FEATURE | OPPORTUNITY MANAGEMENT
WHEN OPPORTUNITY KNOCKS… OPPORTUNITY MANAGEMENT: PART 1
In this first feature in a two-part series, GARRY MANSFIELD explains some practical steps to winning more of your pipeline
This first article will provide a structured approach to opportunity management, to help you choose where to focus your efforts. In the next edition, I will explain how to select the right strategy for each opportunity. Together, the two pieces will provide a simple approach that will maximise your success and help you emulate the best sales performers. WHY CARE ABOUT OPPORTUNITY MANAGEMENT? Effective opportunity management is hugely important for all salespeople, regardless of their situation. After all, winning business is the main purpose of a sales team. This is especially true for business-to-business (B2B) companies, where sales cycles are typically longer and decision making less transactional. At my consultancy firm, we recently researched opportunity management across both small business and large corporations. The research reinforced what I had become aware of in my work with companies to improve their sales performance: the best-performing companies do things differently from the rest. The research revealed the startling fact that for the average company, 59% of all opportunities are lost, in one way or another. This is hugely wasteful – working on lost deals is the single greatest waste of a salesperson’s time. As a result of these low win rates, a mere 60% of salespeople in average companies achieved target in 2014, while the best-performing companies only perform slightly better. Without doubt, something needs to change. 24 WINNING EDGE
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WINNERS ACHIEVE FOCUS In the 25 years of working in B2B sales, sales management and sales consultancy, I instinctively knew that the best performers ruthlessly focus their efforts. With detailed insight on each deal, you can choose accurately where to invest your effort. You can be more confident in making no-bid decisions more often, something that the best-performing companies do nearly three times more than average. A structured opportunity management approach helps engage buyers more effectively, aligning company resources to each opportunity. Those companies that do this best are over 80% more likely to use a consistent way of selling. Focus requires courage. You need courage to make choices, especially when under executive pressure to increase the size of your pipeline. It is worth the effort, as large, unqualified pipelines do not often deliver the best results. You must push back, and do so armed with the information needed to explain why certain deals are not worth pursuing. Let’s look at a simple, step-by-step approach to assessing each of your opportunities. If used consistently it can help you to win a greater percentage of your pipeline. STEP 1: GIVE SLIPPAGE THE SLIP Do you want to spend your time working on deals that the prospect is never going to buy? Of course OF ALL not. You want to pursue deals that OPPORTUNITIES will help you to deliver your quota. ARE LOST
59%
ISMM.CO.UK
16/07/2015 14:16
