Tag Archives: prospect

Consequences of Missing Out on a Sale

By Jeff Beals

I was talking with my brother-in-law last week, and he shared an experience he had at a local chapter meeting of the National Association of Insurance and Financial Advisors.

An insurance executive was delivering a speech about sales success.  During her presentation, she talked about how insurance agents sometimes miss out on a sale.  When that happens, she said, the typical insurance agent just quickly moves on.

“We might not get paid, we miss out on a commission and we’re disappointed,” she said, “but we quickly move on to the next lead.”

But sometimes missing out on a sale is downright tragic.  She used life insurance as an example.

“What happens if you didn’t prepare before the presentation or you don’t come across just right, and you miss that sale?” the speaker asked. “You might find yourself years down the road, having a dreaded conversation with the surviving spouse and the children.”

In other words, missing out on a sale doesn’t necessarily hurt just us.  It could end up hurting your prospect.  The products and services you sell are important.  People need what you offer.

But prospects often don’t know what they don’t know.  They sometimes just don’t understand how your offering can protect them or at least make their lives more enjoyable.

What’s more, prospects often reactively, reflexively say “no,” even when they don’t know all the facts and even when they kind of want your offering.

I’m reminded of book, When Buyers Say No: Essential Strategies for Keeping a Sale Moving Forward, by Ben Katt and Tom Hopkins.  The book provides a number of reasons why buyers say “no” even if they’re actually interested in your offering:

  • The prospect has unanswered questions or concerns
  • You haven’t fully figured out what the prospect values and addressed all those values.  That can lead you to offer products and services that aren’t quite right for the prospect
  • It’s possible you haven’t unearthed all the prospect’s objections
  • The prospect might be uncomfortable with how quickly the sales process is going, and he or she simply wants to slow things down.

Now, sometimes, “no” indeed means “no.” You can usually tell when a prospect is resolutely uninterested.  But that’s often not the case after a prospect has taken the time to meet with you and talk at length about your product.

If you sense the prospect might not really mean “no,” the best thing to do is go back into probing-question mode.  And certainly don’t get defensive or start worrying.  Those reactions are counterproductive.

Ask them about their concerns and hesitations.  Chances are good that you misunderstood one of their answers or failed to ask a key question in the first place.  Listen carefully to the answers and truly absorb what the prospect says (instead of going through the motions, making it look like you’re listening).

Katt and Hopkins then recommend you confirm the buyer is ready to take action. At this point, you simply say something like “If I can adequately address your concerns, would you be ready to move forward with the purchase?”

Then you provide an appropriately customized answer and ask for the business again.

When you go the extra step, and make one more effort, you are not just helping yourself.  You could be making a huge difference for your prospective clients.  They just might not initially realize what a big favor you are doing for them.

Lifelong Learning Loop

For the last month, I’ve been sharing my favorite book summaries with you because of my partnership with Readitfor.me.

Between now and the end of the month, my friends at Readitfor.me are offering a Lifetime Membership to their service for only $249. Their founder, Steve Cunningham, has made a video outlining the offer, along with his presentation on The Lifelong Learning Loop: The 7 Practices of Highly Successful Lifelong Learners.

You can watch that video, and take advantage of the Lifetime Membership Offer, here.

Jeff Beals helps you find better prospects, close more deals and capture greater market share. He is an international award-winning author, sought-after keynote speaker, and accomplished sales consultant.  He delivers compelling speeches and sales-training workshops worldwide.  He has spoken in 5 countries and 41 states.  A frequent media guest, Jeff has been featured in Investor’s Business Daily, USA Today, Men’s Health, Chicago Tribune and The New York Times.

How to Keep Your Pipeline Full During Your Busiest Months

By Jeff Beals

Let’s say you are having the month of your sales career.

Everything is going right and you’re incredibly busy.  In fact, there’s so much going on you have several deals that are closing all around the same time.  Everything is looking good with those deals.

You know there’s a chance one of them could fall through at the last minute, so you’re doing your darnedest to make sure nothing goes wrong.  You’re acting like a “deal shepherd” as you diligently monitor all aspects of the process and keep in constant communication with all parties involved in the transaction.

And let’s further say everything works out.  You make a ton of commission money and you couldn’t feel happier.

Congratulations.  It’s awesome when you get a month like that.

But there is a down side when you have a great month full of bottom-of-the-funnel activity: you will most likely neglect your prospecting.

I don’t necessarily blame people who find themselves in that situation.  I’ve been there myself many times.  It’s easy to put off top-of-funnel, down-the-road prospecting activity when you’re busy.  And at some level, it’s completely rational to do so.   After all, it makes sense to devote whatever time it takes to close a sale that is late in the stage and has a high likelihood of closing.  After all, you presumably had to work very hard to get the sale to that point.

So what can you do to make sure you do at least some prospecting even when you are up to your eyeballs in high-value opportunities that are just about to become done deals?  Here are a few things that can help you get the best of both worlds – your sales completed without leaving your pipeline empty:

Time Management – All professionals need to exercise good time management practices but it’s especially important for busy sales practitioners.  I have noticed that even those people who are highly successful and who happen to be going through a particularly busy time, STILL end up wasting time each day.  If you watch the little five- and 10-minute time wasters, you just might find time to work in some calls to prospects.

Teamwork – Any time you can divide the labor, you give yourself more capacity.  If it’s appropriate in your company, you might want to team up with another sales professional.  If you have access to clerical support, find good and efficient ways to use it.  I have met many a sales pro who has access to administrative support but chooses not to use it, saying something like, “Well, it’s faster if I just do it myself.”  To me, that means the sales pro hasn’t spent time training the admin how his or her sales process works.

Time Blocking – I’m a huge fan of time blocking, and it’s an important component of time management.  Time blocking means you literally block out chunks of time on your calendar before a week even begins in which you will do nothing but reach out to prospects.  It could be email.  It could be in-person visits.  It could be telephone calls.  I find that telephone calls still tend to be the best use of prospecting time.  The key to time blocking is to never cheat.  Once a time block is on your schedule, you should stick to it no matter how tempting it is to do something else during that time.

Proactive Research – It is especially important during your most busy months to do your prospect research during off hours.  Since you have so much going on when you’re about to close a bunch of deals at once, you don’t want to spend prime, daytime meeting/calling hours looking up prospects’ websites and LinkedIn profiles.  Instead, do that during weekends, late nights or early mornings.

No matter how busy we get, even during our busiest, most exciting months, we still need to find a way to reach cold prospects.  It is shocking how fast a pipeline can drain.  If you want to avoid the up-and-down, boom-bust business cycle that too many sales reps find themselves struggling with, you have to find the time, energy and enthusiasm to make one more call.

Jeff Beals shows you how to find better prospects, close more deals and capture greater market share.  Jeff is an international award-winning author, sought-after keynote speaker, and accomplished sales consultant.  He has spoken in 5 countries and 41 states.  A frequent media guest, Jeff has been featured in Investor’s Business Daily, USA Today, Men’s Health, Chicago Tribune and The New York Times.”

Here’s Why Should You Choose Jeff Beals as Your Next Speaker:

“Jeff Beals has presented four different topics at five of our internal events this year. At each event, the audience of commercial real estate principals and agents was completely engaged and motivated the entire time. Jeff facilitates his training sessions in such a way that each member of the audience was able to relate and understand how to apply it every day in the field. Jeff is brilliant, and we have hired him to continue speaking at our events next year!” – Lindsay Fierro, Senior Vice President, NAI Global, New York, NY

“Jeff Beals is a consummate pro. With short notice, he put together an engaging, fun, sales-focused presentation full of specifics – just what our exec team needed. We’ll ask him back for annual company retreat again next year.” – John Baylor, President, On to College, Lincoln, NE

“In the three months since Jeff Beals became my sales coach, I have signed over 20 top-tier clients and have positioned myself among the top three sales producers in my company nationwide. Jeff has helped me create a beneficial success plan and ensures, through an accountability process, that I’m actively accomplishing my goals. Not only is Jeff an incredible coach, he’s a true friend, mentor and wonderful human being.” – Carter Green, Vice President of Sales & Marketing, Stratus Building Solutions, Oklahoma City, OK

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