Julie Thomas runs ValueVision, a sales advisory company. I ran across a great article that she wrote on the topic of "jump-starting" a stalled sales opportunity when its stalled on the side of the road.
She suggests that there might be a couple of key reasons for the stall, and talks about how to over come them:
1. Lack of connection to a critical business issue
Unless your solution has increased revenue, time to market, cost management, improved quality, competitive differentiation or some other looming business issue tied to it, you can expect a stall. Senior executives only spend time on matters that directly impact their business.
There are only three questions a sales rep has to ask to uncover business issues: Why? Why? and Why?
Why do you want this solution?
Why are those problems important to solve?
Why would that matter to you or any other executive?
2. Lack of perceived value
Most people can only juggle five or six critical issues at a time. We prioritize these issues in order of their "value" - the benefit tied to solving the issue. If value isn't identified, an issue will quickly fall to the bottom of the list. Can your prospect articulate the "value" or impact of addressing this business issue? If your solution, from his perspective, doesn't have enough value to get in his top five or six issues, you'll be put on the back burner. Ask the prospect to quantify the impact of resolving the business issue. And better yet, ask him how the solution will impact him personally.3. Lack of differentiation
Lack of differentiation will cause the prospect to spend more time evaluating, which translates to a stall. If you are unable to differentiate on capabilities and solving problems, you will be forced to differentiate on price.
4. Decision authority
Decision authority is one of the most common causes of a stalled decision. The buying frenzy of the last decade all but eliminated the need to call on the real decision-makers for everyday purchases. Those days are over. In order to avoid a stall caused by lack of authority, you need to ask your prospect key questions such as, "Have you made this type of decision before?" and "When and how?” Triangulate your information by asking these questions to multiple people within the organization to find out who really has the decision-making power in the organization.
5. Risk
Selecting a new vendor or a new solution involves risk for your prospect. The prospect's perception of risk can span business impacts, such as lost time or money; or personal ramifications, such as career or reputation. As a prospect gets closer to making a decision, the risk becomes greater in his mind. Common tools for alleviating risk include supplying references, trial usage, demonstrating credibility with iron clad implementation plans, guarantees and your executive backing.
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