Re-gift Some Prospects To Competitors

Come on, admit it – you’re guilty of re-gifting and it haunts you every time you see the person who gave you the gift you secretly rejected. But what if the concept of re-gifting could be applied to strategically improve your sales performance and without any regret? Here is why I think you should consider giving some of your ‘prospects’ to the competition.

Time is the most important resource in sales. Our use of time, more than the number of available prospects in the market, is what constrains performance. The amount of effort required for winning small and more difficult deals is not that much different than the time and effort required in winning larger opportunities when there is value alignment. I see sales people regularly wasting their precious time with ‘prospects’ that represent a low probability of becoming customers. The best thing you can do as a sales person is to intelligently, not lazily, ‘qualify out’ of low probability business so you can invest heavily in the opportunities worth pursing.

The most successful sales people target well and then qualify meticulously. They out-invest their competition on the deals they know they can win. These are the opportunities where you have access to the right relationship to influence and create best value in their eyes, where you can discover and also influence their evaluation and procurement processes. And most importantly, where you can engineer a winning strategy.

How do you decide which prospects to re-gift to your competitors this Christmas? It’s simple – don’t become stuck or delegated down to people who exhibit these traits: They don't know what’s gong on in terms of timing, decision criteria and process. They are disconnected from real power. They endlessly ask for more information. They deny you access to senior stakeholders and decision-makers. They cannot explain the business case. They have no interest in discussing risk. They cannot articulate what the project or initiative needs to deliver in terms of business outcomes.

Be gracious as you cast your unsuitable prospects adrift as part of a deliberate strategy to treasure the time and resources of your organization. Wish them all the very best – it’s a small world and there is every chance they’ll be back if you do it right. Yes, you may also choose to move them into the lead nurture program run by marketing.

If you valued this article, please hit the ‘like' and ‘share’ buttons below. This article was originally published in LinkedIn here where you can comment. Also follow the award winning LinkedIn blog here or visit Tony’s leadership blog at his keynote speaker website: www.TonyHughes.com.au.

Main Image Photo by Flickr: comedy_nose

6 Questions For Sales Qualification and Discovery

I ran a workshop yesterday for one of the best technology companies on the planet and we discussed how to best qualify a prospect. Most sales people are familiar with some of these qualification frameworks:

But qualifying is not just about eliminating time-wasters and nor should these be framed as clumsy closed questions. Just because some of the answers to qualification questions are negative, it doesn't necessarily mean 'walk away'. We should explore whether it makes sense to invest together with the prospective client because maybe we could help them build their business case or positively influence their requirements.

The best sales people blend qualification and discovery to build understanding, trust and to create progression.

No-one likes being 'qualified' by a sales person so we need to nuance our approach by asking open questions that uncover the truth concerning qualification elements. Here are my 6 open questions for digging deeper in a way that encourages the prospective client to engage with you to build trust and understanding:

  1. What happened inside your organisation that caused you to look at investing in this area?

  2. What's the business case for making the investment and changing the way things currently operate?

  3. Who's impacted internally and who needs to be on-board before you can go ahead?

  4. How is the project being funded and, beyond a budget, what sort of funding is already secured... is that enough for the whole project?

  5. Tell me about your timing and process for evaluating and then engaging the right supplier?

  6. When does this need to be implemented and delivering results... why is that date important and what happens if it slips?

These questions enable the seller to focus on how they can help deliver the necessary outcome and manage the buyer's risks. They lead to understanding about budget, decision authority, timing, and whether this decision is really a priority for the buying organisation.

The most important qualification factor is not any of the qualification questions, but instead whether the buyer will engage in a conversation that enables you to develop mutual understanding and trust.

25% of 'qualified' opportunities in CRM systems around the world are lost to client apathy / 'do nothing / the status-quo. Every sales person therefore needs to be able to answer the following three questions from their sales manager:

  1. Why will this customer buy anything at all?

  2. Why will this customer buy from us?

  3. What's our strategy to win and provide best value and lowest risk in the eyes of the buyer?

If the buyer seems intent on keeping you at arms-length and obsessively focuses on features, functions and price... then it's usually a safe bet to politely qualify out. Here are some links to other articles I've written that will also be of interest:

If you valued this article, please hit the ‘like' and ‘share’ buttons below. This article was originally published in LinkedIn here where you can comment. Also follow the award winning LinkedIn blog here or visit Tony’s leadership blog at his keynote speaker website: www.TonyHughes.com.au.

Main Image: Flickr: Brian Klug - Anonymous Captured