We, as salespeople, do not like to walk away from a sale. It’s hard to do, especially when you’ve put in a lot of time, energy and resources into building a relationship with a prospect and when you walk away, you will have nothing to show for it.
Every minute spent chasing an impossible or low-value deal is a minute you could’ve spent working on a more likely, higher-value deal. Knowing when to walk away from a lead will make you a more effective salesperson.
Here are 7 signs that it’s time to walk away:
1. “I don’t know” means they are not serious
As part of your sales process, you need to uncover your prospects pain so that you can tailor your value proposition to their priorities. If they can’ tell you what success means to their project or when they need the project to be completed by, then it is a clear sign to walk away. If they answer “I don’t know” to who is involved in the decision-making process, then they are not a decision-maker, or they are not serious about your product.
2. They don’t have the budget
Some companies won’t be able to afford your product or service. It’s better to find out early in the process. Moreover, some prospects will use budget as an excuse to get off the phone or end the sales conversation. It is essential to explore the budget objection before giving up. Probe into the prospects sales pipeline, deal values and revenue. If the money really isn’t there, walk away. Often budget is a cover for a more deep rooted objection, see if you can get to true objection, if you can’t, walk away.
3. There is no sense of urgency
We all use urgency to help close deals, quickly. It may be a financial incentive to close the deal by a certain date, i.e. end of the month. When there is no sense of urgency, the sale will drag on. It will be expensive in terms of time and resources, and ultimately the deal becomes less profitable over time. It is hard to walk away from something that may be a sale. Mark it down as a lead to come back to at a later date.
4. Incumbent or legacy provider
If there is an incumbent provider in play, your prospect might be using you for due diligence or to put price pressure on their existing provider. Probing further into who they are using, how easy would it be to switch providers and why they want to switch providers will give you an indication into how serious they are about your solution. If you get the feeling that they are window shopping, then walk away.
5. They ghost you
There is nothing more frustrating than when a prospect vanishes. They don’t return your calls or respond to your emails. It’s time to recognise that your prospect is not interested, and you need to move on to a more viable opportunity. Don’t end a relationship by ghosting your prospect. Send a final wrap up email, saying that you are closing their file but that you will be in touch in the future. And, then walk away.
6. They can’t see your value
As a salesperson, it is your responsibility to sell the value of your solution. If a prospect doesn’t understand it, they will not buy it. If you have made multiple attempts to convince your prospects of your solutions ROI and they don’t get it, then it may be time to walk away. Take some time to reflect on your conversations with the prospect so that you can learn from them and refine your value proposition.
7. It’s not a good fit
If your solution doesn’t help the prospect, then you should walk away. You want to be known for delivering the best solution to your customers not as a pushy salesperson. Being honest with the prospect and telling them that your solution is not right for them will boost your reputation as a credible and trustworthy company. It leaves the door open for the prospect to come back to you at a later stage when your solution is a better fit.
Walking away from a prospect never feels good; it’s hard to make that decision. When you walk away from a prospect who isn’t right for your solution, you will be able to focus on prospects who are.
We understand the demand for quality leads and the need for your team to meet those demands. We are here to help and add value by finding tangible, highly qualified leads where we have secured a date and a time for an appointment. These individuals are in your target audience, at the right decision-making level and have an interest in your solution. Taking away this pressure from your Sales team allows them to focus their time on closing deals and generating revenue.