Listening is the most important skill for anyone one in sales. You have to listen to the prospect and hear any warning signs of spinning your wheels. When you are first beginning to launch a new product or service it can be all consuming and just the hint or wiff of a potential deal can be so exciting that you will try to make it work even when you might be better served by walking away to focus on another prospect.
Below are a few key indicators that you need to walk away and re-visit the prospect in the future.
The Show Me What You Got Mentality
ISSUE: You are speaking with a prospect and they are hardlining you and saying that your product or service is a dime a dozen and if you want their business you will have to “show them what you got.” Let’s be honest every product and service is similar to a certain regard. The issue with these prospects is they are never going to be happy because they aren’t actually hurting for the niche you’re filling.
SOLUTION: Tell them it sounds like they have a few partners to evaluate before they’ll be ready to make a decision and that you actually have a few deals that are ready to pull the trigger and move forward. Provide them the contract or demo if needed and then set a calendar invite to check back in 4 – 6 wks.
You Aren’t Talking To The Actual Decision Maker
ISSUE: You’ve got the lines of communication open with a key member of the team at X company, however once you started the conversation it’s like a game of telephone.
SOLUTION: Escalate the relationship – Example: “Hey Bob, in an effort to really get the ball rolling why don’t we set up a meeting with your COO and my SVP of Sales, what does their calendar look like next week?”
The Deal Is All About The Cost
ISSUE: The prospect is nickle and diming you over every line of the proposal and when all is said in done the deal is less than your ideal average deal size.
SOLUTION: Stick to your guns and let them know your time and effort is valuable and that at the current ask you can’t justify the flexibility or discount at this point in time. Walking away feels like a loss at first however when you look at the numbers and begin to see your average deal size increase because you are picking your customers rather than them picking you, you will thank yourself.