How To Save a Business Deal In 3 Minutes Or Less

January 7, 2014 11:30 am3 comments

It’s always a letdown when a prospect that you’ve been working with turns your product down.  In some instances, you can console yourself that you’ve done everything possible to close, and that they made another decision in spite of your hard work.  But most of the time, there is usually some point along the line where you could have focused on this client to make the deal.  Sometimes, deals fall off because they stall mid-cycle (somewhere between call and appointment set or between the first and second meeting, for example).  This is even more disheartening because you’ve put time and effort into this client.  Well, a great CRM can help you dust off these stale deals in 3 minutes or less.

When a deal stalls out, whether it’s because the customer is busy or because there is a delay in follow-up, you’ll need a strategy to be able to implement manageable, actionable tasks that will get this deal back on track and bring you closer to closing.  Once you have this data, you can make the change and get back on track, all within 3 minutes.

Minute 1: Find out where in the process the deal got delayed

A CRM like Base can get this process started.  First of all, it will create an automated report that alerts you to when a deal has been neglected for too long.  You’ll be able to see exactly where in the process this deal has been delayed and how to take the next step.

Minute 2: Make contact, or reassign

If the current sales rep has abandoned this cold prospect for hotter deals, it may need to be reassigned to another representative.  The new rep can access this status report and all information about communication with this lead, and get a game plan in place quickly.  You’ll also be able to assess whether the current rep just needs to take another approach to the potential customer.

Minute 3: Identify which time of day is best to reach the prospect

If the prospect has a busy schedule, there may be a particular time of day that they have been free to speak.  If you’ve successfully contacted them between 8-9 am previously, you can view this information in the CRM and make sure that the next call takes place within this window.

In many cases, though, you’ll just need a more consistent follow-up strategy to land a client juggling such a hectic schedule.  In 3 minutes, you can identify which follow-ups gained ground, and which didn’t stick.

In just 3 minutes you can reestablish the relationship with the client and refresh a stale deal.  Recouping deals that might have fallen through the cracks because of a lack of follow-up will bring your rep closer to their quota, your team closer to their goals, and your company another successful close and more revenue.  If you have a deal that needs to be dusted off, all you need is a quick assessment through your CRM, and you’ll have the power and knowledge you need to succeed.

Image: Shutterstock

This article originally appeared on Base | Baseline – Base CRM Blog and has been republished with permission. If you’d like to submit a guest post or syndicate your content, submit a Firmology contributor program application.

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3 comments
Laurna411
Laurna411

Thanks for chiming in and commenting Hank! Deals falling off the wagon can be discouraging for new sales reps and entrepreneurs. I've been talking with sales trainers about ways to reinvigorate a deal. Might have to be a follow up post :)

hankklinger1
hankklinger1

Thanks for the great article Lauren. I think this is great, I know that in the beginning a lot of people lose traction as deals fall through and creates a negative mindset. knowing the right steps to regain confidence and rekindle the spark in the prospect will definitely help a lot of people breakthrough. Great article. I always tell new teammates if there's one book they should read its How to Win Friends and Influence People by Dale Carnagie. Awesome article!

PhilipNowak
PhilipNowak moderator

@hankklinger1 Hank, thanks for stopping by. As @LaurenLicata mentions in her post, there are many variables to consider when trying to revive a deal that has flatlined and it's great to see how technology can help salespeople, executives, and business owners revive and close it.

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