If there is one common characteristic among sales people it is persistence. People in a revenue-generating role find it difficult to cut and run from an opportunity. In their mind, the prospect or market segment they are trying to develop just needs a little more effort to come around. So they are persistent, sometimes to the point of misspent money and effort.
Even when they realize there is a slim chance of converting their efforts into revenue for their business, persistent sales people leave the now-dead prospective opportunity on the “potential list.” That is when procrastination takes over. Failure to face up to the necessary thinning of the pipeline by some sales people and entrepreneurs ignores reality and prevents focusing on new opportunities. Instead it provides some false comfort to keep them on the list.
But most of this wasted effort can be avoided if we are honest with ourselves and practice the skills of qualification. Qualifying the prospective opportunity requires some probing into the situation and for some this is an uncomfortable activity. But if we approach it on a businesslike basis, it is simply an effort to make sure all parties involved are spending their time productively.
Qualifying the opportunity means determining that the people involved have the money, the need, and the authority to buy. This is easier said than done in many cases. Sometimes the best you can do is infer that you are not dealing with the real decision maker. This can be truer when someone seems to be the right person (or says he or she is) but there are some missing buying signals.
For example, maybe the prime contact indicates the need to consult a higher authority about some aspect of the proposition. Try not to lose control of this opportunity to join the contact in meeting with the higher authority. Have a standard reason you can use that supports your request to go to the meeting.
Perhaps the prospect is simply too nice to tell you to “get lost.” You may have developed a good working relationship and the two of you get along well. Maybe the prospect is enjoying your attention. In this situation the prospect will often delay by asking for more time to think about it. You find yourself making constant follow-up calls but seeing no real progress. This is the time to review the whole proposition with the prospect and ask what additional knowledge the prospect expects to learn by thinking about it, since you have answered every question and proven the value of your proposition.
Some prospects will delay the inevitable by pushing for changes in terms and conditions without actually intending to buy. They lack the forthrightness to tell you they are not truly interested. Perhaps digging into the reasons behind the repeated requests for changes in the “deal” may indicate the need to cut and run.
In these and other situations a sales person needs to become decisive. Yes, you are not working in a marketplace filled with an infinite number of prospects, and so you are not happy to be the one to break off the relationship. And it doesn’t mean you will never revisit the opportunity. Certainly do not burn bridges in cutting off your sales efforts with a prospect. Find a way to leave the door open and maintain your “right” to contact the prospect at a later time. But bringing reality into your current pipeline is an energizing activity.
So as you look at your year-end marketplace activities, be honest and ruthless about your opportunities. Classify your pipeline and work on those that are ready to buy. How do you know who is ready to buy? These are the people who have convinced you they have the money, need and authority. You will be convinced when you “vet” them properly and thoroughly. In today’s economy you cannot afford to do anything less.
