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Is Your Current Sales Opportunity Real?

Posted by Mark Trinkle on Thu, Feb 21, 2019

In this article, we discuss and identify the three main reasons why salespeople get duped into believing a specific opportunity will close and why some deals are not worth chasing.

They are:

  1. Weak pipeline
  2. Failure to ask tough questions
  3. Afraid to pull the plug

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“Reality is merely an illusion.  Albeit a persistent one.” - Albert Einstein

Throughout my sales coaching career, I have yet to meet a salesperson who does not understand that sales will require hard work.  Yes, they might all have a different willingness to put in that hard work, but they understand that selling is not for the faint of heart.  They know that there will be some rough days.  They also understand that when they accomplish what they need to each week, they will generally be tired come Friday afternoon.  They don’t mind working hard.

But what they do mind (and this is universal), is chasing hard after a deal that, as it turns out, they had no chance to win.  They were punching above their weight class.  And as a result, they wasted their time.  In my opinion, there is nothing more expensive to you as a sales professional than spending time pursuing an opportunity that you have no chance to win.  Simply put, you can’t get the time back.

So why does it happen so frequently?  If you knew you were lost, when would you want to know that?  I am guessing before you wasted more gas going in the wrong direction.  Right?

I believe we can identify three main reasons why salespeople get fooled:

  1. Weak pipeline – We know that weak pipelines "make cowards of us all."  If you have not eaten in a while, any food looks good to you.  It won’t matter if it is the right food…or if it is good food.  It is food so you will eat it.  Which is precisely why you should not go grocery shopping while you are hungry.
  2. Failure to ask the tough questions – The best day to lose an opportunity is the first day. The second best day to lose one is today.  Are you asking the tough questions of your prospect that will allow them the opportunity to self-select out of the decision?  Or are you asking the easy questions to get you to the next step in the process?  What are you pretending not to know?
  3. Afraid to pull the plug – Sometimes opportunities start well, but then the salesperson is met with radio silence from the prospect. And rather than “politely” confront the prospect with what the radio silence means, the salesperson keeps chasing.  Radio silence can mean the problem has gone away, the problem has been swallowed up by other priorities, or the prospect has solved the problem with someone else.

So, is it time for you to “get real” with a prospect in your pipeline?  The time you save is yours.

 

Topics: sales competency, how to improve sales results, sales advice, think it overs, salespeople, sales interjection, sales opportunity, radio silence

My Dad’s Pick Up Truck & Driving Sales Growth

Posted by Tony Cole on Tue, Aug 09, 2016

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I’ve been working on this post for a week; for some reason, it took a little while to pull it all together. I think I was making it too complicated, so here it goes:

  • In 1971, my dad got his new pickup truck, a powder blue IH 1210.
  • Dad “pimped his ride” by installing an 8-track player with Panasonic speakers.
  • My dad was a slow driver. No matter where we were going or how far, he’d drive 45 mph even when the speed limit allowed 55. 
  • I thought it was a result of his old beater of a pickup.
  • I thought for sure he’d drive faster with his new truck.
  • Nope, he still drove 45 mph in a 55 mph zone.

I’ve been trying to connect this experience with the experience of watching sales organizations look for solutions to drive revenue growth.  Like an engine that needs three things to run, your sales organization needs three things to run.

Spark, fuel and combustion are required to start an engine and make it run. If you have those things, the engine will run.  Get all three at a grade “A” level and the engine runs really well.  If you want the vehicle that the engine is meant to move to perform at “A” level, you need something else.  You need a driver.

Not just any driver; you need a driver that has two things:  Competency and Drive.  Certainly, there are other contributing factors that determine if the driver is right for your vehicle, but basically speaking:

  • Without competency, you might go fast, but there will be lots of damage, crashes and failures.
  • Without drive, there won’t be any risk taken, no failures and, therefore, no success.
  • Without drive, then there will be a lack of coach-ability and trainability.

My point here is this:  The engine size, the transmission, the gear ratios, the tires, the steering, the paint job, the aerodynamics… none of these things really matter if you don’t have a driver or a team of drivers with competency and drive.

When you get ready to put your budget together and are considering where to invest money, time and effort in order to drive revenue growth, focus on three things:

  1. Sales Talent acquisition
  2. Sales Talent development
  3. A Crew Chief with desire, commitment and skills

CRM and other sales enablement tools are nice but, just like my dad’s new pickup, it doesn’t matter unless you want to grow and grow fast.

Hire Better Salespeople Today - Click here!

Topics: sales talent, driving sales, sales competency, running sales organizations

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    About our Blog

    Founder and CLO Tony Cole has been working with financial firms for more than 25 years to help them close their sales opportunity gap.  He is a master at using science based data and finely honed coaching strategies to help build effective sales teams.  Don’t miss his weekly sales management blog insights.

     

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