On Monday morning, 25% of our available selling time for 2012Â will have passed, and we will be into Q2. However well we did in Q1, we should be prepared to objectively re-assses our current opportunities, because there are two escalating pressures in today’s marketplace that are creating a need for a more disciplined approach towards sales opportunities:
oÂ The need to be more specialised and individualised in dealing with clients because we can no longer afford to treat all situations in the same way.
oÂ The reality of competition – Often to increase market share, you must do so at the direct expense of the competition. The competitive intensity of the sales environment is escalating with the globalisation of the economy.
These are the main “drivers” behind the demand that organisations adopt methodologies and processes to manage these issues.
By utilising a rigorous and formal opportunity assessment, we are aiming to achieve two sets of objectives:
oÂ Determine which sales opportunities should be pursued at the direct expense of others
oÂ Given resource limitations, decide where and on what basis resource should be allocated to a sales opportunity
oÂ Determine whether our company is over-investing or under-investing in a sales opportunity
oÂ Enhance forecast accuracy
oÂ Use “proven” criteria to reduce the cost of sales
oÂ Identify, quantify and categorize opportunity assessment criteria
oÂ Increase “Hit-Rate” (Win – Loss ratios) by avoiding unsuitable business
oÂ Discover where we and our competition stand with a customer
oÂ Gain a complete and accurate view of a sales situation prior to writing a sales plan to win
oÂ Calculate the probability of winning or losing a deal early in the sales process
All sales professionals claim to be permanently time constrained – we always have limited time and resources with which to achieve our targets.
We can be involved in only so many accounts or sales situations before we begin to lose our ability to manage what is taking place. At that point, we lose control and the competition takes control.
We can only control and manage what we understand and that is the real value of continuous and rigorous assessment of our pipelines.
News: I have some incredibly exciting news to share with you, but unfortunately I cannot reveal all until Sunday. As a consequence, exceptionally, I will be posting over the w/e, and I urge you to pop back.