The Biggest Competitor to Avoid Today
Have you ever been in one, two, or even more meetings with a sales or business prospect, and the momentum seems great? And then it happens, radio silence, no response to your calls, emails, texts, or social media messages? You take a deep breath and realize the harsh reality that you are being ghosted by your prospect. Personally, I have been there whether I was on a sale team, or working in my own business today, and maybe you have, too.
In today's marketplace, the truth is that this happens more often than not. As a matter of fact, it is a new competitor that has become stronger and gained more momentum post pandemic. Who is the competitor, you ask? One word: inaction. In the past, we thought of our toughest most competitor as a rival company or entrepreneur. In contrast, this silent competitor is the biggest reason our sales and business opportunities stall, delay, or end in indecision today.
However, with a strategy, we can address this challenge right from the beginning of the sales process. These are 5 strategies to ensure your sales process or prospect does not end up in 'inaction:'
First, it's essential to uncover a strong 'why now.' By understanding and agreeing on the cost of 'not doing anything,' both you and your prospect will recognize the urgency of action. This must be measureable in terms of numbers, dollars, percentages, or compelling events. For example, when I meet with a VP of Sales, they may tell me 'we want to increase our sales revenue by X dollars this year.' This sets a compelling foundation for engagement, driving them to act rather than procrastinate.
Second, at the end of each meeting, make sure to agree on a specific day and time for your next discussion. People's busy schedules and myriad distractions can easily derail follow-ups. Without a set date, weeks, months, or even longer can slip by unnoticed, losing momentum and stalling potential deals. Think of this as geting an 'advance' vs getting a 'continuation.'
Next, be transparent about your process. Guide your prospect through a structured journey with a clear 5-step approach-an example of the process I follow for Sales Training, Coaching, or Consulting Work: Discovery, Executive Summary, Agreement on Recommendations, Letter of Commitment, and a Shared Partnership. This not only keeps them engaged but ensures a 'win-win' outcome for all parties involved.
A critical point to remember is that while we have our sales process, the customer's buying process ultimately drives it. Aligning these processes means understanding their needs, timelines, and decision-making journey, ensuring we remain synchronized and relevant.
The Risks of Inaction
Inaction is common today due to several factors: the involvement of multiple decision-makers, the need for consensus, competing priorities, outside distractions, and increasing complexity in decision-making. By addressing these head-on, we can minimize the risk of prospects falling into the trap of inaction, fostering a more decisive and fruitful engagement.
Failing to take action can have significant repercussions. For businesses, inaction can mean missed opportunities and weakened competitive standing. Competitors may seize the moment to innovate or better serve emerging needs, leaving those who hesitate at a distinct disadvantage. Furthermore, unresolved issues can escalate, leading to increased costs and more complex challenges down the line.
For individuals, inaction may stall personal and professional growth. Opportunities for advancement, learning, and betterment are often lost when decisions are delayed. Over time, this stagnation can result in dissatisfaction and regret about missed opportunities and potential.
In conclusion, overcoming the challenge of inaction requires intentionality and strategic planning. By actively managing these aspects, we transform potential doubts into confident decisions, marking the path from prospect to partnership.
