John Terry Business Development Consultant, TeamLogic IT

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2 Are You Stuck With Stuck Deals? John Terry Business Development Consultant, TeamLogic IT

3 Objectives At the end of this seminar you ll be able to: Identify the points in the sales system where stuck deals arise Recognize top causes of stuck deals Implement strategies to minimize the chances of getting stuck deals Unstick stuck deals or move them back into your sales funnel

4 Agenda Definition of Stuck Deals Common Causes for Stuck Deals Avoiding Stuck Deals What to Do if a Deal Gets Stuck

5 The Stuck Deal Scenario You meet with a prospect Your contact is interested You prepare a proposal They tell you they need to think about it They stop returning your phone calls

6 Common Causes for Stuck Deals

7 The TeamLogic IT Sales System

8 Where do stuck opportunities come from? Where in the Sales System do stuck opportunities occur?

9 Where do stuck opportunities come from? Stuck because they weren t qualified in the Sales Funnel

10 Where do stuck opportunities come from? What might happen in the discovery phase that would cause a deal to get stuck? Could the proposal be part of the problem? Could closing be the problem?

11 Where do stuck opportunities come from? What might happen in the discovery phase that would cause a deal to get stuck? Could the proposal be part of the problem? Could closing be the problem?

12 Pros and Cons of Meetings Call-in prospects Pros: Usually buyers or ready to buy Cons: May be calling multiple vendors Non-Buyer meetings Pros: More of a chance to be a Trusted advisor Cons: Might not have a Compelling event

13 Cold Hot Discovery Appointment Proposal Proposing Your deals cool off fast! Time

14 Closing The dreaded We d like to think about it What are some of the reasons prospects say this?

15 We d Like to Think About it Personal Reasons Business Reasons Sales Missteps

16 Personal Reasons Some unspoken fear or reason Some perceived risk in making a change Not wanting to "just say no" They don t believe or trust you

17 Business Reasons Not the decision maker Funding is delayed or cancelled Can't afford what you're selling Business conditions and/or priorities have changed Timing becomes extended or uncertain

18 Sales Missteps Presented something they didn t want or need Didn t uncover a real motive to buy The price does not match the value Moved ahead of the client in the buying process

19 Avoiding Stuck Deals

20 Things to Consider Prospecting Market using a mix of passive and targeted marketing activities Target the right businesses Size, vertical, location, competition Market to the right contacts Decision-makers Strong influencers Build your funnel with qualified prospects

21 Discover The first component of the Sell phase is to discover This is one of the most crucial elements in ensuring deals don t get stuck Build your case based on their own words Find multiple needs that tie to your solution Don t try to sell them something that doesn t fit Sell them how they want to be sold

22 Compelling Events Something that is forcing your prospect to make a change: Internal reasons: Forces within the organization that are compelling them to make a change? External reasons: The need for regulatory compliance Personal reasons: Will this decision save them money? Advance their career or business? Keep in mind: Your biggest competition is their option to keep things as they are

23 Decision-Maker Qualify May I ask you what your decision-making process is from here? Is there anyone else who will be involved in making the decision? Budget Have you set aside a budget for this project? Other companies that are similar to yours typically invest between $X and $Y. Can you see yourself falling in that range? Timeframe Do you have a specific timeframe in which you d like me to get you a proposal? Once you make your decision, when would you like to get started?

24 Closing the Discovery Meeting Ensure that you are moving to propose a service they are genuinely interested in pursuing Set a date to deliver the proposal The sooner the better What does it tell you if they aren t willing to meet to discuss the proposal?

25 Propose Bring them back to the state you had them in the discovery meeting Best done in a face-to-face meeting If not a live phone call Review the client s pain points and relate them to your solutions Do everything you can to remove risk

26 Uncover Objections Do not shy away from asking for objections The objection you don t hear will cause your deal to get stuck Based on everything we ve discussed, do you have any questions or concerns? What concerns do you have that would prevent you from moving forward? Would you agree that this solution would meet your needs?

27 Close You have to ask for the business Many will still Need to think about it Don t leave without clear next steps Try to keep them engaged by asking them to complete a task Do you make a conscious effort to close after each proposal?

28 Sales & Buying Alignment

29 Proposing Cold Hot Proposal Follow-up Time kills all deals! Time

30 Follow-up Best Practices As scheduled at the end of the meeting Thank you note - Immediately Phone call - Within three days Prospects Week 2 4: continue to get Weekly phone calls Leave a message CDMP direct One drop in/drop off mail and Personalized pieces Week 5 10: Based on your feel for the opportunity Hand written note Phone call every 2 weeks - Could you do me a favor? Week 10+ Evaluate Is this still an opportunity? Would it be better served in my funnel

31 What to Do if a Deal Gets Stuck

32 Clean-up Script Mr./Mrs. Prospect, We ve been talking with each other for quite a long time now and I want to make sure I m not wasting your time and mine. Tell me, what is the probability we ll be able to work together in the next month?

33 Subject: Could you do me a favor? Hi {Name}, I have a favor to ask. I am following up on the proposal I sent you regarding {product or service} and how it can {briefly describe the benefits the client will derive}. I've left a couple of voice mail messages and s but as of yet we haven't been able to connect. Can you do me a favor? Leave me a voice mail message or send me an on where you're at in the decision making process? If things still look good, great. If not, no problem. In either case, it would help me with my planning and follow up. I appreciate the gesture and look forward to your {or leave me a message at xxx-xxx-xxxx}. Kind regards

34 Why Do We Stay? I have already invested so much time and effort it is impossible to quit now They seemed so interested, there is just one last hurdle If I work hard enough, they will eventually close

35 Recycle These were once hot opportunities Recycle them back into your funnel Make sure They are on your Logical Advantage list They get a monthly call They get your direct mail pieces Evaluate each opportunity on a caseby-case basis As a general rule, take them out of the pipeline after 90 days

36 Summary Stuck Deals Causes Personal Reasons Business Reasons Sales Reasons Your ability to follow up is key Evaluate stuck opportunities Recycle dead opportunities

37 Thank You For Attending

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