How much did your funnel shrink in the last few weeks? Did you have deals slip?
Initially, many clients share that they have 40 percent or more slippage in a given quarter. The sad truth is that when we ask selling teams and management the question “does the amount of resources required go up or down when a deal slips?” The answer is always, up. Up exponentially! Let’s think about it. After deals have been committed to forecast and every “eyeball” has reviewed it, to then have the deal still slip, results in a ton of visibility and an increase in the amount of resources that are needed to put it back on track! The time required from every resource on each side now increases geometrically as both sides focus on fixing what was missed. Why? Because, somewhere, as we connected all the “dots” in order for the deal to move, we missed something. It means that we must revisit the key elements required in order for the deal to successfully be approved and completed.
What can we do to increase our odds?
Make sure we have the 6 answers!
Following are the answers from the “other side of the table” (the prospect/customer) with whom we are trying to understand, confirm and connect.
- How does this help us with our #1 priority? (Business Issue)
- Make sure it’s time-bound and measurable.
- What are the current challenges inhibiting our ability to achieve the business result?
- Clearly articulated problems.
- How does the solution help solve the problems? (Solution)
- In clear language and in the prospect’s words.
- What is the return? (Value – Business & Personal)
- Quantified and meets the internal rate of return.
- Understanding how it personally impacts the key players.
- Have we achieved internal agreement with all key resources? (Power)
- Yes from all players.
- Do we understand how we got here and where we are going? (Plan)
- Have we mitigated the risk for all?
Let’s make sure the prospect can answer these questions early and often, thereby reducing the impact of the cold weather, and cold feelings, in our deal – both resulting in shrinkage.
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