Sales is all about filling a customers need or solving their problem. That’s what your product or service offers them. There will always be dips in lead generation, whether seasonal or based on an economic event (like a pandemic). One thing is certain though, with a little effort you’ll be able to revive a portion of those dead or stalled sales deals in your sales team’s funnel.
Let’s walk through a hypothetical situation:
In early March you received some great, qualified leads but a week later your leads stalled as a result of the pandemic. Fast forward three months to when the economy is reopening. What do you do now? Many businesses and consumers may not be in an ideal financial position to make those same purchases they may have been interested in before, but some businesses and consumers are. That is all just speculation based on assumptions. Without speaking to your leads, you don’t know where the chips will fall.
So, how do you revive a dead or stalled sales deal?
HubSpot offers a great description of a dead deal:
“A dead deal occurs when a prospect seemingly becomes disinterested without giving a definitive ‘no’ to a sale. In this situation, the prospect may disengage and refrain from communication.”
A dead sales deal does not mean all hope is lost. Well, to be fair there’s always the possibility that they’ve chosen to go with your competitor or no longer have a need of your product or service. However, with a little effort (on your part) you have a chance of reeling them back in.
There will again, be some who have chosen your competitor or simply don’t have the need anymore which is why you’ll want to take a look at the situation before pursuing.
Did the prospect have a need for your product or service AND do they still have a need? If they said no, why did they say no? If it was budget or timing (i.e. the pandemic), there’s still a chance to turn that no around.
Use the power of social selling to reach out to them directly through social channels. Social selling strategies can help you revive a dead or stalled sales deal. However, to truly be successful in reviving the deal through social selling, you really need to understand what their needs and/or concerns are. Share with them articles relevant to their industry and get away from trying to sell to them in every interaction.
Find a new contact. Sometimes, a dead or stalled sales deal can be a result of you speaking with the wrong person within the company. Reach out to someone new, who has more power in the organization.
Find triggers by setting up Google Alerts to notify you if something interesting happens to your prospective company. Was there a big change, announcement or update for their company? Their industry? Work anniversaries and birthdays count too! This information gives you a reason to re-engage with them.
Finally, communicate with them. Sometimes, the best way to get answers and to move things forward is to simply be direct. Ask them why they’ve said no - did they make the purchase elsewhere? Was the timing just not right? There is no harm in asking them.
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