When it comes to B2B sales, it’s no secret that challenges often arise, and perhaps one of the most common hurdles is deal slippage, where what you thought would take another few weeks or month to get to close has now pushed back a quarter or two.
According to the 2023 B2B Sales Benchmark Report by Pavilion, deal slippage has reached a concerning high of 37%. This issue is a significant roadblock that frequently prevents salespeople from achieving their quarterly targets, and a big contributor as to why so few actually achieved their quota goals over the past year.
As we delve into this topic, the term ‘slippage’ brings to mind a personal experience that serves as a powerful metaphor for overcoming obstacles. It takes me back to a rain-soaked night-time race at Sebring, where I found myself behind the wheel of a vintage ’73 Porsche dealing with low visibility and even less traction. At that time, I was a Porsche club driving instructor and an amateur racer. The memory of that race and the valuable lessons it taught me continues to resonate with me, especially in the context of B2B sales.
In the world of racing, we often use sayings that emphasize the importance of dealing with racing challenges. These sayings help the student, overwhelmed by the excitement of the track and newfound speed, remain in control and keep the shiny side of the car upright.
These sayings were captured well in the book Art of Racing in the Rain, and have their parallels in the sales arena, to provide us with valuable insights into navigating slippery conditions:
- “Rain amplifies your mistakes, and water on the track can make your car handle unpredictably. When something unpredictable happens, you have to react to it; if you’re reacting at speed, you’re reacting too late. And so you should be afraid.” – Just as rain amplifies errors on the racetrack, deal slippage can lead salespeople into reactive modes. Pushing too hard to close a deal without carefully considering the next steps can be counterproductive. Instead, take a moment to strategize and think through your approach.
- “The race is long – to finish first, first you must finish.” – Patience is a virtue in both racing and sales. Short-term issues, like deal slippage, may test your resolve. Overreacting or making hasty decisions can lead to a broken deal. Remember, success often requires navigating through challenges to ultimately reach your goal.
- “Your car goes where your eyes go. Keep your eye on the reason for the deal, not the deal itself.”
Just as a race car follows the driver’s gaze, sales success hinges on focusing on the bigger picture. Understand the customer’s pain points, strategic goals, and desired outcomes. Your role is to help the customer become the hero, addressing their challenges and delivering significant value. - “Go in slow, to come out fast” – Speed isn’t always the answer. In racing, entering a turn too quickly can lead to loss of control. In fact the better control is to enter the corner at a slightly slower, more controlled pace, to keep the car balanced and get the nose pointed correctly before more quickly applying power and exiting faster. Similarly, rushing into a sales pitch without proper discovery can be detrimental. Taking the time to understand the customer’s needs and challenges upfront may seem slower initially, but it can significantly accelerate the time to a successful close.
- “Racing in the rain is about balance, anticipation, and patience.” – Just as a racer needs the right tires for a wet track, a salesperson requires the right approach when deals start slipping. Emphasize the strategic importance of your solution, highlight the challenges it addresses, and showcase the significant ROI it offers.
- “Racing is about discipline and intelligence, not about who has the heavier foot.” – In sales, it’s not about being the fastest or the most aggressive, especially when dealing with slippery conditions. It’s about being the smartest. In challenging sales environments, taking a value-centric approach can be the key to success.
The Bottom-Line
The parallels between racing in adverse rainy conditions and navigating challenging B2B deal slippage and sales are clear. Just as a skilled racer learns to embrace the conditions and adapt to unpredictable situations, sales professionals can thrive by approaching deal slippage and other challenges with patience, strategy, and a focus on delivering value.
Remember, it’s not always about going faster; it’s about going smarter.
Checkout our “Drivers Guide” of next steps here.
