Okay, maybe not you personally… I'm only speaking in hypotheticals here. But let's face it, some of us are better at closing than others, and that's okay. We can get better.
I've been meaning to write this post for awhile, but really wanted to frame it in a way that would allow everyone to pull value from it, regardless of your function. As I thought through that framing, I realized that there's no surefire way to close more deals, per se, but there's a lot of things that you need to avoid to better your chances.
That's what we'll focus on here.
A deal can be many different things, depending on your business -- really, I'm just using it as a placeholder. Whether it be a new client, a big partnership, a fresh distribution, a juicy link, even an acquisition, they're all in the same ballpark. From experiencing it first hand in my work to being on the receiving end of some really bad attempts, here's 10 reasons why you'll blow that big deal.
1) You Don't Understand What Drives Their Business
The most common screw-up is probably a lack of understanding or care to understand the business that you're trying to work with. I can't tell you how many times I've been pitched for services that are dependent on Moz being a consulting company. This obviously isn't relevant anymore, which means that you wasted my time and yours.
Each business has very different drivers that dictate the decisions they make. Before you can provide value, you have to take the time to truly understand what they find valuable and what will help their business. Sounds simple, I know. Yet, it's one of the most common mistakes, because it takes extra effort. Before pitching anyone, make sure you do your due diligence; dig through Crunchbase or run a quick search.
2) You Don't Know How to Pitch and Maintain Brevity
Aaron Levie from Box said it best.
Email length is proportional to how much happiness you want to take away from your recipients.
— Aaron Levie (@levie) June 11, 2012
The same goes for pitching. The importance of distilling your message down to only the most important information is often times a deciding factor in the what gets ignored and what doesn't. As a rule of thumb, any email over two (very short) paragraphs and some bullets is likely too long. Distill your message down to the most pertinent points, and then refine it even further. It's not dissimilar from pitching press; the same concepts apply.
3) You Talk to the Wrong Person
If you're talking to the wrong person, you're done before you even get started. The organizational structure varies greatly from company to company, which of course makes it difficult to track down the right person to talk to. Just try to think about it as logically as possible -- your intuition is likely right. Typically, I like to start from the top and work down. I've found that more senior folks usually have a stronger vested interest in the company and thus help you navigate the waters a bit more efficiently.
I rely on tools like Rapportive (screenshot above) on a daily basis to help refine and guess the contact info of the people that I need to get ahold of, if it's not shown on Linkedin or a personal site.
Pro Tip: If you're trying to guess the right email address, start with first name @ domain.com and press tab, if it's correct, their profile will show up on Rapportive. If not, guess again. The folks at Distilled have some clever tricks, as well.
4) You Get Lost in Legal
Have you ever had anyone ask you to sign an NDA before you even know the context of the discussion? Me too, and it kills the conversation before it even starts. A lot of people let legal take precedence over the basics. Legal is a necessary evil, but it's something that rarely comes into play.
You've got to know where to give and where to take with legal, and less is always more if you can get away with it.
5) You Don't Lay Out Clear Action Items
People can't move forward if they don't know what they need to do. Some of the best folks that I've worked with on a deal are always action oriented. After every call, they lay out a clear list of action items in bullet format. Laying out next steps in this format allows both parties to stay focused on progression. Here's what a typical follow-up email should look like.
- YOU Check in with your legal department to see whether the amendment has been approved
- YOU Send over logo on transparent background for our announcement blog post
- ME Coordinate with team on announcement timeline
- ME Tell Jen Lopez she's awesome, and buy her cupcakes
Bullet format is usually more efficient than putting the action items in a long paragraph. Separate out what needs to get done, and keep on keepin' on.
6) You Drop the Ball
As the person initiating the deal, it's your job to make sure it doesn't fall off the radar. Agree on a check-in timeframe after each correspondence. If you don't hear back after that timeframe, it may not be because they're not interested -- it may mean they got busy. Life happens.
There are a lot of good tools out there for remembering where you left off and reminding you to follow-up, Stride, a sales tracking tool, is one of them that I helped create. Other good tools are task managers like Wunderlist or FollowUpThen (screenshot above), which is made specifically for email reminders.
7) You Don't Make It Clear Why They Should Listen
This is the #humblebrag portion of the list. I'm not one for name-dropping, Justin Beiber, but it's important to make it clear why others should listen. Use things like customer names, press coverage, usage numbers, success rates, etc. to shine your best light. Nothing wrong with making it clear that you're the real deal.
8) You Don't Walk The Persistence Line
There's a fine line between overly persistent and not persistent enough. When you're actively engaging with another company, it's important to walk the line. The reason why it's so difficult is that it varies on a case-by-case basis, but the signals you get back from the other side can likely direct you on whether or not you're being persistent enough.
As with not dropping the ball, some people need persistence to stay on top of things. It's better to be overly persistent than not enough. Walk the line, but don't overstep. If someone tells you that it can't happen right now or that they're not interested, that's not a cryptic message to keep bothering them.
9) You Look Like Hell (Or Don't Exist) Online
You may be the cat's pajamas offline, but if you're online life doesn't reflect that, who would know? As you're well aware, we all have access to the Googles, and we're likely to research someone before we engage with them. Take the time to clean up your Linkedin, set up a personal site and for goodness gracious, get to tweetin'.
Personal branding is a separate post in and of itself, but for the sake of this post, realize that it's one of, if not the most, important pieces to being able to do a deal with a person or company.
10) You Don't Make a Personal Connection
As with the last point, the personal side of a deal matters. We do business with people we trust. When you're looking to work with someone, you've got to take the time to make the personal connection. Follow on Twitter, friend on Facebook -- become top of mind. Don't make it all about business, find commonalities and make the connection.
Let's take the wonderful Sha for example. She saw on my Twitter feed that I was damning myself with trying to learn Ruby. So, she whipped up some Ruby on Rails Cookies to help me through the process. Awesomeness person award goes to... you guessed it. Next time I get an email in my inbox from Sha, guess who's getting an immediate response?
Conclusion
When you're in the sales process, the things that matter most are the subtleties, the tiniest bit of finesse is what separates winning from losing. Go about your business how you'd like, but keep these pitfalls in the back of your mind. Take the pain points that you experience while others are pitching you and learn from them -- don't inflict the same.
Really great post and I think it really points people toward the subtleties of selling. I have had many bad selling propositions and pitches my way. Next time, I might just point them to this post ;)
A great point specifically is the asking people to sign a NDA at the beginning of the first call. One of the things my company has been approached for lately is app development. I understand that the person thinks they have something revolutionary in their hands, but it is hard for a company to be willing to help you if you automatically establish to them that you are suspicious they will steal it.
And then the brevity of emailing, always a good thing to keep in mind during the selling process and any business communication; even internally.
Oh Wow!
That really took my breath away! :)
...and that is a great reminder that there's nothing like a pleasant surprise to put a smile on a person's face and help grease the wheels for a smooth deal.
Great post Andrew!
Sha
Great post. Thanks so much! I'm on my way to my email to pass this on to the sales team in the office.
Thanks!
Holly
+1 hwade. I feel as though this is a common problem with big sales teams that are mostly taken up with college students, younger people, etc. Knowing the your prospects business I feel is one of the most important parts. I would never buy expensive services from somebody that doesn't even know what I do.
In my experience complacency is another killer. In particular assuming a deal is done before a deal is done.
Great post! I can't live without Rapportive. Your second point speaks straight to my heart. I'm often too brief in my email messages though, and that can damage the personal connection building aspect. Sometimes I'm so to-the-point that I miss an opportunity to build relationships.
Thanks for giving me some new things to think about!
Great article, Andrew. Another awesome tool to use for email reminders is Google Boomerang.
I loveeee the Rapportive tool - a must have in building important relationships!
I personally agree with 9 and 10. Of course it's easy to find social media people, marketers, even your kids on Facebook and the Twitter, but some people are still resilient to get on social media Twitter in particular, even though it's great at building your own personal brand.
Once people can find your brand online it opens them up to you, instead of that akward silence they can bring up, something they have in common with the client when the face-to-face meeting happens. "Oh, hey I saw you like the Raiders" or so on.
Social media's a great way to create rapport between you and a client, and something you can't create yet.
Hi Andrew,
I think your blog is good practice. I would like to try some of your ideas out
#1 Read some good books on sales
#2 You don't need #2
Seriously, just freaking learn sales.
Thanks for this amazing post. appreciate!!!!
With your headline I was not looking forward to a doom and gloom slant. Instead they were all great points, and accomplishable. good one.
Can't agree with #10 more. Making personal connection within business relationships will set you apart from the crowd. If you establish some sort of commonality whether it be your love for fly fishing or old school muscle cars, be semi intelligent and you will be remembered. So even if your deal doesn't go through, that connection and fly fishing trip with that personal could lead to future deals and business from that person or someone he/she refers your way. So a sneak peek at their fb or twitter profiles can go a long way.
You're right David, #10 is key in any competitive selling situation these days. #9 is my pet peeve. Unless my 3 minute recon on a potential partner, vendor and sometimes even client has put in the effort to bring their online presence up to snuff, I am less apt to invest time w/ the relationship.
I even find myself using #9 metrics on whether I "circle" someone on G+ or not. I may have become a bit of a IM snob but with so much noise out there, I'd rather have fewer A+ signals than 1,000 D- signals - if that makes any sense ;-)
A great Insight.
Just starting my career in Sales as a fresher, i'm facing lot of challenges.
Especially in the field like Digital Marketing where every minute there is dynamism.
This post really helped me to get more organized.
Checklist has always helped me that way.
Giving Importance to miniature things will really help us to grow is my takeaway.
Thank you.
Keep posting.
Excellent post!
thanks a lot for these points it was really helpful i made some of these mistakes earlier and faced problems now i can try and improve
A good large print checklist to ensure your sales process doesn't go awry.
On point 10 (Personal Connection) - "People don't buy your products or services, they buy you and your team"
A bit unrelated, however an inspiring TED talk from Simon Sinek:
https://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action.html
#11 - You don't justify the cost/investment.
A good practice is to actually do the math. X traffic x Y% conversion x $Z value per customer = $$$. Does this final value justify what they should be paying you?
And adding realistic benchmarks with specific timeframes can serve to add accountability for both successes and failures. One of the biggest benefits of inbound marketing is the ability to accurately track the success of specific strategies and continually improve ROI with split testing. Just try doing that with radio, newspaper or television ($$$)!
Great addition. This is a big one, especially for consulting services.
Sorry for overlooking it.
"You don't understand what drives their business," is such a common one!
Failing to get this right is a killer and even if you do get it, failing to communicate their business objectives to whoever will be running their campaign on a day to day business means chances of retention are much slimmer!
Great rundown!
Hi Andrew, great post. Some excellent points and, for me, the one about following up when you say you will is very important. Boomerang is another great email reminder plugin for gmail and good old Google Calendar synced with my phone keeps me on my toes the rest of the time!
Great call on Boomerang -- I've heard good things about that tool, as well.
All great points Andrew.
Point 1, 9 and 10 need special attention. Those are most important when it comes to making a deal with a large organization. They'll look for everything in their service provider.
Also, there's typo in the first point, you've written "Crunchase" instead of "Crunchbase" :)
Failing to understand the dynamics of their business is the biggest fail and so is delays in followups. You might be expecting them to come up with a response or you just assume that they aren't keen only to find out they just missed it. A big loss.
Also, i agree with your point going beyond business. The worst mistake you can make is to wave a goodbye if the client isn't interested in doing business with you. You can actually create a goodwill by going off your way and extending support, be it offering advise or suggestions. It takes your time, but the individual will definitely be talking good about you and eventually your company's culture.
Great post Andrew with some really solid advise. Closing sales does get easier with practice (so I'm told).
I particularly like the point about making a personal connection. Not only will this help you to make the sale, but it will also support you in building a solid relationship for the long term.
Thanks,
Andy
the tools look good, but some of those pointers look like they've just been added to get the post up to 10 reasons. numbers 4 and 8 don't really say anything specific.
Had no idea about followupthen.com, what a great idea that is.
Interesting post and I wasn't aware of Rapportive - will have to have a play with that. I guess in a small local community you are more or less aware of what people/businesses are up to but not always so Rapportive makes sense.
Hi Andrew
That sounds like a good action plan for me to follow . I am going to focus on #1, #5, #9 and #10 and take the other as I go along.
Kudos to for @ itrogers #11