Oct 15 2024 10 mins 1
Basically, we know that a third of the potential buyers we meet will never buy from us, another third will buy, but not right now and the remaining third are ready to go, if they can be convinced to take action right now. The issue though is when we meet them for the first time, we don’t know which bucket they fit into and we can waste a lot of time and energy thrashing around before we work it out. The knowledge gain process is not straightforward and there are a lot of traps and feints ahead of us, as we make our way forward into the impenetrable jungle. Is there a faster way? Perhaps if we can plumb the depths of our experience and identify some buying or non-buying signals this will help us speed things up.
Being salespeople, buying signals are difficult for us because we don’t take “no” for an answer. We will push for the meeting even in the face of resistance. Our sales exploits have informed us that the buyer who assures us he has absolutely no more than fifteen minutes to meet with us, will spend ninety minutes talking to us if we have what they need. We also know that “no” isn’t a permanent feature and things can change, so we never give up hope. It also means we go up a lot of dead ends and have to extract ourselves for the waste of time, black, smelly, squelchy bog we have become trapped in.
Let’s look at some loser situations we will encounter, when meeting potential buyers, as warnings to weight up the investment of our valuable time with them. I had a great lunch with the ebullient foreign President of this firm, which had been bought by a very large Japanese enterprise a few years earlier. He was excited about bringing our training into the firm to strengthen the sales team and to deliver the sales numbers the headquarters wanted. His Japanese CFO had been sent in from the mothership. That snippet of information should have sounded a warning bell for me. The lunch went well, he was excited and I was excited to get things going, so I ignored that deadly little trip wire.
That ebullience I should have realised was built on a foundation of sand within his own organisation and that the Japanese CFO actually pulled the strings not him. The lesson here is that when you know the firm has been purchased by a larger entity, or is a joint venture of some type, definitely check who has come across from the mothership and what positions they hold.
Look at the President you are talking to through that lens and ask some subtle but important questions about how decisions are made. What I should have done was to ask about how he was going to get the people to whom he reported to okay the purchase of the training I was proposing and then settle back and very carefully analyse his answer. I needed to strip his ego and bold front out of the equation and take a good look behind the velvet curtain to try and get a sense of who had the real power.
In the end, despite our conviviality at lunch, he just kept peppering my follow-up attempts with a string of excuses and stalls. The penny dropped eventually and I realised this deal was never going to happen, because he couldn’t convince his CFO to okay the expenditure. His ego can’t allow him to admit to me that he has little or no power within his own organisation, despite have the grand title “President” on his business card.
Another President who I have been chasing after for a long time now, tells me he wants our training, but my follow-up emails and calls never get a response. When I collar him at an event, we are both attending, he pleads he is so busy with this or that and so couldn’t get back to me, but he is still interested. Here it the conundrum. Yes, he is interested, but can he translate that interest into a deal with his firm? I know his industry is in turmoil and although the technical changes don’t directly affect his business, the overall industry direction does.
The chances of a deal happening seem slim, but the price of a regular follow-up email is not high. However, I shouldn’t invest any emotional energy into him whatsoever because only pain is in that future. What I don’t want though is he eventually gets religion about doing the training and wanders off with a competitor, because they were the last contact he had from a provider. That would really hurt if that happened. Things can change rapidly in business, but we just don’t know enough about the buyer’s internal situation to know when. Can you imagine if I finally corner him at some future event and he says, “Oh yeah, we did the training with XYZ company”. Would that be grounds for justifiable homicide?
