As a Sales Manager, almost nothing is as essential as having a clear idea of when a deal is at risk of being lost. Sometimes, that risk is more apparent than at other times. By identifying common triggers and knowing what actions to take, you can increase your chances of salvaging the deals on the verge of being lost and improve your team's overall win rate.
Consulting your CRM or tools like Superlayer, you should be able to identify these triggers quickly.
Here are some common triggers that may indicate a deal is at risk:
Lack of engagement by the buyer is one of the most significant risk factors for any deal. It indicates that the buyer needs more interest or commitment to the purchase. If the customer is not responding to calls or emails or is not showing up for scheduled meetings, this could be a sign that they've lost interest or are considering other options.
When trying to assess the needs of a buyer, they must be involved in the process to help avoid misunderstandings.
Moreover, if the buyer is not invested in the outcome of the deal, they may be more likely to back out at the last minute, which can result in wasted time and resources.
Budget concerns are a significant risk factor for sales deals because they can derail the entire sales process. If the customer expresses concerns about the price or asks for discounts, it's vital to understand whether these concerns are genuine or simply a negotiating tactic. Either way, this can lead to delays in the sales process or even cause the deal to fall through entirely. If they are genuine, adjusting your offer or looking for other ways to meet the customer's needs may be necessary.
Additionally, budget constraints may force customers to consider alternative products or services, which can put your sales team at a disadvantage. Therefore, sales teams need to identify potential budget concerns early on and proactively address them.
Competitors talking to your buyer can be a significant risk factor for sales deals because they can introduce doubt and uncertainty into the client's decision-making process. Competitors may make bold claims or promises that are difficult for clients to verify or emphasise their lower prices or better value proposition, potentially leading clients to reconsider their purchase or renewal with your business. Sometimes, competitors may even try to discredit your company or product, further eroding the client's confidence in your offering.
Having only one decision-maker involved in the sales process is often a problem in and of itself, but if that person is suddenly no longer involved, it can lead to problems in the sales cycle.
A deal that looked like a done deal may suddenly be on the verge of being lost, and it can feel like the whole sales cycle is starting from scratch. Additional research may be required to ensure that you're still meeting their needs.
Identifying these triggers is an excellent first step. But it is also important to have an action plan. So, what can you do if you detect one of these triggers? Here are some actions to consider:
Taking proactive steps to engage the buyer is critical. If you're still waiting to hear back from the customer, reach out to them regularly, provide updates on the deal and ask if they have any concerns or questions. It is also crucial to ask for their thoughts and their input.
You may also need to offer additional information or clarification to help them decide. Provide your buyer with educational resources about your product or service so that they feel fully informed when making their decision. Keeping the buyer informed can include sharing articles, videos, or webinars that explain the features and benefits of the product, as well as its potential applications.
Not only will the buyer feel more confident in their decision and the product, but it will also help build trust between the buyer and the seller. The more confident and engaged the buyer, the more likely they are to ultimately make the purchase.
It is also crucial to meet the buyer where they are in their journey. Instead of enforcing a rigid sales structure you may have in place, be flexible to adapt it to the buyer's journey. The buyer will feel more comfortable with the outcome if the sales cycle feels less rigid and more personalised.
To address budget concerns in sales deals, sales teams can take several approaches. One strategy is to focus on the long-term value of their product or service, highlighting how it can help the client save money or improve efficiency over time.
By developing a rapport with potential clients, sales teams can better understand their needs and pain points, which can help the seller better emphasise the added value of their solution.
Sometimes, it might be necessary to adjust your initial offering. Try to find ways to modify your offer or add value that may offset the price. This could involve bundling products or services, offering financing options, or highlighting the long-term benefits of your solution.
To mitigate the risk of budget concerns, sales teams should proactively identify budget constraints early in the sales process and work to address them through creative financing options or by emphasising the long-term value of their product or service.
By building a trust-based relationship, sales teams can negotiate more effectively with customers to find a solution that meets both parties' needs.
To mitigate the risk of competitors talking to your buyer, sales teams should proactively communicate the unique value proposition of your product early on in the sales cycle and develop a strong relationship with the client based on trust and open communication.
Proactively communicate the unique value proposition of your product or service, emphasising its distinctive features or benefits that competitors cannot match. Demonstrating your distinct offering can help set you apart from competitors and build confidence in the client's decision to purchase or renew with your business. At this stage, it is also helpful to understand what your competitor offers that you don't. Being open and upfront with your buyers about your shortcomings will help build trust and credibility.
By building a rapport with the client, sales teams can better understand their needs and concerns, address them directly, and demonstrate a commitment to their success.
As an additional solution, the sales team can monitor the competitors' activities and adjust their sales strategy accordingly. Try offering competitive pricing or new features that address gaps in the market.
The first solution to this issue is always to involve as many decision-makers as possible. Involving more decision-makers can help you ensure that all relevant perspectives are considered and that a range of options is available.
Easier said than done, but the more people you have advocating for your service internally, the more likely a deal will close. It also means that a decision-maker leaving doesn't mean starting all over.
However, if there is a change in decision-makers, make sure you understand their priorities and concerns. You may need to adjust your offer or find new ways to communicate the benefits of your solution.
Keep the new decision-maker maker involved with relevant information, such as market research, competitor analysis and customer feedback. Provide them with support and training to help them feel engaged with the sales cycle and make an informed decision.
Understanding these common triggers and taking appropriate actions can increase your chances of winning the deal and keep your team's win rate high. So, keep a close eye on your deals and proactively address any concerns or issues that may arise.
Want to make finding risks easier? Book a demo with Superlayer here to find out more.