In the dynamic world of sales, dealing with stalled deals can be utterly frustrating. From promising initial conversations to dead-end negotiations, there's nothing more disheartening than watching potential sales slip away. Conquering the challenge of stalled deals requires a unique blend of mindfulness, adaptability, and a dash of creativity. In this blog, I will equip you with techniques to overcome typical roadblocks that stand in the way of sealing the deal.
The Power of Self-Reflection
When faced with stalled deals, it's crucial to tackle them head-on and seek resolutions. The first step towards success lies in understanding the root cause—and where self-reflection comes into play. Buyers today are often overshadowed by a cloud of fear—not a fear of missing out as in years past, but a fear of making the wrong choice. By addressing this hesitancy head-on, sellers become a guiding light, actively involved in helping buyers navigate their doubts and ensure they get what they need. By leveraging the insights gained through self-reflection, sellers can adjust their approach, elevate their performance, and close the deal.
Prioritize the Customer
Reviving stalled deals requires sellers to shift their focus towards understanding the prospect's overarching goals and the obstacles hindering their progress. Sellers must act as consultants, guiding prospects and demonstrating genuine curiosity. This is a natural way to showcase the value of your offering, illustrating how it can meet and surpass their business needs. It also helps build momentum to closing the deal. By placing the customer at the heart of your sales strategy, it not only increases the chances of success, it also strengthens the foundation for long-term partnerships.
Nurture Relationships
The most successful sellers understand that a sale is not just a transaction; it happens based on trust gained through relationships. In fact, according to Harvard Business Review, peer recommendations influence more than 90% of buying decisions. If a deal is stalled, assess whether you are engaging in the right way with the right decision-makers.
Oftentimes, employees struggle to reach the executive decision-makers and may not know how to build a compelling business case. Sellers can bridge that gap by educating and informing all parties involved at the onset. Nurturing relationships with key stakeholders, such as CFOs (who are becoming more prominent in the purchasing process), and other decision-makers, showcases expertise and strengthens the partnership.
Stalled deals are an inherent part of the sales cycle, but the most exceptional sellers rise above by filling the gap to barriers that stand in the way of closing a deal. By developing a mindset that a stalled deal is not a closed door, but rather an invitation to refine and enhance sales strategies, sellers can uncover new possibilities, hone their skills, and ultimately transform challenges into opportunities for growth.
The content in this blog originally appeared in SalesTechSeries. Check out the original byline here.
