Top Sales Strategies to Overcome Stalled Deals
By: Taylor Wilding
In B2B sales, a shared roadblock we all face at some point in our careers is stalled deals. Economic uncertainty and changing market dynamics can lead potential clients to reconsider their investments and budgets, causing deals to come to a standstill. From self-reflection and development to putting the customer at the center, let’s explore a few practical strategies for turning stalled deals into opportunities for growth and success in a dynamic sales environment.
Before looking at how to overcome stalled deals, it’s crucial to understand the true impact these deals can have. A recent LinkedIn report found that 86% of sellers have had deals fall through in the last year alone, and these stalled deals have consequences that extend beyond immediate revenue loss; they can impact long-term profitability and organizational growth.
When deals fail to advance, the ripple effect first impacts the mindset of the individual leading the deal, then it extends to their team and sometimes the organization as a whole. To overcome the challenges associated with stalled deals, you need the right tools and strategies in place: strong relationships to keep the momentum moving, champions within your sales organization who can advocate for the deal, and the ability to engage in self-reflection to identify root causes and how to improve.
The Power of Self-Reflection in Professional Development
Now, let’s look at how to face these stalled deals and ultimately resolve them. The first step is understanding the root cause, which is where self-reflection can be an invaluable tool. In today’s sales landscape, buyers are often clouded by fear. What was once a motive to buy due to fear of missing out has shifted to fear: “What if I mess up?” To address this hesitancy, begin with a simple question: “How can I help you overcome your fears of making the wrong choice?” This positions the seller as a valuable partner in the process, someone who will help the buyer through their journey and ensure they receive what they need.
The answers you can get from this question also provide valuable insights for you to use in performance analysis and encourage sellers to shift their mindset toward positive introspection, allowing them to adjust their approach and close the deal.
Putting the Customer at the Center
To revive stalled deals, sellers must focus on the prospect’s larger goals and the challenges in the way of those goals. By identifying challenges for both parties and centralizing the customer with a mutual action plan, you can set clear expectations throughout every stage of the cycle. Showing genuine curiosity in their goals is a natural way to drive value by demonstrating how business needs can be met, and even exceeded, by what you are offering. Meeting the customer where they are and getting them to see your value is half the battle.
Back in the day, the name of the game was selling as much as possible. However, the current landscape offers minute space for shelfware. It is the seller’s responsibility to act as a consultant to the prospect. Though the client may not require everything your company offers right now, you can begin with guiding them to recognize the value of a flagship offering. The opportunity remains to expand once the relationship is on solid ground.
By demonstrating how your organization’s offerings meet or exceed their current business needs, you can create a sense of urgency and alignment to build momentum and get to the desired closed deal.
The Best Sellers Understand that Relationships Matter
If there’s one thing to remember, it’s that a sale is more than just a transaction, it’s a part of the customer experience that relies on trust gained through relationships. In fact, 84% of B2B buyers begin the purchase process with a referral and peer recommendations influence more than 90% of buying decisions. If a deal is stalled, consider whether you are engaging in the right way, and with the right decision-maker who can help drive your conversations deeper into the funnel.
Understanding the entire buying committee associated with the opportunity at hand, and identifying who it is that has influence in the decision-making process and how to connect with them, will be crucial to success.
In today’s complex business environment, CFOs are often playing a central role in purchase decision-making. Sellers must engage the CFO during the earliest stages of the deal. Creating a relationship with the economic buyer, CFO, or otherwise, by staying focused on their corporate objectives —leading with a soft touch and without a call to action— will strengthen the partnership. Consider that the employees who are advocating for your solution may be experiencing a tough time getting in front of the executive decision-makers and may not know how to build a business case. In this situation, your product offers a solution to their problem, but executives might underestimate the significant impact the purchase could have on their employees’ dilemma. Stepping in to make the connection by properly educating and informing all parties involved showcases the ultimate strengths of a seller.
Ultimately, stalled deals are a natural part of the sales cycle. The best sellers are those who become comfortable standing in that gap, identifying the obstacles obstructing the path to closing a deal. By understanding the internal and external factors contributing to these deals, doing their research on who the right person to engage with is, and reflecting upon their approach to selling, sellers can reignite their progress. Armed with a well-crafted plan and a commitment to fostering meaningful connections, sales professionals can navigate through stalled deals and drive success for their organizations. Remember: a stalled deal is not a closed door; it’s an invitation to refine and enhance sales strategies.
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