Handling the Cold Potato

Do you have prospects that seem to give you the runaround? Maybe they expressed interest in your product or service when you first contacted them, but now they don’t return your calls, reply to your e-mails or seem interested in making buying decisions.

Persistence is an essential trait that all successful salespeople should possess. The ability to stick with a specific task, continue in the face of adversity or use different strategies to achieve your goal is critical if you want a long-term career in sales and business.

However, there is a distinct difference between persistence and beating your head against a wall trying to convince a prospect to buy your products or services. Recent conversations reminded me how often people get caught in the trap of thinking they can — or should — close every deal that comes their way. Simply put, there comes a time when you have to let go and give up. But if you’re not quite prepared to do that, here are five suggestions that may turn that cold potato into a hot one:

1. Consider creating an e-mail list and adding those people into a monthly e-mail campaign. Some of them will experience changes in their situations while others are busy with more urgent matters. Without monthly e-mail follow-up, you can lose the people who were temporarily distracted, as well as those whose situations change.

2. If you have another contact in the company, ask them for input or to find out why the decision has been stalled. This is particularly effective if you have developed a good relationship with that person, especially if they can act as your champion or cheerleader.

3. Develop a “keep-in-touch” campaign to keep your name in their minds. They may not be ready to buy now, but if this changes in the future, you want them to remember you. You can stay in touch via postcards, letters, articles, newsletters, etc.

4. Befriend the decision-maker’s executive assistant and tap into that individual’s insight and knowledge. In some cases, the assistant can help you find a different way to approach the executive. In other situations, he or she might be able to give you a reason why the sale did not happen or what you could do differently in the future.

5. Ask yourself, “How important is this sale?” If your answer is, “very important,” determine what other actions or approaches you are willing to take to make it happen. If this was the most important sale of your career, would you give up, or would you find a creative way to pursue it?

When a hot prospect turns cold and you have done everything possible to move the sale forward but they aren’t responding, it’s time to drop that cold potato and focus your attention on other opportunities. It is essential to recognize that you only have a limited number of hours in a given day, week or month — and that you need to invest the time you do have wisely. Spinning your wheels trying to convince an unmotivated prospect to make a decision may not be the best way to use your time.

Many people fail to realize just how valuable their time is. If you spend an inordinate amount of time trying to close a sale that has a low probability of success, then you are not generating a high payoff on your time. Try engaging in more higher-payoff activities. A simple rule of thumb is to ask, “What is the best use of my time — right now?” You should also consider the potential value of each sales opportunity. Chasing a high-value sale is a better use of your time than following up on a sale that is of low value (revenue and/or profit).

A good friend of mine used to go after every sale that came his way. However, after several years of chasing leads that led to few sales, he now targets his efforts on the high-value opportunities. This has substantially increased his revenues in a very short time.

While it is mentally difficult to drop a potential sale, this strategy will free you up to focus on higher-quality leads which will lead to more money. When you have done everything in your power to capture that sale but it has completely stalled, you need to make an all-important decision: Is it worth your time and effort to continue following that lead? Only you can make that choice.

Kelley Robertson, author of The Secrets of Power Selling, helps sales professionals pinpoint how to improve their results. He conducts workshops and speaks regularly at sales meetings and conferences. For information on his programs, contact him at 905.633.7750 or kelley@robertsontraininggroup.com.