Help me save a deal

This was an inbound lead for a big ticket service line - custom NLP model development


The folks on the other side don't seem to hold positions of MAJOR influence (one is a manager, while the other is her subordinate). However, they were pretty clear with the scope and everything, and we had the NDA signed and routed via their legal department.


I tried multi-threading and getting others involved in the process, but they were adamant that there's no one else needed or involved here. We get around to defining the overall scope and outlining what development plans look like (this is over the course of 2-3 calls, with one of them involving the development team from our side).


Timeline has been very aggressive with them, and I was equally persistent about moving things along so we can go to development quickly to meet said timelines. I knew who else was competing with us (I was lucky that I got a wrong NDA attached in the email and that's how I knew who we were competing against). On our last call, I did drop the numbers - a rough range since they were persistent on pricing and the scope wasn't laid out till then.


I suggested an approach that has worked best for our clients in the past where we have a scope assessment phase, and that was convincing for both of them. I even spoke with the subordinate to get a better sense on where we stand, our approach and how comfortable they are, and what their process looks like.


Anyway, last week the manager tells me to share an offer as we're at that stage now. I share one, and get this reply -


Thank you for your evaluation. We have gone through it and decided that it is more than we have budgeted for. So unfortunately, we will proceed with other vendor.

 

Thank you for your time.


Couple things -


  • They might have been only stringing me along and this project isn't a massive priority for them since it is for the marketing department of one category of their products, and hence not something of major value for the entire company.
  • We're obviously not cheap. Our pricing is significantly higher than the company we are competing against.
  • I have it recorded on call that they see the value in our process and how we are approaching developing this model for them, so it definitely isn't a case of "you didn't show them the value".


I'm also looking to learn as to what's the best way to set budget and deal ticket size expectations here? During our first call, I asked them what kind of budget do they have in place for this, and she was vague with "the budget is there, and it is flexible but we cannot share the number with you". How do you get a number out of a prospect?


During my calls with them, when I shared the range - I made it clear that it'll cost anywhere from 60K to 90K depending on the scope.


I sent this as a reply -


Pricing aside, do you see any reason to not work with us? This is extremely helpful for us. I'd appreciate your honest feedback on this.


This way, if pricing is the only barrier then we can work something out. Obviously, I haven't received a reply yet which is why I'm losing my marbles over this deal.


Anyway, how do you folks see it? Do you think there's something I could have done differently, or something that I can do now to salvage this?

📈 Closing
🙏 Mental Wellness
🧢 Sales Management
10
CaneWolf
Politicker
2
Call me what you want, just sign the damn contract
I think you also could've highlighted that the pricing didn't change in your follow-up email.

Did you ask them if they saw the value and they said yes or did they volunteer that info?

If they volunteered the info, here are a few things that could've happened here:

1) Maybe they needed x companies to evaluate fully and you were column fodder
2) The person actually making the decision is somebody you never talked to and just saw price. You gotta force your way up sometimes.
3) They saw your products as similar enough. Product Z got them 80% of the way there and they decided that the extra price wasn't worth the extra spend.
1nbatopshotfan
Politicker
1
Sales
Are you sure that the one firm you were competing with is the only option? In this space if they pursue a self serve route with that giant search engine company they’ll spend like 1/12th of your quote. Sure it will be more work for them, but much lower costs. There might be a hidden competitor here, that you don’t have insight into. 

Saving this may be as simple as asking why exactly they picked XYZ company and see their response. 
signandrecline
Catalyst
1
Enterprise Sales
I'm sure there are a total of 3 (us included). There's another vendor who we don't have insight into. 

I'd love to ask but she never got back to me on my last question, and I'm thinking if I should follow up with her on that? The least she can do is atleast tell me if pricing was the only criteria here, given the amount of time we have spent over this. 
Blackwargreymon
Politicker
1
MDR
Are you sure that the one firm you were competing with is the only option? In this space if they pursue a self serve route with that giant search engine company they’ll spend like 1/12th of your quote. Sure it will be more work for them, but much lower costs. 
Clashingsoulsspell
Politicker
1
ISR
Are you sure that the one firm you were competing with is the only option? In this space if they pursue a self serve route with that giant search engine company they’ll spend like 1/12th of your quote.
AnchorPoint
Politicker
0
Business Coach
You were/are not speaking with the decision makers.  This is critical.  

Save attempt?  If you truly believe that your solution is undoubtedly the best option, ASK to meet with the actual decision makers.  
signandrecline
Catalyst
0
Enterprise Sales
How do you get to them if all the guys keep saying is that "we're the ones making the decisions here"?
AnchorPoint
Politicker
0
Business Coach
It has to be part of your qualification process.  "Who else in your organization will be part of the decision making process?"  Depending upon your offering, not meeting with the actual decision maker for discovery is a non-negotiable.  Remember, your solution answers the concerns raised in the discovery.  Without hearing from the decision maker, how can you do that?  

How often have you heard that the primary concern was NOT the one mentioned in the discovery? Or the budget was wrong?  Or..or..or...   Hard to push back if you didn't have that conversation with the decision maker.

The discovery is the most important part of the sales process.
MR.StretchISR
Politicker
0
ISR
Are you sure that the one firm you were competing with is the only option? In this space if they pursue a self serve route with that giant search engine company they’ll spend like 1/12th of your quote. Sure it will be more work for them, but much lower costs. There might be a hidden competitor here, that you don’t have insight into.
Mr.Floaty
Politicker
0
BDR
Tolerate. I don’t like any of them, but I can tolerate some.
Cyberjarre
Politicker
0
BDR
understands that customers don’t want to get 19 pages of info in a cold email.
6

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