When to hold on to a prospect and when to let go

Are you wasting time with prospects that will never close?? 

When should you hold on to a prospect and when should you let go?  

I just closed a new BUILD member, and it took me.....12 months! I’m very glad I didn’t let that one go.   

We do need to ascertain whether somebody is a real opportunity for us or not as quickly as possible though.  

What I see most business owners do, especially in the early days when they're learning sales, is hold onto opportunities too long. A lot of time and energy is wasted chasing opportunities that were never going to be an opportunity at all.  

Here are some reasons why I qualify out quickly: 

·      They hate us – they don’t like who we are or what we do.  

·      They're not a good fit – try to stick with your area of expertise. 

·      Not being sure whether you can help them – can you add value? Are they open to what it is you’re offering. 

·      No budget – none. Qualify out and move on. (But see below...) 

·      Not responding over a long period. Don’t bang your head against the wall. 

Now let's look at reasons that you would potentially keep going: 

·      Some people don't have budget today, but they might have budget tomorrow – try to find out 

·      It's a good fit – if what you’re offering is absolutely what they need, then it’s worth you continuing.  

·      Do they want to work with you? Maybe the timing isn’t right. Stay in touch. 

·      Going cold – don’t assume it’s you. Shit happens. Be compassionate and try again. 

What opportunities do you have right now that have potential, and which do you need to let go and move on from?