The largest and most lucrative deals are often discussed like folklore, but how can we effectively replicate these deals on a regular basis?
In a previous blog we highlighted the importance of measuring value to provide a platform to initiate and develop relationships. As well as understanding the value we provide clients, it is important to reflect on the process undertaken to win the opportunities we wish to replicate – Landmark Deals. By mapping the process, from our perspective and that of the clients, we provide a track to run on to replicate them in the future. Measuring the value the client achieved is a key component to this, along with a number of other areas, highlighted below:
1. Value to Us
Typically this is measured by the revenue or profit of the deal. This is important but we should also take into account further value gained, whether it was: working with a market leading brand, opening up further opportunities or increasing our credibility and footprint within the market.
2. Value to the Customer
What was the value the customer achieved from working with us on this project? Often this is the toughest question to answer, and if it is not something that can be clearly articulated in some detail talk to your customers and find out!
3. Business Issue
What opportunity or challenge did you help the client with? It is also important to understand what the consequences would have been if the customer did not do anything.
What solution did you provide to achieve the desired results?
5. Buying Team
Who was involved from the clients’ end, what was their role and what objectives did they have. In complex deals understanding the different stakeholders you are selling to can be the difference between a win and a loss – research by Gartner, shows on average 6.8 stakeholders are involved in a B2B buying decision.
What competition did you face? This may include internal competition or the client doing nothing.
7. Unique Value Proposition
What were the differentiating reasons that the client chose to work with you?
By completing this exercise for a number of landmark deals you will be able to identify a number of themes that come under each area. Identifying these themes, specifically within the business issue and value to the customer, allows you to plan relevant questions to ask to uncover opportunities and provide credibility in how you will help achieve the set objectives and add value.
Typically when completing this exercise, there are a number of blanks. This can be evidence of the short-minded approach to sales which often occurs. When this changes through reflection it allows us to add further value to our client interactions.