Top Sales Pros Know When to Exit Bad Deals (Money Monday) Podcast Por arte de portada

Top Sales Pros Know When to Exit Bad Deals (Money Monday)

Top Sales Pros Know When to Exit Bad Deals (Money Monday)

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 Have you ever been working on a deal where you had this feeling, this intuition, this Spidey sense – something in the back of your mind telling you that this wasn't going to close? That you were going to waste your time? Maybe you had one of the stakeholders who was against you – an enemy. There was a naysayer who kept calling you out. Maybe the stakeholders weren't engaged, or the incumbent vendor was so integrated into the organization that it was going to be very difficult to displace them. Whatever the case, you knew in the back of your mind that you weren't going to close the deal. But you kept working on it anyway. You rode that puppy to the ocean floor like the Titanic that it was. If you’ve done this, and I know you have, take heart because we've all been there. We've all had these situations, and we've later regretted them. Top Sales Pros are Quick to Walk Away From Bad Deals One of the traits of ultra-high performers that has always been true is that they're very quick to walk away from a deal they can't close – a deal where they've come to the conclusion that the probability of winning is so low it doesn't meet their threshold. The reason ultra-performers walk away from deals like this is simple: They know that the greatest waste of their time is investing it with the wrong prospect. The time they invest in a prospect that's not going to close is money down the drain, because it's time they can't focus on a deal that will close. But average salespeople? They hang on - hoping against hope that somehow, miraculously, things will turn around. In sales, awareness matters. You must always know where the exit is. There are two primary reasons why salespeople work on deals that are never going to close. Understanding these reasons is the first step to avoiding the trap. Reason #1: Is the Failure to Qualify Properly Too often, qualifying is treated like a one-and-done activity. We qualify the opportunity against our ICP. We qualify the numbers, budget, timing, urgency, and whether we're talking to a decision maker with buying authority. These are all quantifiable metrics that we can measure and check off our list. But ultra-performers take qualifying to the next level. Rather than treating it as a one-and-done activity, they understand that qualifying is never done. It's an ongoing process of awareness that keeps you tethered to reality in every deal. And their top qualifier, once they've checked off the must-haves, is engagement. Are the stakeholders engaged? Are the leaning in? Matching your effort, leaning in, answering questions, and working collaboratively with you? It's okay that there are some stakeholders who may be naysayers. That's normal in complex deals. But if you've got stakeholders who are enemies – people who are actively working against you – then your deal might be a bridge to far. Engagement is my number one qualifier. I'm constantly asking questions and giving stakeholders things to do to see whether or not they're engaged. If they're not engaged, I walk away because lack of engagement is a clear signal that you are not going to close the deal. Reason #2: An Empty Pipeline This brings us to the second reason salespeople stay in bad deals – desperation born from an empty pipeline. On Friday, Dennis J. Walker, who is a benefits consultant with USI, posted something on LinkedIn that perfectly captures this dynamic. Here's exactly what he wrote: Jeb Blount regularly states that you can't be delusional about your pipe, your prospects, your efforts, etc and be successful as a salesperson. This week one of the larger deals in my pipe definitely didn't progress the way I wanted- and it turns out one of the executives is what I call a "deal enemy" - he was actively working against me and my team. The last two meetings I've had with him tipped me off this could be the case; this week we had an incident that indicated he was actively working against ...
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