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Research estimates that about 40% of all sales opportunities end with no decision. The harsh reality of this statistic is that sales professionals could be wasting up to 40% of their time chasing deals that don’t go anywhere. They are essentially pursuing deals where the business need isn’t clear or compelling enough, or there’s not enough urgency for the customer to act. When a customer decides not to do anything to address their current situation, they are maintaining the status quo.

Over the last few months, economic uncertainty has increased significantly due to a combination of factors including geopolitical tensions, supply chain issues, and stubbornly high inflation rates.

I recently spoke with a sales leader who saw a dramatic increase in his team’s close rate, increasing from 34% to 54% over the last twelve-month period -- not bad!  So how did this sales leader improve his team’s close rates?

“Fall in love with the problem, not the solution.” That’s how Uri Levine, the co-founder of Waze, the world’s leading navigation app which Google acquired, boiled down the secret of successful entrepreneurship.

"Yes, but I need to meet with the real decision-maker" “I’m stuck with a lower-level contact and they don’t want to give me access to their boss.” “If I go over my contact’s head, I’m afraid I’ll ruin my relationship.” As sales professionals, I’m sure we’ve all had these thoughts go through our minds as we pursue new opportunities. Getting access higher in the organization can certainly be challenging, but insinuating that the person you’re talking with isn't empowered or important enough for your presentation isn't a great way to build trust and rapport. And it’s not a good excuse to give up on the deal either. You need another approach.

Sales leaders often express that their sales teams need to close more business. While these leaders may be frustrated with low win rates, this rarely has to do with how their sales people approach “closing,” but more importantly how their sales people approach “selling.” You’ve probably heard the sales cliché “ABCs of Selling: Always Be Closing” (made famous in the movie “Glengarry Glen Ross” and, irreverently, on “Saturday Night Live.”) You can imagine the hard-hitting sales rep arriving on the scene with his sales pitch to pound the customer into submission to close the deal (another cliché!). While sales professionals should strive to close business, the problem with this approach is that it is all about the salesperson’s objective and not about the customer’s needs and priorities.