Lost opportunity: why hasn't your prospect signed?

"Well listen for the ski holidays, July is good isn't it?"

Yes, a lost opportunity (or Closed/Lost) is a complete waste of TIME, ENERGY and, of course, MONEY!

For those who prefer examples, it's as if you've picked up the ball in defence, moved up the pitch, dribbled past the last two defenders, you're in front of the goal, and BAM!

Final whistle.

End of the match.

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Not now... Not after everything you've done!

Why did we lose? 🔎

Every weekend at Modjo, we try to figure out why our business opportunities didn't work out. The idea is quite simple:

1. We take up all our Closed/Lost of the week
2. Let's listen again to the last 5 minutes of the meeting (if you don't have a Modjo licence yet, only a good dirty one can save you).

Do you have the right information?

Sifting through dozens of opportunities that did not work out, one surprising thing came to light:

The reasons for "Closed/Lost" do not reflect the reality on the ground.

Your prospect has told you: "Too expensive" - "Not interested" - "No need" - "No one will use your solution internally" - or the worst of all : "Go through a competitor".

But is it true?

One thing's for sure: few prospects have the courage to be honest with you, and only the most seasoned salespeople realize what's really going on.

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After analysing the last 30 calls related to lost opportunities, one thing becomes clear:

More than 84% of our lost opportunities are lost because of the majority of the ... 2 reasons :

1. Lack of REAL decision makers in the sales cycle (62%)
2. Lack of champions in the sales cycle (22%)
3. Other (16%)

No. 1 reason for lost opportunities: Lack of a decision maker (62%) 👀

You can give the best presentation of your life, but if the decision-maker is not there, you've been blowing smoke.

Do not misunderstand. The person you are talking to will not help you.

"Are you a decision-maker? "
"Of course! I've been an intern for almost 2 months now, and the CEO listens carefully to my advice!"

One of the main reasons why you can't close is very often the lack of a decision maker in your sales cycle.

"With the real decision-makers, it's simple and it goes quickly. With others, it's complicated and takes time. So hit it high!" Sébastien Lapeyre

You sell a solution. One third of your job is to successfully engage with the person affected by the problem.

‍💡So lution: Get closer to the decision-makers as soon as possible.

Forget the classic:

"I send you a presentation and you promise me that you will send it to Martine, Franck, and Daniel? ^^ "

But adopt it:

"What I propose to you is that we schedule a video with your CEO right now"

Video example - made with Modjo :

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Beforehand, you can start by locking in the interest of the people you are talking to:

"If it was just you, would you agree?"

Finally, suggest that they arrange a second meeting with the decision-maker as soon as possible:

"What I would like to do is to organise a point with you and [the decision maker], so that you can make your decision on the same level of information."

Example 2 in video - made with Modjo :

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⚠️ Warning: Between you and the decision-maker, the ego of your initial contact will often stand in the way. The latter must not feel bypassed, or even worse, ousted. Make sure you treat him or her as an important person until the end of the sales cycle, and even afterwards.

Reason #2 for lost opportunities: Lack of a champion (22%) 👀

Reminder: The champion is your safe guy.

He works at your prospect' s premises.

They are already convinced by your solution and see it as being of such interest that they will fight intern ally to be able to move forward with you.

Think back to all the times you have been told:

"I don't think anyone will use it internally.

"That's great your solution but it won't be done for us".

Each time, you are missing your champion.

💡 Solutions: Bring the champion back into the bargain!

As simple as it is powerful.

Another example: have you ever eaten French fries without sauce? => Never.

Now, have you ever had to pay for the sauce on top of the chips ?

So the sauce is something that is both essential AND free.

Well, your champion, it's just the sauce that your decision-maker lacks to sign this wonderful "big french deal" that you are proposing to him!

Even more so in long sales cycles, the champion must be present whenever possible!

And if he is absent, you should be absent too!

He is your lawyer, and you only speak in the presence of your lawyer.

Moreover, 2,000 years ago, General Sun Tzu wrote in "The Art of War ":

"Only attack in the presence of your champion".

Conclusion:

In fact, if I had to sum it up simply and poetically (be careful, it's going to be emotional): selling is like a dance.

A 3-way dance between :

• ‍Thedecision-maker
• The champion
• And you, the sound manager!

Send out your best slow dance, and quietly let the decision-maker and your champion waltz until the final kiss: the signing of the deal... 💘😌

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Best,