Have you experienced this?
The phone rings with a prospective customer informing you they are thinking of changing their supplier.
The rep’s heart starts pounding and they think the big whale is on the phone.
Within moments they’ve agreed to send a proposal.
You can guess what happens next.
No deal comes through.
What’s that all about?
Beware, when a prospective buyer calls and says they want to make a change. The request can be a disguise, as more often than not, the customer is price shopping and has likely called at least two other competitors for the same bid.
Along with price shopping they may be secretly trying to figure out if they are currently paying what they consider ‘the right price’.
How do you prevent your reps from investing time on proposals that aren’t going anywhere?
Teach your sales team the 3 must ask questions when a prospect calls and says they are considering a change of supplier:
- What’s currently happening or not happening that has brought you to decide a change is necessary?
- What is the key criteria the new partnership needs to fulfill?
- What is the timeline and milestones expected to implement the change?
Listen carefully to the prospect’s answers and determine the next steps.
If the prospect pushes for a proposal only, it’s a red flag they are on a fishing expedition.