"If you have to drag them through the sales process, you'll have to drag them through the delivery process..." - Jessica Lorimer.
^^ That's been the sales motto that I've lived by (and taught clients) for the last nine years. And I want to unpack it with you today - because if you've ever had a corporate prospect that's shown more red flags than a derby football match... then you need to learn how to navigate it in a more sensible way.
Let's start by talking about red flags in the sales world.
Red flags are traditionally a sign of warning or danger - and have been used symbolically throughout the ages to represent a potential problem, obstacle or dire circumstance.
In the sales world, it's simpler. A 'red flag' is an indicator to either the buyer or seller of a reason that the sale is unlikely to / should not, proceed.
So what do red flags have to do with sellers remorse?
Sales training literature will often discuss buyers remorse - and most commonly - how to prevent it. But we rarely talk about sellers remorse; selling a product or service to a client that you regret.
(And no - I'm not talking about the sellers remorse that we frequently see in the real estate world where a person regrets selling their property/ home!)
Now, there are a few reasons that you might regret selling a product / service to a client - not just ignoring red flags that will make them a problematic client!
- Selling a product/ service much more cheaply than you should have done - and feeling resentful of the workload you'll need to do for the compensation you'll receive.
- Selling a product/ service to a client that you don't want to keep delivering...
- Selling a product/ service that you haven't determined (properly!) as meeting the need of the client... and regretting your decision not to sell something more appropriate to their needs.
You'll notice that the most common reason for these regrets is usually confidence based; not having the confidence to sell the product/ service that you really want to because you're lacking in the confidence to set boundaries with your stakeholder in some way (or just selling for revenue instead of impact, but that's much more rare with small business owners!)
The other reason that we see sellers remorse, is those red flag moments that we see (and often ignore!) throughout the sales process. So what are they - and how can we mitigate them?
- Stakeholders who focus solely on budget, rather than quality of service/ results/ any other factor, during the sales process can sometimes be exhibiting red flag behaviours. Focusing solely on budget suggests that they're not looking for/ are unable to source the solution that best meets the need - and can often end up in a supplier, delivering a service that isn't going to meet all their expectations and receiving poor feedback.
- Stakeholders who refuse to have transparent conversations about budget/ pain points/ timeframes; This usually suggests that either key decisions haven't been made and that they're simply benchmarking (totally fine if they tell you and you choose to proceed... more difficult for you and your forecasting if it's not clear!) or that they'll be difficult to have open and honest conversations with throughout any project you undertake.
- Stakeholders who (without good reason!) slate their last supplier. Let's be clear, there are some suppliers/ sellers we've all experienced who've talked a great sales game and a poor delivery one. But if a stakeholder you're talking to has done nothing but slate previous suppliers and not had clear measurable deliverables for them? Then the next person/ company that they're slating could be you.
- Stakeholders who are non-inclusive in their approach. Unless you're working in the DEI field and will be supporting them to challenge and change the way that they interact with others... it's best to put a large red flag onto non-inclusive stakeholders. It can make the working environment very difficult - and most people would prefer to work with stakeholders who appreciate everyone's differences, rather than being intolerant to the needs of others.
- Toxic cultures; again, if you're working to change those environments, then those companies who have toxic cultures/ working practices may be a target for you. But if you're not? Spot the signs early and think about whether you want to be involved/ how that's going to impact you and your team when delivering.
- Stakeholders who avoid communication; pushing meetings back/ cancelling at late notice without an explanation/ ghosting after proposals have been sent... All of these types of behaviour suggest that there will be future problems with communication and should be considered when deciding to work with a client.
The red flags we see here can also (with the exception of 4 & 5) be considered confidence based - but on the side of the stakeholder. Perhaps they find challenging conversations/ delivering feedback/ communicating, difficult and avoid it. Whilst these red flags can be irritating (and indicative of companies you may not want to work with yet!) they can also be handled with competence based sales skills on your end.
Supporting stakeholders during sales calls to really identify their key problems for example, is a useful, consultative way of helping a stakeholder to a) self identify a problem and see the true impact/ cost of that issue in their organisation or team b) buy-in (or not!) to solving that problem and making it a clear priority for themselves/ their team so that they get the best result and c) can support them in gaining wider business buy-in for an area that they are passionate about/ want to change.
Having transparent conversations about budget is another way that you can support a stakeholder to make the best decision for their organisation. Rather than simply challenging budget e.g. 'Well most companies are spending XXXX' and making them defensive, we can choose to explore why they may / may not want to share the budget that their organisation has, reset their budget expectations in line with market rates (if needed) and demonstrate clear levels of transformation(s) at different price points to show them what's possible (and avoid under-pricing and over-delivering!)
Essentially, what we come to understand about sellers remorse is...
That it's not a 'clear-cut' issue. There are usually faults in both sides of the process when it comes to sellers remorse and resenting selling a product / service to a company that you wish you hadn't.
So how can we mitigate it?
- Sell consultatively: If we sell an organisation something that doesn't meet the need or that they don't need? We'll end up receiving poor feedback and likely feeling bad about the experience. If you've got a stakeholder that needs education on why a particular product/ service won't get them the full transformation that they're looking for? Tell them and be honest about what will really be achieved with that particular service - and offer alternative options if necessary. Consultative selling is not just applicable to being honest about the transformations that can be provided, but also happens when discussing budget, pain points, impact and more - so if you're confused about consultative selling or lack confidence in your sales skills, make sure you develop those skills quickly
to avoid selling services you resent and that don't meet the needs of your prospective clients.
- Empower the client to make the right decision for them: I've lost count of the times that I've said to clients 'It's about making the best decision for you/ your team/ your organisation now. I can give you the options and make recommendations, based on my expertise - but the important thing here, is that you make the right decision for you / your team/ your organisation". To be clear, that's not about avoiding selling to them - and I'll always give my expert opinion on what could be achieved with any options that we discuss. But the decision to be made is theirs. And empowering them to ask questions, be actively involved in the sales process and occasionally educating/ challenging their perceptions, means that they're able to make the best decision with all the information needed.
- Turn clients down: There will be occasions where what you provide / the way that you work just doesn't work for a prospective corporate client or isn't needed right then. It's okay to explain to a client that your services/ this timing/ their current needs vs their current budget doesn't work for your company and that you won't be able to support them in this instance. It's much fairer to the client - and to you - and helps to ensure that you keep a good working relationship with clients who can trust you to tell them when they must change something (or not!)
- Cost our products/ services appropriately: If you sell it cheap, you'll wish you hadn't. And whilst conversations about budget can feel challenging, there's nothing that feels worse than retrospectively wishing you'd charged more! Make sure that you're pricing appropriately, charging for the clear transformations you provide and that you're honest with your stakeholders about budget vs quality vs transformation(s) available. If you don't know how to price appropriately/ fairly for your products/ services, make sure to invest in learning/ developing your pricing skills so you don't get caught out.
- Stick to your terms and conditions: Unpopular (and toe-curling!) opinion here - but this comes in two parts. 1) Have clear terms and conditions that outline what you are responsible for/ what the client is responsible for and 2) Stick to those terms and conditions so that boundaries are upheld. Now don't get me wrong, there'll be times that you'll want to exhibit goodwill (like changing a training date if needed) but there are also times where it's best for you and for the client to stick to your terms and conditions. Once you've been through a transparent, consultative sales process, your terms and conditions are there to make sure that you a) deliver what you have promised and b) that the relationship you have with the client remains professional and productive throughout the engagement. I'm not a lawyer and cannot give legal advice - but I will say that good terms and conditions protect both you and your clients. So it's totally fine to have great T&Cs and stick to them in order to protect both parties.
- Setting (and upholding!) clear boundaries: Alongside your terms and conditions which are designed to protect both parties, it's totally okay to reset the boundaries if needed. If a client asks for more than you've agreed to deliver? It's okay to explain that they may need to pay more/ do something differently. Equally, it's okay for a client to set boundaries with you if you aren't delivering in the way that you said you would. It can feel uncomfortable - but the best way to avoid having to have awkward conversations? Have more transparent conversations during your sales process, don't 'over-promise' and be clear in your terms and conditions what you'll be delivering/ when - and sticking to it. Do the job that you say you're going to do - and you'll be fine :)
The most important thing I think about sellers remorse?
That you have more power than you think to avoid it.
A lot of these instances mean that you'll have to have potentially awkward/ challenging conversations early in your process. That can feel uncomfortable. But doing it? Ensures that you don't experience sellers remorse often - and that you work with clients who you value, enjoying working with and can support with clear and amazing change.
Simply put, if you refuse to learn how to sell consultatively - and decide to generate revenue over all else?
You'll find that you'll experience more misery in delivering.
What's been your breakthrough moment in reading this newsletter? Feel free to share below! And if you've enjoyed it/ got value? Sharing is caring. Please pass this newsletter along to a peer/ colleague / friend so that they can benefit from the advice too!
If you want to learn how to successfully and sustainably sell your services to corporate organisations, check out the?Selling to Corporate ? podcast here
?where you can find B2B sales tips, techniques and trends every fortnight. Available on Apple Podcasts, Spotify, Amazon and all major podcast players.
Jessica Lorimer is the UK's leading sales coach for entrepreneurs selling their services to corporate organisations. Jessica regularly provides insights on sales strategy and techniques on her award nominated podcast;?Selling to Corporate
?and has been featured in Forbes, City AM and We Are The City.
AI Marketing Strategist | Specializing in LinkedIn Growth and Passive Income Systems | Creator of Money Makers Hub
1 年Fantastic share! I've been thinking along the same lines. How do you see this idea shaping up in the next few years?
You = ideas generator. Me = get it done mentor. | More flow and less faffing means you bring your ideas to life and make a bigger impact | Working with coaches, consultants and community-builders
1 年Ooh, I hadn't thought of 'seller's remorse' as a phrase before... and I love it! (Not the ACTUAL remorse, obviously. Nobody loves that. But the phrase. The phrase, I love!)
Digital Marketing Manager | Brand Management | Growth Hacking Content Marketing For B2B / B2C Globally | 11+ Yrs. Exp in Building ROI
1 年Insightful. ?? Thanks for Sharing.