The Real Deal Killer

Today’s Skill:  Deal Timelines

The old adage is that “time kills all deals.” While there is some truth to this, we have to add a bit of context.

Our sales cycle doesn’t always match the Buyers Journey. Sometimes we are an early vendor they evaluated in their buying process while other times they have a lengthy approval and signing process.

We may go weeks without talking.

→ It doesn’t mean we aren’t the right fit for them or we won’t partner.

→ It simply means we need to understand the path to get there.

Which is why knowing the steps are critical.

So, a question for you

Go look at your Top 3 deals in your pipeline at this moment and ask yourself,

I’m guessing that you are somewhere between a sheepish “Not really” and an educated guess of “I believe they are supposed to…”

You’re not alone. Most Founders lack the details to stay on track with their deals. It’s not for lack of trying, you were just never taught to be this precise.

I want you to change your mindset on this!

Because this is a business conversation.

And business conversations and budding partnerships have defined next steps and milestones.

You likely have milestones with your products and services, right?

Why shouldn’t you have those in your sales process?

The question then is how do we get that information.

How To Determine Buying Steps

We ask and we listen and we may have to ask again to get clarity.

• We ask “How are you going to be evaluating this decision?”

• We ask “Do you have a projected timeline on when you’d like to start this project?”

• We ask “Where does this rank on your priority list?”

These are early questions we want to get a sense of because It informs us:

1. Where to help

   If the buyer doesn’t have a clear path then it gives you the chance to step in and provide guidance. Remember, many people want to buy they just don’t know how.

2. If they are serious

   Serious buyers may not know the exact steps but they are willing to figure it out or get help. When someone is vague but unwilling to get help, it’s a red flag.

How To Stay On Track

You can’t be a bystander and passively trying to sell your product.

You must be leading these calls and reiterating what you know and confirming with your main POC often.

Inevitably, things shift. It’s better to cut this off early then be in the dark.

Here’s an example of how you might ask:

“Tom, when we spoke two weeks ago you were planning on getting approval for the project budget and narrowing down to two vendors. Have you been able to get that done or has something popped up that has gotten in the way?”

VS.

You avoid the topic because you don’t want friction, assume things are fine and then be caught off guard with a delayed timeline, or worse, you lose communication and start to get impatient.

That’s when you get desperate and…

• “follow-up” and “check-in”

• Start throwing discounts (even when they weren’t asked for)

• Get a bit passive aggressive with “Well, it appears this project isn’t important any longer and…”

Don’t get to that point.

How To Take It To The Next Level

Getting clarity by using the steps and language above is the starting point.

You have to get comfortable having these conversations first and begin to get crystal clear on your deal timeline specifics.

We’ll call this the “101” version and your primer for what I am going to talk about next week which is the ‘Mutual Action Plan’ 

The MAP is a more in-depth way to take command of an opportunity and show up as a professional on your sales calls. And…none of the vendors you are going against are doing this. This will set you apart!

Remember, whether they choose to partner with you or not doesn’t matter. Sometimes you can’t always control that. What you can control is to lead the sales process and do business in a professional way.

It won’t always be easy. Some prospects won’t want to give you the information. It might get uncomfortable asking. But, that doesn’t mean you shouldn’t ask and set the parameters for a great partnership.

Your Action Step

Go through your pipeline and get specific about the steps needed for a deal to close.

Do you have them all clearly spelled out?

If the answer is no, work backward. What information is missing?

And then try to find the information on your next call or by sending them an email, whichever works with your current communication with them.

In the future, try to capture this early and keep it updated often.

That’s how you stay in control of your pipeline and your potential partnerships.