The Audible-Ready Sales Podcast
The Audible-Ready Sales Podcast

Episode 47 · 10 months ago

Reassess Your Deal w/ John Kaplan

ABOUT THIS EPISODE

We’ve all worked with prospects who drag their feet on making a final decision. You may even have some of these deals in your pipeline right now. If you do, this episode is for you.

John Kaplan shares how to reignite your stalled deals and differentiate yourself from other competition that may still have a foot in the door (including a do nothing or do it internally option). Hear how you can differentiate your solutions from all other outcomes to close your current and future deals faster.

Check out this and other episodes of The Audible-Ready Podcast at Apple Podcasts, Spotify, or our website.

Here are some additional resources on reassessing your deals:

- How to Reignite Stalled Deals

http://bit.ly/3i8petF

- Predicting No Decisions On-Demand Webinar

http://bit.ly/2D0dxFa

- Executing Great Discovery

http://apple.co/2TC1kv5

Without a clear quantification of thebusiness paint, it's more difficult to move a deal forward, it could be theone thing that moves your prospect to action, rather than letting yourproposal simply sit in there inbox you're, listening to the audible, ready,podcast, the show that helps you and your teams sell more faster willfeature sales leader sharing their best insights on how to create a salesengine that helps you feel repeatable revenue growth presented by the team Fforce management, a leader, INPTB sales affectim. This let's get started helloand welcome to the Audi already podcast, I'm Rachel Clitmiller. I hopeeveryone's year is off to a great solid start. Today we are going to talk aboutreassessing a deal something you may be working on right now. John Caplin joinsme, hi, John, Hey Rachel. How are you I'm good? I'm good John. We know that every salesperson has worked witha prospect that has dragged their feet...

...on making that final decision. Many ofyou out there may be working with one right now. There's that one deal or maybe several that you'retired of waiting to close. It's not moving forward, there's some main things that you maywant to assess, or some questions to ask yourself as you relates to actually moving it forward andqualifying it out or trying to progress it yeah. This is a this is a greattopic. It doesn't matter whether you're a sales manager and you're looking at aporecast you're seeing slip, deals or deals that just aren't progressing inthe pipelane or whether you're a seller in your experience, Tan that by justlooking at your deal, so I mean the biggest thing that you need to askyourself is: Have you clearly quantified the business pain? How bigis the problem? How big is the problem for the customer, and so more oftenthan that you know if your opportunities not moving forward, youhaven't done deep enough on the...

...negative consequences and that's thenegative consequences of the problem. Let's just use a little example, so,let's say you're solving a problem with payment processing, and you know thatyour solution will get the company paid faster. However, do you know how muchmoney they're losing out on because they haven't had a solution in placeand what's that costing them, you know? Also, do you know who owns the businesspain? Are you dealing with the person whose job is on the line if it's notfixed, or perhaps the person who has a vested interest in getting a solutionin place so uncovering that pain is the first step to your buyers, correctingthe issue and seeing a return on their investment with your company. Sowithout a clear quantification of the business pain, it's more difficult tomove a deal forward, it could be the one thing that moves your prospect toaction rather than letting your...

...proposal simply sit in there inbox. Solook at that deal and ask yourself how big is the problem yeah if you'retrying to reassess the deal? That's the first question that you need to ask:That's the major one obviously, but in some cases it might be aboutdifferenciation, it's also it's about differentiating from competitor or alsofrom doing nothing or doing eternally. All of that can lead to stall deal. So,let's first look at Differentan and gains a competitor yeah. So if youstart with competitive differentiation, have you articulated your competitivedifferentiation? That's a fundamental question. You have to ask yourself onlooking at this opportunity so because opportunities are one and lost oncompetitive differentiation. So how do you solve your customers, problemsdifferently and ore better than your competition? The critical component toanswer in this question effectively is to ensure that your answer has animpact on your buyer. So you may have a...

...more robust reporting structure, but ifyour buyer cares only about one metric, that your competitor can also providethat differentiator won't help. You move the deal forward, so reassess howyou have position your solution against alternative options and determinewhether or not you can make a stronger tie to the buyers required capabilities.That's a fundamental skill and a fundamental assassment that you shoulddo when looking at competitive differentiation, as it relates to yourdifferentiation inside of required capabilities right. How? How is itmeaningful to that buyer that you're dealing with, and also maybe the moreelusive competitor that could result in some stall deals? Doing thatthing ordoing it ourselves doing it internally yeah this one became kind of a bigcompetitor on the block in two thousand and twenty for sure, and I think it'scontinuing today. I guess it's always...

...been around, but I just really noticedthat heavily in two thousand and twenty. So ifyou're reassessing your deal, don't forget to think about how you may beable the better position, your solution against the prospect, taking no actionat all or trying to solve the problem themselves in these situations, you'restill differentiaing against an alternative, and you need to do it in away that demonstrates value to the buyer. So when you position yoursolution against, do nothing, you need the ability to differentiate againstthe pain of the problem. How will your solution impact the current pain? Haveyou articulated a large enough impact for them to take action? Big problemscan't wait and if your prospect is thinking about doing an internalinitiative, rather than going with a vendor, you have to differentiate basedon the outcome. How can your solution...

...get to the necessary outcome faster andmore efficiently? Don't debate with your customer if they can do it forthemselves or not? The bigger question is: Why would they big problems areurgent and doing it? Yourself typically takes more time, so you have acompetitive advantage against that. You just have to be very, very clear, rihtagain going back to the pain and defining it ind the outcomes orrequired capabilities, all those critically important to reassess ifyour dealis not moving forward. I want to make sure the listeners know aboutthe Webon are that we did with primary intelligence and Brian Walsh aboutpredicting no decisions. We highlagted some research of more than a hundredbtabe buyers who deals were no decisions. I mean classified as nodecisions by the vendors who are trying to sell them and what that researchfound out was that the no decisions...

...were actually winnable. If the, if thesalesperson had better articulated the value, so be sure to check that Weabonarout I'm going to go ahead and link it in the show notes, it's calledpredicting no decisions and in that Webon ars a linke to the research. Butif you're dealing with stall deals, that research will give you some spiriton how you can reignite it. That's great content Rachel. I highly suggestpeople go to the show, notes, a and click on that that that will be atremendous value to you. Yeah and you know when it comes to this differentiation moving your dealforward. It's tough to talk about this and not talk about medic. We talk aboutmedic a lot of course. It's a great acronym to use, as you reassess yourdeal, but perhaps if it's stalled, you know one of those specific lettersmight be really important and that's the decision process. You may want tofocus your attention on the decision provcess for your customer yeah. Ithink decision processes. You know all that you know all the letters in meticor Med pick or ar critical, but on this...

...topic you know, decision process reallystands out for me and any decision process is made of two components: avalidation process that evaluates how your solution will satisfy the buyers,requirements and n an approval process, which is the sequence of events thatneed to happen to get the contract signature. So you need to ensure youunderstand both components of the decision process and, if you don't,that could be why your deal is moving. You know is not moving forward. Soremember as part of your byer focus sales conversations, you need toqualify the opportunity based on the validation and approval processes. Soideally you need to do this as you execute discovery. But if your dealifstalled, you may need to backtrack and effectively define these orredefine these two processes. So I like to say think of yourself as a buyercoach and play the role of coaching...

...your prospect through a well veddeddecision. EVERYBODY LOVES TO BE LED everybody. Even your customers love tobe led, providing you can take them to a place they can't get to on their own.So a well vedded decision process that yields mutually beneficial results issomething that you're both looking for, and you should be the Condo it to that.So you may know from your own experience, sometimes it's just astough to sell an idea internally for your prospect as it is for an outsidevendor, and always the best outcomes happen with champions in place, whoneed to be successful with everything that we've just talked about, becausethey have a vested interest in the outcome. An John There's, a lot of waysto reaccess your deal and you've gone through the major components right now,but hopefully these have given some of you out there listening some things tothink about. If you were to give a bottom line toreassessing your deal as people are...

...starting the year off, what would yousay yeah, so I'd grab a stuck deal right now and don't keep reekforecasting a deal or a slipdeal grab. It dig in you know if your salesmanager- don't let that happen if your sales rap grab your sales managementteam and grab these stuck deals at he slip, deals or whatever you call on theones that aren't moving and ask yourself these questions. So what's thebiggest business issue facing this customer start with that one bigbusiness issues have urgency. So if you have a stuck deal, it has no urgency.It's probably not addressing a big business issue. Look at the decisioncriteria. Is it favorable for you, meaning? Is it influenced by ourdifferentiation? If not go to work, don't debate if they can do somethingby themselves or internally, it's always going to be an option forsomebody to do something by themselves or in turn or internally, make theconversation about urgency and time and...

...resources. There's no question thatthat if it's linked to a big business issue, it has urgency the resourceswill be constrained. Your expertise will be more valuable, so don't getinto h debate whether they can do it or not. Of course, they can probably do itthemselves, but why would they do you really understand who's, making thisdecision and how a decision gets made, some of the fundamental context ofmedic and Netpick, and sometimes we spend a lot of time on other. You knowletters. Those are big ones as it relates to stuck deals. And, finally,if you can't answer yes to all of these, you probably don't have a championsomeone with power and influence actively selling on your behalf and avested interest to your success, so that exists yet busy. Stick to thatdefinition and criteria for a champion...

...go find them align yourselves with them,and you won't be alone on these accounts. You won't be alone on thesestuck deals. Stuck deals are a lonely place to be champions either share thatloneliness with you or they get busy with you and that's the best advice that I can giveyou on stuck deals for today. That's awesome and John Great Advice for twothousand and twenty one put your mask on go to work, reognite, those thosestuck deals. Thank you for having this conversation with me, John Ive. Muchenjoyed it, let's keep them coming in two thousand and twenty one. Let's havea great year awesome and thank you to all of you for listening to the audible,Ren podcast at force management. We're focused on transforming salesorganizations into elite teams, are proven methodologies, deliver programsthat build company alignment and fuel repeatable. travenue growth, give yourteams the ability to execute the gross...

...strategy at the point of sale. Ourstrength is our experience. The proof is in our results. Let's get startedvisit US t force Managementcom, you've been listening to the audible, readypodcast to not miss an episode subscribe to the show in your favoritepodcast player. Until next time.

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