Don't keep chasing a lost cause

Feb 18 2010 by Richard Lane , The Journal

EVERYONE at some point has kept chasing something only to eventually realise they are not going to get it.

In my experience, sales people find it hard to let go of a potential opportunity.

Even when we know we should have received more frequent feedback we cling to previous conversations and convince ourselves we still have a chance. When a client doesn’t return our calls or meet agreed deadlines we find a way to make ourselves feel better to keep the deal alive on our side. When we know the budget isn’t available or the cost of change is almost certainly too high we persuade ourselves there is enough will to make it happen.

Why do we do this? Well, occasionally we win a deal that wouldn’t have normally made it through even the lightest qualification criteria. It is these deals that stick in the mind and cause even the sanest sales manager to agree for time to be spent chasing the most remote opportunity.

It is easier to maintain a sales pipeline built on hope than it is to manage a pipeline based on reality.

If the above strikes a chord then take note of research from The TAS Group, a leading sales effectiveness company. Their data shows sales people spend 150% more time working deals that don’t happen compared to deals they win.

I have found the ability to manage how I spend my own time one of the great benefits of being in sales. However, with this autonomy comes responsibility. As sales professionals we have responsibility to take control of where we spend our time, how we develop our pipeline and how quickly, honestly and accurately we qualify our opportunities.

Accurate and decisive qualification enables us to spend more time where we have most chance of winning.

Take time to understand why you win. Review your past successes and take a note of exactly what made the client choose you and your company versus your competitors. Go a step further and ask them. Search for patterns. Once you have identified your winning formula make sure you build these check-points into your sales qualification process. This can be personal to you or a company- wide initiative.

Be quick to qualify out. If you are going to lose, lose quickly.

By following these steps you will spend more time working on sales opportunities you have the most chance of winning. You will be more successful. You will be working smart. You will have more fun.

Richard Lane is managing director of Engleby Associates, a sales improvement company that helps software and digital firms. www.englebyassociates.com