Stalled deals are a part of every salesperson’s life, and learning how to revive them can be the game-changer you need to achieve your targets.
Every insurance agent, no matter how skilled, will deal with stalled leads once in a while. These circumstances don’t mean you did anything wrong.
There are various reasons why seemingly hot leads become cold. For example, your prospects’ needs might not be urgent; they may not be company decision-makers, or they might need additional funding before closing a deal.
Whatever the reason is, there are ways to save these transactions without being pushy.
7 Techniques to help you move stalled deals forward
1. Identify stalled deals.
The first step in bringing stalled deals back to life is to spot them. Think about your clients and ask yourself the right questions to do this. Examples include:
- Is there hope for the transaction to move forward?
- What’s stopping us from closing the deal now?
- Am I offering the ideal solutions for potential clients?
However, don’t use this as an excuse to try and sell more aggressively. It’s one of the most common sales mistakes agents make. Instead, develop a plan to get conversations or negotiations going again.
2. Build a relationship with at least two contacts.
When dealing with corporate accounts, one of the best habits you can practice is to build a relationship with more than one decision-maker. If you focus all your efforts on one contact — who suddenly ends up leaving the company — you’ll have to go back to square one.
Be proactive and introduce yourself to other purchasing officers. You’ll often find them copied in a few emails.
3. Always schedule a follow-up.
Before ending a call, chat, or email conversation with a potential client, ensure you’re both on the same page about the next step in the process. The best way to do this is to lock in a follow-up schedule and relay the purpose of the next meeting.
This approach manages your timing better, holds your prospect accountable, and proves your sincerity in providing viable solutions.
4. Don’t repeat an ask.
Whether your prospect gives you a soft yes or a firm no, the next logical step would be to apply a different approach. Try a lighter request during your next appointment.
For instance, if a contact promises to introduce you to a procurement manager but doesn’t follow through, you can instead ask, “Do you know when your management will release a budget for your project?” A request like this doesn’t require action but still encourages engagement.
5. Never corner prospects.
Sun Tzu’s Art of War teaches readers to always provide enemies with a chance to escape. Otherwise, they will fight as they have never fought before.
The same principle applies to sales.
If you give prospects unreasonable deadlines, they won’t hesitate to drop your business. For example, in confirming appointment dates, let your contacts know they can get in touch via phone, email, or messenger apps if they need to change anything. Don’t pressure them into saying yes to a meeting they won’t attend
6. Close something light.
Some clients are just more challenging than others. When you feel discouraged about stalled deals, close something light with the prospect first. It could be as trivial as getting a phone number, connecting with a contact person, or setting an initial appointment.
This technique introduces the idea that your requests are reasonable. Later, you can move on to bigger asks like a panel discussion with the top management. As mentioned, never ask the client for anything more than once.
7. Review your sales process.
The last step in bringing dead deals back to life is to review your sales process. This guide should help you move and track clients from the moment you capture their attention until you perform post-sales services.
With ample training and the right technologies, you can oversee client movements seamlessly. Upgrade your sales process as often as necessary to provide customers with exceptional experiences.
As long as you’re in sales, you’ll have to handle stalled deals once in a while. But, while you work your way toward closing these clients, you can keep building your funnel with high-quality leads.
HBW Leads can help you reach your goals through exclusive double-verified prospects. With this service on your side, you can spend less time worrying about warm leads turning cold and more time hitting your quota. Request a personalized lead package now to begin your growth journey.