We all know those types of opportunities. There’s money enough, they want it fast, and your contact person is the only one who decides. Does it sound too good to be true? It often is.
Just like everything else in life, if something seems too good to be true, it probably is. So be aware of the following six signals that might warn you that you are working on a deal that will never be signed.
They want it fast
I never experienced that a large deal was signed fast. In today’s buying process, where so many people are involved, it is a big challenge for your customer to have everyone aligned in a short period. And if you still believe that they can decide fast, be aware of the other signals, as mentioned below.
They say money is not an issue
Every company will make a business case or ROI when buying something. If they say that money is not an issue, try to understand in what context they mean it. It could mean that they do not go to the cheapest supplier, but that is something different. Always be transparent in your price in the first meeting(s). If they do not ask or care about the price, it is not a good signal. Money always plays a role.
The company has just started
New companies share one thing in common: they are optimistic. That is good, but for you as a sales executive, it could be a threat. They invite you for meetings, and you share free advice, and when it comes to a proposal, it is often too expensive. So, should you still visit starting, ambitious companies? Yes, for sure. But you can save yourself much time when, in the earliest conversations, you manage the expectations regarding the investments they finally need to make. Do they still want to move on? Then always be aware of the other signals as mentioned here.
Contact claims he’s the only one that decides
In today’s world, where, according to Garner research, there’s an average of 5.4 people involved in a b2b purchase decision, it’s almost impossible that there’s only one person involved in the buying process. Be aware when your contact person claims to be the only one that is in charge of the purchase decision. It is rarely the case.
You do not get access to any of their directors
When your contact does not want to introduce you to one of their directors, there might be something wrong. Your contact could have his own agenda, he could be overestimating his influence, or his personal goals do not meet the company goals. Red flags should pop when this happens.
There are no competitors
If your customer says that there are no competitors, do not take it for granted. It is not professional if your potential customer does not invite competitors. Besides that, there could be other “hidden” competitors that could offer a similar service as you do. And sometimes, competition is coming from inside the organization, and they finally decide ‘to do it by themselves’.
What are your experiences with deals that looked promising, but never came in? Please share them with us!
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