08/26/2024 | News release | Distributed by Public on 08/25/2024 23:17
Published: August 26, 2024
I don't know when to hold'em, and moreso, I don't know when to fold'em.
Now, you're probably thinking, "Jay, why are you quasi-confiding in a bunch of internet strangers about how bad you suck at gambling? This is a blog about sales, right? Don't lose the plot here. You do that too much, man."
Well, reader, I swear I'm going somewhere with this, and here it is:
There are plenty of salespeople who have the same mentality I just described in their professional lives. They latch onto prospects - even when their business is no longer winnable. They don't see the writing on the wall, lose sight of the sunk cost fallacy, and wind up wasting time, effort, and resources on engagements that have no potential.
To help ensure you don't ride those kinds of non-viable opportunities until the wheels fall off, I sourced some thoughts from sales leaders about when to walk away from a prospect. Let's see what they had to say!
David Martirosian, Founder of Galaxy Growth Media, says, "From my 20 years in sales and running multiple businesses, I've learned that some prospects just aren't worth the effort.
"One major red flag is when a prospect constantly acts like they know everything. If they think they understand every aspect of what you're selling, they'll likely always feel they're being ripped off or that they know better - so why should they pay you? From my experience, that sort of attitude never ends well and is a clear sign to walk away."
Jakub Kozlowski, Sales Manager at People for Pools, says, "I recommend walking away from a prospect when there is a lack of respect for your expertise and time.
"When a prospect consistently questions your knowledge or tries to undermine your recommendations, it can lead to a difficult working relationship and potential challenges down the line … I once encountered a prospect who consistently challenged my industry expertise and disregarded my recommendations during our initial consultations.
"Despite my attempts to address their concerns and provide additional information, the prospect continued to doubt my abilities. Eventually, I made the decision to walk away from the opportunity as it became clear that our working relationship would not be productive due to the lack of respect for my expertise."
Keenan, CEO of A Sales Growth Company, says "There is a long-standing myth that a salesperson's job is to sell at all costs. But nothing could be further from the truth.
"The first and most obvious is if the salesperson knows they are unable to help the prospect. If the product or service being sold can't solve the problem the buyer is having, it is incumbent upon the seller to say, 'I'm sorry, but I don't believe we're a good fit. I don't think we can help you here. However, let me recommend you to someone who I believe can solve this problem for you.'
"Not only is it a salesperson's job to do this, it's their job to make sure their product or service can fit before they even offer it as a solution. Too often, salespeople assume their product will fit and push it without properly assessing if it's the right fit. This is just plain wrong."
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Brandon Batchelor, Head of North American Sales & Strategic Partnerships at ReadyCloud, says, "Misaligned values are a major red flag. If a prospect's core beliefs clash with your company's ethics or culture, it's usually a recipe for disaster. It's tough to build a strong partnership when you're fundamentally at odds.
"Similarly, unrealistic expectations can be a deal-breaker. If a prospect demands the moon and stars for pennies on the dollar, it's time to politely walk away. You deserve clients who value your expertise and are willing to invest in a mutually beneficial relationship."
Renu Sharma, Co-Founder of Tanot Solutions, "As a sales expert along with the role of co-founder for my company, I always walk away from a prospect when I see any of the below signs on the discovery calls:
"I do around three to five discovery calls every week and I walk away if I see any of these signs.
"I recently had all the conversations with a prospect on how we can help them with SEO. He loved what I suggested, and at the end he said, 'We don't pay this amount to Indians.' Which is a clear sign that they don't value the quality - all they care about is the cheap service from any country.
"On the other hand, if the prospect just asks us about the results and they are highly desperate to get that, I need to walk away. It is because some services like SEO take time to show results, and there is no shortcut to get anything instantly."
Ace Zhuo, Business Development Director at TradingFXVPS, says, "When assessing whether to walk away from a prospect, I look for several key signs. If I notice a consistent lack of engagement or responsiveness, it often indicates that the prospect isn't genuinely interested or prioritizing the opportunity. Ambiguous or evasive answers during discussions about their needs often signal that they may not be a serious or ideal fit."
Zhuo continues, "Another red flag is a lack of budget clarity; if a prospect is not forthcoming about their financial capability early on, it suggests potential complications down the line. Trusting my instincts in these scenarios has proved invaluable in focusing my efforts on more promising opportunities."
Łukasz Koszyk, Head of Business Development at Comfort Pass, says, "When evaluating prospects, I've learned to spot certain red flags that suggest it might be best to walk away. From my experience, clear communication and reliable partnerships are a must-have, and I've seen how these signs can impact a project's success.
"One major warning sign I've noticed is disorganization. If a prospect is frequently late, reschedules call meetings multiple times, or continually sends new information after deadlines, I see it as a glimpse into future chaos. Disorganized clients often lead to missed deadlines, increased stress, and projects that spiral out of control.
"I also look out for communication problems. Some clients seem unable to communicate clearly, sending contradictory emails, frequently changing their requirements, or failing to convey their needs concisely. This not only slows down the process but can lead to big misunderstandings. Miscommunications often result in hours of redoing work, which I find incredibly frustrating and costly."
… And there you have it. Eight perfectly reasonable reasons to take a critical look at a sales engagement and say, "No, thank you." Being perceptive enough to have a sense of these signs from the get-go can be tough - but if you keep an eye out for the traits and tendencies our experts touched on here, you'll be in a good position to jump ship before you exhaust too much unnecessary time or effort.
Outline your company's sales strategy in one simple, coherent sales plan.
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