Notmyrealname

AE

Acclaimed Answer

Prospect Paranoia?

We all know buyers are liars, but have you ever had prospect go through the full sales journey with you, even give you verbal commitment, and then when you're expecting a signature, rugpull you and tell you they're going with a competitor? This recently happened to me.

For context, one of the contacts reached out to us based on our reputation (they had seen numerous examples of our service and we're very impressed), we had beaten competitors on price and proven our value, we had several meetings over a few months to advise them and plot out their project, they were completely satisfied and gave us verbal commitment, and we sent contracts out for legal review, and then... They sent us a note saying they were going with a competitor who could better meet their needs! WTF!?!

They offered to answer our questions, but never replied to any questions I sent. If they did, could I even take their word on it? Who cares, we lose deals and move on.

The problem I have is I have several other deals lined up for next month in exactly the same situation as these guys were that I have been forecasting very confidently up until now, but now I'm paranoid that all these other prospects could do the same thing.

I'm sure plenty of you have had this happen before. Any tips on how you dealt with it?

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antiASKHOLE

Tycoon

8

Bravado's Resident Asshole

In sales, this always happens. I’ve just learned to expect the best out of each deal, but not stake my livelihood on it. Always prospecting, always backfilling.

Sorry this happened to you, but it does get better. Keep tabs on that prospect to see how things are going 3 months from now. Chances could be, the comp they chose, is screwing them and they will see you as the savior.

Notmyrealname

Politicker

1

AE

Thanks @antiASKHOLE Good advice!

jefe

Arsonist

1

🍁

This perspective will help keep you sane.

HVACexpert

Politicker

5

sales engineer

One thing that helps sometimes is getting an LOI (letter of intent). It can be as simple as a written commitment via email. It’s still not a guarantee but can help solidify unknowns before actual contract / PO comes through

Notmyrealname

Politicker

1

AE

Good idea @HVACexpert I can try asking for that from now on. Their willingness to send that note would be a good measure as to whether I can forecast someone as a commit or not.

Diablo

Politicker

3

Sr. AE

Sorry this happened to you. Do you know who was evaluating the competitors? Was the person you speaking with your champion or also buyer with full decision making authority? It happens quite often that someone else evaluated the competitors and they have more authority in the org.

Notmyrealname

Politicker

0

AE

Champion and supposed DM were both involved and both face me commitment. My only guess is this ended being a board/committee decision but that's not in line with their messaging to me.

pirate

Big Shot

3

🦜☠️ Account Executive

Yes went through it for 2 months... Customer was a signature away from signing and they kept giving me next week. Most people are decent. With this buyer I'd just cut out all contact unless they start to beg to sign. It's just not professional. Forecasting is just your best guess of things. I'm sure you had your learnings so take it away and adjust if needed but weed out the paranoia

Sunbunny31

Politicker

3

Sr Sales Executive 🐰

“Are you evaluating other vendors/solutions/products?” Is always as good question, but these things do happen. I maintain a healthy paranoia about any deal until it’s signed. Something can always change at the last minute.

Some things to consider: is the person who gave you the commitment in the position to do so? Was there someone else who owns the business decision who had another opinion?

Do you have partners also working with the company? Can they provide some insight to either validate your perception, or raise any concerns or things you may not be aware of?

Just a couple thoughts so you can minimize any nasty surprises moving forward.

antiASKHOLE

Tycoon

2

Bravado's Resident Asshole

That first question is clutch, but don’t ask it too late. That can make you look desperate and give them a “commission breath” feel. A solid question to ask upfront in discovery.

Notmyrealname

Politicker

1

AE

Yeah they had told me about some competitors, I'm guessing not all of them. Out of the ones they named, they told us we were the preferred option. We had c-level involved so not sure where it went wrong, but no doubt somebody was telling yes when they should have been saying maybe.

Sunbunny31

Politicker

1

Sr Sales Executive 🐰

Tough one. Sometimes you do all you can, and you’re still out. Here’s to the rest coming through for you.

Kosta_Konfucius

Politicker

3

Sales Rep

Don’t count your eggs before they hatched. Ask yourself what would you have done differently with the one you lost

Gasty

Notable Contributor

3

War Room Community Manager

You need to move on, my friend. They don't owe you a signature. They don't owe you an explanation, either. That's just the way of the world. Do I like it? No! But I've made peace with it. We need to move on.

Pachacuti

Politicker

2

They call me Daddy, Sales Daddy

That sucks. Yah I’ve done that road before.

Of course, I have done it to others before too.

One time I walked into a client meeting and they immediately told me they just went with my competitor. But after chatting for a bit he asked me my price. I told him and he said “f that other guy, I’m going with you”.

So it goes both ways.

Notmyrealname

Politicker

1

AE

Haha bet that was a good feeling @Pachacuti

AnchorPoint

Politicker

2

Business Coach

"beaten on price" is first flag -- especially if you sold them on value.

CuriousFox

WR Officer

2

🦊

They probably gave your proposal to them too. Fuckers.

Notmyrealname

Politicker

1

AE

Wouldn't be surprised at all 😂😂

FinanceEngineer

Politicker

1

Sr Director, sales and partnerships

I’ve heard it a few times and have led others along as well. There are always options and “backups” that you need to keep. Just gotta be honest with everyone.

Notmyrealname

Politicker

0

AE

Yeah good point @FinanceEngineer I had some back ups that filled the gap thankfully

CRAG112

Valued Contributor

1

Account Executive

Just don't worry about it. Keep on forecasting. Somebody might blame you for the deal going south if you bring it up. Who knows how your sales manager and VP's really are....

Justatitle

Big Shot

1

Account Executive

It happens all the time good sir, the ones that you have in pipe are still likely to come through, not much you could have done better but sales doesn't care if you did everything right. On to the next.

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