If you’re like many of my clients, you may be thinking “good riddance” to the end of the year. But it’s not quite over yet. Year end looms before you. Which means management is breathing down your neck, targets need to be met, and you’re chasing down that one final great deal.
Right now just about any sales opportunity looks good. Right? Wrong!
Be careful what you’re chasing. Time is a limited resource. Every top seller I’ve met achieved super-stardom by being ruthless with their time. Great sales pros say “yes” to the RIGHT opportunities. And they have the courage, even under pressure, to say “no” to the wrong ones.
For the rest of us mere mortals it’s hard to say “no” to the deal that lands in front of us. It’s like saying “no” to a free lottery ticket… it just might be the winner and we can’t afford to pass up the jackpot.
So when does it make sense for you to say “no?”
1. The opportunity is not winnable.
Dare I say this out loud? “You’re not the right fit for every client or sales opportunity.” Trouble is, when we’re out there seeking the next “big win” we often can’t see or hear the obvious. And under pressure our judgment goes missing in action.
A few years ago I was hired to speak by the Mississippi Tourism Association “to present some selling sense to their members.” The MTA was frustrated with how hotels responded to every lead posted by the association. A client who was looking for a “4-star waterfront resort” for their convention would also receive proposals from every 2-star city-centre hotel with meeting space! The association was frustrated for the hotels that were wasting their time. And for the clients who were overwhelmed with irrelevant bids.
Know what represents winnable business for you and your company. Identify relevant criteria, and filter incoming leads against these criteria. Every minute you spend on a proposal you can’t win is time lost from one you can.
2. The prospect is on a shopping expedition.
The customer wants a proposal or quote but doesn’t have time to provide you the information you need to deliver a winning recommendation. Big red flag! This prospect is either a “shopper” or the issue isn’t deemed important enough for him to devote time and energy to getting the right solution. And if it’s not that important to the customer, there’s every chance this opportunity will disappear, or it will come down to price. Seller beware. You’ll work hard and give your expertise away for free – with little likelihood of a positive outcome.
3. This customer is a “resource sucker.”
We’ve all had them. A “big fish” that’s appealing to us for so many reasons – high revenue, big volume, and a prestigious name on our client list. There’s just one problem. Once you reel her in, it’s impossible to make a profit. The client is ultra-demanding, she wants everything for nothing, and your best employees are stretched to their limit. And, even though you blow her expectations out of the water, she puts the contract out to bid every year so you never get paid a fair price for your superior results. I watched, with great respect, as two small businesses made the bold and difficult decision to throw a big catch back into the lake. After many years of committed work they both fired the same client.
4. The “pay you later” customer.
He loves your proposal, he wants to work with you but he’s not prepared to make an up-front financial commitment. I’ve seen many sellers, particularly in the service industries, give away their ideas, their time and their services without any kind of financial commitment a.k.a. a deposit from their customer. This is simply bad business practice.
If the customer has given you the green light and you’ve made the commitment to start work on their behalf, then there needs to be a commitment from the customer. Early in my sales career I got the verbal go ahead from a prospect who wanted us to design and plan a sales incentive travel program for his top dealers. When I asked for his signature and deposit to start working on the project he was reluctant. He wanted a free trip so that he and his girlfriend could check out a few locations first. “Happy to arrange this” was my response, “as soon as we have a signed and deposited agreement.” He refused. I held my ground. One of my competitors obliged. Six months later I heard his company had gone out of business before the project came to fruition.
Walking away can be the right thing to do. But am I suggesting you say “no” to any opportunity that falls short of the “perfect” sale. Absolutely not! There are strategic, political and personal reasons why it makes sound business sense to say “yes” to marginal opportunities.
Here’s what I am saying: Sellers, hone your ability to make good “go / no go” decisions. Want a couple of pointers?
- Get clear on what represents desirable and winnable business opportunity for your organization. Identify specific characteristics / criteria, and qualify your prospect opportunities against these criteria. You’re not looking for the perfect match. But, given your limited time and resources, you do want to spend more of it on the opportunities that represent viable wins for you.
- Do thorough discovery. In addition to asking the typical questions to understand the opportunity, be prepared to ask the tough questions about the stakeholders, the decision making process, the criteria and conditions associated with this purchasing decision – so you are clear on how likely you are to win this business and how happy you’ll be if you do.
Follow the lead of the world’s top sellers. Be ruthless about where you focus your time and energy. Say “no” to the energy burners that will lead to nowhere. And say “yes” to the opportunities that you can, and want, to win.
Good selling!
