Know When to Stop Chasing a Prospect

“Winners quit all the time. They just quit the right stuff at the right time.”—Seth Godin, The Dip

In a recent article, I talked about why you must get the power tool I call curated introductions working for you. It’s what has replaced cold calling today. Its power and vitality come from the fact that it’s much more strategic than cold calling, and will reduce the number of swings you take before you get a hit.

That being said, there are times where no amount of effort in pursuit of an introduction will produce the outcome you want from a prospect. That’s especially true of phone calls, by the way. Pew Research has been tracking this for decades and has found phone pick-up rates have collapsed from 36% in the 1990s to about 6% (and even lower) today.

No matter how you seek to make that necessary connection, prospect attention is incredibly scarce and riddled with gatekeepers. It’s why you must look at curated introductions not at a high-volume activity, but as a targeted, high-value event. That means whittling down the signal-to-noise ratio as much as possible.

To do that, you must be zero-emotional and one-hundred percent analytical about knowing when to stop on a case-by-case basis in trying to create that introduction with a targeted prospect.

Quitting: a deliberate choice, not a consequence.

Always remember how prone your sales team is to the “sunk-cost fallacy:” the observable human behavior in which we persist too long at things that have already cost us significant resources and effort.

Sometimes these investments in curated introductions must be written off. But how you do this matters a lot to the long-term success of your sales team. I like how Pulitzer Prize-winning author Julia Keller frames this in her book on the subject: “Quitting is an exercise of power, not a display of impotence.”

To exercise that power, there are preconditions or activities that tell you whether it’s time to stop trying. Let’s review each one now…

SET A LIMIT: It was once a commonly held belief that a salesperson would allow for between seven and twelve unsuccessful bites on a hook before moving on. In today’s marketplace—and especially in this risk-averse economy—that quit limit needs to be measured differently, because there are so many factors competing for a prospect’s attention. Plus there’s my timeless adage to heed: that there’s a fine line between persistence and stalking. Here’s my formula: reach out twice a week in both a call and an email (that’s four touch points a week) for two weeks, then pause for a week and start the process again. Don’t forget to also include a LinkedIn connection during that time. All of that adds up to about 17 touchpoints over 5-6 weeks. After that, you must ask yourself if the prospect is worth continuing to chase. I can’t decide that for you. But don’t give up until you’ve fully run the formula. Define your limit and observe it. No exceptions.

DEFINE MOTIVATION: If your team is deep into multiple attempts at creating an introduction and remains empty-handed, ask them this tough question: “Are you persisting because you truly believe this prospect is a good fit, or are you sticking with it because it’s all you have?”

NO VOICEMAIL ON FIRST ATTEMPT: When calling a prospect for the first time, DON’T leave a message. Instead, coach all team members to send an email saying: “Sorry I missed you. I was calling about [insert a well-crafted, single-sentence purpose]. I will try calling you again at [name a specific date/time]. Send that same email to them via a LinkedIn message. This needs to be done immediately, not tomorrow.

WHEN TO LEAVE VOICEMAIL: On subsequent attempts to reach a targeted prospect, now your team can leave a voicemail. The likelihood of a returned call is greater now, because your team’s call isn’t cold. Thanks to your coaching, they’ve previously made attempts at creating an introduction through that follow-up email and LinkedIn message. In your team’s voicemail message, indicate: “I’m happy to follow up by email if that’s easier for you.”

DON’T LEAVE YOUR NUMBER: It might sound counterintuitive, but I never leave my phone number when attempting to make an introduction by phone. Doing so just creates work for the called party. They have to replay the message, write it down, or remember it, and commit to calling. Most of us are too busy for all of that! Send an email and put your number in the signature line. That’s a barrier-free call-to-action!

SEEK OUT ALTERNATIVES: Don’t wait until all else fails to do this step. Account-based selling is all about building rapport with as many people as possible within a prospect’s organization. People have all kinds of reasons for not returning your call or message. You whittle down those reasons by growing your net. Teach your team to always be looking for new leads. Remember: that act of curating introductions is all about getting a conversation started.

WHEN ALL ELSE FAILS…

The purpose of follow-up action is to get one of three outcomes from a targeted prospect: to get a YES, a MAYBE (i.e., an objection), or a NOT INTERESTED. Your efforts must be skillful to uncover any of these three outcomes. Once your team has exhausted the steps I’ve outlined, it’s time to call it a day on that targeted prospect. Good deals are out there, and the biggest mistake for you and your team to avoid is in hanging on too long to the one that’s going nowhere.

So quit with your head: not with your heart.