Today, I’m supposed to be in Boston with the Scaling Up Coaches for the CEO Summit where Verne Harnish will speak. Sadly, and thank to my first bout with Covid, I cannot be there and am experiencing F.O.M.O! In honor of the CEO Summit, I’m rereleasing this article I wrote after Verne asked me to speak at the Fortune Magazine Scaling Up Conference in Atlanta.
When Verne called me to the stage, he asked me to share a sales tip with the audience of 1000 growth-focused business leaders. As I took the microphone, I considered which of my top tips would be most valuable for them. I could have gone with “sell something people will pay to have,” or “inbound marketing alone doesn’t always get you meetings with your wish list prospects but the right sales strategies layered on top of these marketing campaigns will get these meetings,” or “if you really want to get in the door with the right prospects, stop spending time on all the wrong prospects,” or “not every great sales hunter is a great Door Opener®.” I can go on. I opted to share a tip based on an observed trend amongst business leaders, their sellers and their prospects which is one primary reason why sales which should close don’t close.
First the trend, then the tip.
Trend: There has been an elongation of the sales cycles in almost every industry I’ve observed. Why this is occurring is not half as important as the corresponding reaction to it by many businesses. At the same time that it takes longer to get from initial meeting to closed sale, there has been a notable increased fatigue and heightened frustration amongst sellers AND management to stick with the sale and do the necessary steps to deepen prospect relationships to be the vendor chosen when prospects are ready to spend. This combination is an unfortunate recipe for lost sales as well as wasted investment in sellers and marketing campaigns. Some leaders even encourage their sellers to give up on prospects if they don’t close in the time period management feels is acceptable.
One technology business I know had an initial meeting with the CIO of one of the largest banks in North America. The CIO expressed interest and wanted follow up but because there wasn’t an immediate need, the business owner saw no value in the relationship and chose not to follow up. Mistake.
1. Decision Makers have reported that when sellers drop them like hot potatoes when they don’t immediately buy, they find it so disrespectful that when they do have needs, they will NOT include the offending seller in the decision set.
2. When one seller opens a new conversation with a prospect, it creates interest and paves the way for the competitor who IS willing to stick with the relationship and create a true partnership. Who do you think the CIO would rather work with when the time comes?
One of our Door Opener® clients closed a sale just north of $1MM from a prospect they met 3 years ago. The decision maker had needs but the budget was dedicated to other business priorities. Our client stayed in touch, providing value and showing partnership through the years. When the prospect was ready to spend, there was no RFP, no multiple bids. The entire sale went directly to our client. Was it worth it to stay in touch? Yes.
Tip: Keep at it. Don’t let your best prospects forget about you. Make sure you are top of mind with prospects in meaningful ways so when they are ready to spend you will be there too. When you focus on the health and depth of your relationships with people, the money follows.