I grew up in selling at Xerox in an incredibly sales-focused environment. One of our sacred operational mantras was the well-known “plan your work, work your plan”. In selling to and serving major Xerox clients, we were trained not only to go deep and wide in our accounts but to do the same across our multi-faceted product line. Major accounts, of course, had needs for all sizes of copiers and for the different types of capabilities that our equipment offered. Satisfying clients, therefore, involved understanding their needs comprehensively and managing many different types of business transactions and deal sizes. As such, we referred to deals as breakfast, lunch or dinner. Our clients needed them all. And as a result, for our nourishment, quota achievement and commissions, we really needed them as well. We couldn’t hit our numbers by ignoring breakfast and lunch by gorging at dinner. But most importantly, our clients needed the value that we and our products delivered regardless of deal size. For deal size, like meal size, did not dictate value. Value, of course, was determined by the client. What may be a relatively small revenue opportunity may actually deliver tremendous value to the customer. Ah, yes. There it is. A reminder of the four most important words in selling – “It’s not about you”.
Of course, sales human nature drives us all to be excited about winning “big deals”. And at this point in the 2024 selling year, many of us seek to make up for earlier disappointments and lost commissions by making a big splash while there’s still time. Makes sense, of course. But as you dream of propelling your quota performance into triple digits, check out the overhead sign as you speed towards that big deal – “Seller Beware”.
Shifting your focus in what remains of 2024 to large deals carries big opportunity costs as other things will certainly be neglected. Like your clients and their actual needs. Especially at this point in the year, you must make pragmatic decisions about which opportunities to pursue. The “It’s a really big deal” reason preys on your emotions and often violates those four most important words in selling. As we head down the back stretch of 2024, effective opportunity decision-making is huge. It’s the very definition of competitive advantage – being smart in taking actions to maximize your chances of success. Success in winning deals, of course, but also success in serving your client’s needs. And success in that area will serve you far beyond Dec. 31 and your end-of-year quota performance.
Obsession with pursuing big opportunities also often causes you to neglect deals where you already have an advantage and where you’ve identified a very high probability of winning – in the 80 or 90% range. Consider an opportunity with a current major account where you have valuable relationships and high confidence. Your optimism is so compelling that you populate your pipeline with a lofty probability, assured of a successful outcome. “It’s a done deal”, you think. But if your focus, time and effort are diverted away to fishing for that whale, you’re betting that it won’t affect your chances of winning. Losing “done deals” would be highly unlikely. Or would it? Don’t ever forget that The Titanic was unsinkable.
Your major accounts depend on you to meet their needs at any time of the year. And they have no concern about your quota or your commissions. Your hard-earned goodwill with them can be easily lost if you divert your attention to other interests. If they sense that they don’t have your focus or that you’re taking their business for granted, you are vulnerable. If you’re not giving them your best, it’ll be evident. And you have competitors who are more than happy to fill the void.
So, how do you strike a balance to maximize your selling effectiveness? First, follow your Go/No-Go qualification process to be certain you’re pursuing the right deals. Without such a framework, you’re flying blind. And win probability is only one of the important qualification considerations. Regarding those high probability deals, many effective selling organizations closely track their three highest percentage opportunities, regardless of size. For each, they build customized four-step value propositions – the solution proposed, what it does, how it benefits and how the benefit will be measured. Then they identify and execute the critical actions to maximize the chances of winning each deal, utilizing RACI to insure accountability. And the three opportunities are continuously refreshed. Win one and replace it with the next highest probability deal, continually working a trio of opportunities. Rinse, lather, repeat. Focus, focus, focus……even for the highest probability deals.
Breakfast, lunch and dinner. They matter to your clients and, of course, they should matter to you. Follow your Go/No-Go decision process and treat your opportunities with the highest probabilities as special, never neglecting them. Achieving those high probabilities took time, tending and effort. Don’t do your organization, your client or yourself a disservice by taking your eye off the ball. It’s about caring, really. If you care, your client will know it and your reward will be long-term.
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