Didn't close on the one 'big' client ... feeling down
Hey all,
I've been in communication with a potential client that I would describe as the 'The Big One'. The one client that would have pushed my business. After a few back and forth - the price that I offered was similar to his current bookkeeping solution and declined.
Even though we had the same price point as his current firm, I offered much more services than his current firm at a similar price point. Either way, guessing he would have only changed for a significant price savings from him - a price point that wouldn't make sense for me personally.
Is there any way to reel him back in somehow? Or rebound after a rejection? I thought I was super close to getting him and I was really excited about the possibility. After his no, I'm feeling super down... Any suggestions on how to rebound mentally?
First of, prop's to you for trying.
Secondl of all, don't beat yourself too hard.
Sales IS tough. Sales isn't for everyone. There's being a Sales Person, and being an Entrepreneur. You'll need to generate you own sales at first, but you don't need to be a sales rockstar to be a rockstar entrepreneur.
Before trying to reel him back him, I suggest you do a little introspecting and reflect on how the deal went.
Typically, in a B2B sales context, there's the spark (how you got the meeting), the fire (the meetings/follow-ups) and the burn (close or not).
About the spark: you mention having talked to a Big Fish. How did you get the meeting? Can you reproduce that? What will it take to talk to other folks like this? Ideally, you'll talk to more of these folks and get better at closing them.
The Fire: what was your sales process? How many calls? How many follow-ups? Were you on point, on time, adding value at every step of the way? Did you say YES to everything they were saying or did you bring a new perspective on their own business based on your experience? Based on what you're saying, being priced exactly like the incumbent provider, there's a chance that this firm felt it was just easier not to change anything.
The Burn: there's a general belief that closing a deal is one big event that leads to a contract being signed. In reality, it is a succession of little "yesses" that happen from the spark to the burn. How easy is it to do business with you? How do you intrigue them enough with new pieces of information that they didn't have prior to talking to you so you can establish your authority in your space?
Finally, about emotions. "I thought I was super close to getting him and I was really excited about the possibility". A simple sales attitude to adopt is "don't think about the outcome". Don't think about the money. Don't think that this contract will bring your business to the next level. Keep helping your prospect making the most informed decision. Keep feeding them with new data, new perspectives, new angles to consider so that they eventually realize that @Narwhal is THE person that they need for their bookkeeping.
Available to keep the conversation going IRL if you want (my email is on my profile)
Wow Victor. Thank you so much for the thoughtful and helpful reply. This is what I really needed - a little advice & a little motivation! I'll check out your website and also keep in touch with you. Thank you so much!
hey @Narwhal pleasure. I offer 2h consulting on hunting potential customers and closing them, let me know if you want to chat! victor [at] makesales [dot] io
It sounds like you were selling him another bookkeeping system. That's a mistake :)
He doesn't want another bookkeeping system, he already has one. You already knew this and so your next step was to think he just wanted a lower price.
Also a mistake.
Let me explain my thoughts. Your job as the salesperson/consultant is to improve the client's condition - not sell them another system that they see as marginally better.
If you were to ask your customer this question: "3 years from now, you and I are having coffee and talking. You're incredibly happy with the progress you've made in the past years. What has happened to make you this happy?"
This question is a variation of the now famous "Dan Sullivan question", a sales question that was tailored to uncover the desired future state of your prospects.
I'm betting your prospect wouldn't mention "a new bookkeeping solution" in his response.
The reason is simple: people don't buy things, they buy better futures. Things are a means to an end.
What's your customer's desired end?
Start there and try again, your prospect will listen when you pick up the phone and say "I apologize, I had it all wrong, I understand where you're coming from and where you want to go, how about giving me 10 minutes to see if I'm wrong?"
If you would like to have a chat on Zoom or what not, I'd be happy to. Send me an email, it's listed on my IH account. :)
Hey Narwhal,
Sales cycle for larger companies sometimes can be 18 months or even more. And some of the best deals I've ever made started from a rejection.
Keep in mind that everything is about relationship building and open communication. Check with your prospect why they've decided for other provider and if you can do something to make them change their mind (you mentioned bookkeeping solution, that might be a hustle for data migration and educating employees about using a new solution), that's usually the case with the large accounts.
I would suggest you to maintain the contact, go for drinks, dinners. Periodically assess the situation and eventually your time will come if they have value from your services/product.
Also, if you are just at the beginning, I would suggest you to focus on the smaller companies that take shorter time to close and also easier for business/tech integration. To get bigger accounts usually it takes to have a portfolio of companies already using it as a proof of credibility.
You should keep in mind that a contact person from that bigger company will need to put her/his reputation at stake for making change to using your solution. And not many people are willing to take that risk.