6 Reasons to Walk Away from a Deal
Why do successful salespeople walk away from a deal?
When you get someone to talk and spot a possible opportunity, it’s like the die hard sales mentality sets in. You never give up on your prospect.
Sales professionals are confident enough to know when they should walk away from an opportunity if certain red flags appear.
Here are 6 reasons why it’s important to know when to walk away from a deal.
You have one contact in the account but they refuse to let you speak to anyone else.
You’ve been hired to solve a problem that someone else owns and they just want somebody who can get the job done. They don’t care about your input and you’re not really in control of what happens.
This makes it difficult for salespeople to sell on the basis of value. Their job is usually just to get the best price possible, no matter how good or bad a solution might be.
If you can’t find one person who feels the pain or would be helped by addressing that issue, then don’t take action.
Claiming that the competitor wrote (or helped to write) the RRP is just an excuse.
When one of your competitors has helped write the specification, they’ll make it difficult for most vendors to meet – except theirs.
If a company is this far along in their buying process, you missed the opportunity to influence them and there’s no way you’re going to win. Many software companies have a “no bid” policy for RFIs or RFPs that salespeople find out about when they arrive by mail.
I have a customer who already has something similar to what I offer and they don’t want anything but the same or worse.
Some people in business are just too eager to talk and will take up a lot of your time. As salespeople, we like talking to them because they’re interested in what we have.
The key to convincing someone is making them see the benefits of your product over their current one.
The FBI has some great tips for salespeople. Here are five of them.
You don’t have the budget to work on this project, and you can’t find a problem that your solution will fix.
It’s an opportunity to sell even if there is no budget allocated. It might be a long-term investment for the customer.
If the number is too small for a business case, there’s no opportunity.
I can’t find any sales opportunity that is worth my time.
We’re always looking for easy opportunities, but we should be focusing on the ones that are large enough to get us over quota.
You have to ask yourself, is the margin worth it when you know that time and effort will be required for a new account?
Your product is not the right fit for this customer. It will require a lot of work to get it just right.
Some sales people will use PowerPoint to edit a screen grab of the software product, and add a button or field that isn’t available in order to make it sound like they can do something extra for their clients.
Usually, of course, the promise to develop new functionality is made with full support and knowledge from management. As sales people we could take this as a sign that if we can persuade them then we will get our commission.
Projects that are sold with the promise of huge one-off development work often turn into a financial black hole. If we’re interested in building profitable, long-term customer relationships that deliver ongoing commission for us, it’s best to resist the temptation to sell what we don’t yet have! We can either persuade our customers not to want features they know aren’t included or walk away from the deal.
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