There are many CRM systems that measure the “Probability to Close” metric of a sale for our organizations. There are also many discussions on social media about how we can effectively measure the likelihood that a particular piece of business that we are chasing will become reality for the organization. This potentially creates a problem for our organizations when that particular piece of business might not actually become a reality at all. How can our organization effectively plan resources based on a “Whim” that is entered without a factual basis by us?
As sales people, our organization trusts that we are bringing qualified opportunities that will close within a given amount of time so they can plan on delivering the goods and services that we are selling to make the customer happy and deliver a profit for everyone involved.
What criteria do we use to measure probability for our organizations? I would offer the following criteria to ensure the proper amount of resources are dedicated to the proper opportunities that we deliver. We need to answer the following criteria that define the actual sale and assign a value to it to ensure success for all of the stakeholders. The criteria is known as “BANT”
Budget = 20%: Do the prospects have the budget to purchase what we are offering to them as a value?
Authority = 20%: Are we speaking with the decision maker(s) that can purchase the product or service that can add value to them?
Need = 20%: Do they need what we are offering as a product or service and can it add value to them?
Timing = 20%: Can they purchase the product or service that we offer within a given timeframe that will produce value for both stakeholders?
The remaining 20% is all “Us”. Are we and our company a credible source of the product or service that will bring them the identified value in the time frame that they expect instead of the competition that they have also met with? I guarantee you that we are not the only choice they have!
Most of us do not ask the right questions to discover the “Budget” before we present a solution and then are surprised by a response from the prospect that they can not afford our product or service. How do those sales meetings and reviews work out for us after the time and resources you have spent chasing the business?
By using the above criteria to measure our opportunities, we can ensure that the organization will align behind us to deliver the necessary resources for the qualified opportunities that we are delivering. Don’t miss the “B”!
Your marketing funds are decreasing, your usual marketing efforts are producing fewer sales, your marketing message has not changed in years, and your client base is shrinking. You need a marketing makeover that will produce results quickly.
A quick exercise with your executive team can produce fast results by answering four questions about your business.
- Who are your ideal clients?
- What do they want?
- How do they buy?
- How do they want to be communicated with?
Answer these four critical questions and you will be able spend your marketing funds more efficiently and realize a higher return on your marketing investment because you are reaching your targeted audience with a specific value proposition that will call them to action.
The question “How do we grow sales quickly?” is asked in every business on a weekly basis. The easy answer for us is that you would not have to ask that question if your sales function was doing three simple activities on a regular basis.
Asking for additional business from existing clients
When was the last time you met with your top clients to review the current business you were doing with them, showed them what else you could do for them better than others, and asked what they were planning that you might be able to help them with?
Asking for referrals from existing clients
Your clients have stayed with you for a reason. When was the last time you asked them who they knew in the industry that you could help as well and who else they do business with where you might be a fit?
Asking for new business from other “ideal” future clients
Can you identify your best clients and why you have been able to be a partner with them? Take your success and replicate it by producing a marketing piece about why people do business with you and send it to other “ideal” prospects with a call to action about engaging you.
These simple activities are often overlooked because businesses get caught up in their business and do not focus on them. Make these activities part of your regular sales meetings and their will be no need to have conversations about how you can grow sales quickly.