about YOUR COMPANY, and YOU SELLING FOR YOUR COMPANY, that can really help make or break the deal.