What would you do in this scenario?
You’ve got a new seller on your team. They’re gung-ho to close new business. On one of their reach outs, they talk to a business owner who’s receptive to a meeting. During the initial conversation, he tells the seller he’s got a huge marketing budget. The seller’s heart picks up a few beats.
There’s more back-and-forth conversation, and the ‘prospect’ continues to brag about himself and his business. Yet nothing moves forward because there’s always a meeting with investors or a co-owner they need to run things by … but by gosh, they’re really interested.
This may go on for months. So, the seller finally comes to you asking if you’d meet with their prospect to help seal the deal. They pinch their fingers a quarter-inch apart, “We’re this close.”
Would you tell them to go ahead and “set it up now”?
Maybe you shouldn’t just yet … here’s my advice …
Congratulate them on surfacing a new ‘suspect’ and ask them what they’ve learned about the business. Have they checked resources like Manta.com to confirm things like company revenue, owners, and # of employees? How much does the product or service cost? Does the potential marketing budget, as a percent of revenue, align with similarly situated businesses? In essence, double-check what the seller has done to qualify their ‘prospect.’
In sales, all we have to invest are our time and knowledge, and we need to be judicious of both. You can make up the money, but time is lost forever.
I’ve seen it too many times—the inexperienced seller who sees those dollar signs and is blinded by greed or feels pressure to close a big sale. So, the seller foregoes the necessary qualifying steps to make sure the business is actually a valid prospect. And Mr. Huge Budget turns out to be ‘all hat and no cattle,’ wasting the rep’s time and potentially the manager’s.
A better idea is to teach your new sellers the qualifying questions and which sources to utilize before they make this mistake. Not only will it save everyone time in the long run, but it will reduce frustration and disappointment that could end up causing a potentially great seller to quit the business way too soon.