Sales is a challenging profession. Closing a deal takes time, effort, resources, and skill. Sales professionals know that hearing “no” is part of the job. You will get rejected a…
Sales is a challenging profession. Closing a deal takes time, effort, resources, and skill. Sales professionals know that hearing “no” is part of the job. You will get rejected a lot more than you will succeed.
Many deals get to a point where you need to start thinking about moving on. Should you continue to drive forward with a customer, or should you cut bait and move on to another prospect?
Many sales reps give up too early on a deal. Just because things become challenging doesn’t mean you can’t come to a mutually beneficial agreement with a client. Rather than give up, it’s important to make an attempt to salvage the sale. Don’t let your time and effort go to waste.
In this blog, Toronto sales recruiters take a look at some of the common signs you are on the verge of losing a sale and the ways you can salvage it.
Deals can go south quickly or they can slowly dissolve over time. No two deals are the same, but many share similar characteristics, especially signs that you may have a disinterested prospect.
Here are the top signs you could soon lose a sale if you don’t take action:
Notice one or a number of these signs? It’s time to take action and rethink your sales strategy.
You won’t make all your customers or prospects happy. But you do need to be prepared to fix the situation. Even if you have identified some common signs you are on the verge of losing out on a deal, you can still salvage it. Here’s how you do it:
Sometimes you may get the feeling that you are on the verge of losing the deal, but aren’t sure why. Rather than make assumptions or hold on until the deal is lost, ask the client for feedback. This is the most effective way for you to understand where they stand and what you need to do next to get the deal back on track.
The key here is to have an open mind. Don’t take the prospect’s comments personally. Simply seek to gain a better understanding of their perspective, where they are in the buying process, and identify ways you can reengage them.
Asking for feedback can also provide you with invaluable insights into areas where you can improve your sales process and strategy. If multiple prospects identify the same issue, it’s a strong indicator you need to review your sales approach.
Many sales professionals are guilty of talking too much and not listening enough. People have a tendency to tune out when the conversation is too one-sided. Are you talking too much? Are you giving the prospect the opportunity to ask questions and engage you in conversation? Are you too focused on trying to sell?
Listening carefully to what a prospect has to say will actually make it easier for you to sell. Listen to the feedback they offer. You’ll quickly learn about their pain points, timelines, and be able to better identify the products and services you sell that can help them. Ask great questions and listen attentively. You can learn a lot when you focus on being a better listener.
Taking the blame for how the interactions have progressed takes humility. It can also be just what is needed to win over the prospect and get the deal back on track. Admitting fault is powerful. You avoid playing the blame game, and you can quickly get the conversation back to where it needs to be – helping the prospect.
If you need to circle back, go to step one and start fresh. Review what you have accomplished to this point and start filling in the gaps you may have missed thus far.
If a prospect is about to jump ship on you, clearly your proposed solution was not in alignment with their needs. This commonly happens when you try to provide them with a standard solution rather than fully understand a prospect’s goals, needs and objectives first.
Create a customized solution based on the feedback you received. Focus on helping them solve their problems and move forward. A custom solution is always more effective than trying to sell them on your standard products or services.
Sales slumping? Having trouble closing? Looking for a new perspective? Check out these recent blogs from our expert Toronto sales recruiters:
SalesForce Search is a sales recruiting company which specializes in the recruitment and placement of sales professionals. We recruit salespeople in every sector of the economy including, software, manufacturing, financial services and medical devices. Find the right salesperson for your organization, start your search here.
With 10 years of sales, management, and recruitment experience across multiple industries, Jace has helped numerous businesses (including many Fortune 500 companies) build high performing, quota smashing Sales teams. Jace provides an honest and consultative experience, while helping his clients hire smarter, faster, and more confidently! When he’s not networking with Toronto’s best Sales talent, Jace likes to travel, snowboard, and watch sports.