The largest and most lucrative deals often become folklore. But how can we effectively replicate these deals on a regular basis?
In a previous blog post, we highlighted the importance of measuring value to provide a platform to initiate and develop relationships. Alongside developing a clear understanding of the value we provide clients, another vital step is to reflect on the process behind winning the opportunities we wish to replicate – Landmark Deals.
By mapping the process of winning such opportunities, from our own perspective and our clients’, we provide a track to run on to replicate them in the future. Measuring the value to the client is a key component here, along with a number of other factors:
Typically, we measure this according to the deal’s revenue or profit. While this is important, we should also take into account other kinds of value. This might be working with a market-leading brand, opening up further opportunities, or increasing our credibility and footprint within a market.
As mentioned before, this is a crucial consideration. What value did the customer achieve from working with us on this project? Often, this is the toughest question to answer. If you can’t clearly articulate it in some detail, then talk to your clients and find out!
What opportunity or challenge did you help the client with? It can also be extremely helpful to understand what the consequences would have been if the customer hadn’t done anything.
What solution did you provide to achieve the desired results?
Who was involved on the clients’ side, what was their role and what objectives did they have? In complex deals, understanding the different stakeholders you’re selling to can be the difference between a win and a loss. Research by Gartner shows that, on average, 6.8 stakeholders are involved in every B2B buying decision, so bear in mind that it probably wasn’t a question of just 1 or 2 individuals.
What competition did you face? Apart from other suppliers, this may include internal competition and/or inertia – the client simply doing nothing.
What were the differentiating reasons that the client chose to work with you?
When you first adopt this 7-step exercise as part of your regular project close, there may well be a number of blanks. This can be evidence of a typical short-sighted approach to sales. When we apply our conscious understanding to clarifying the win process, we can find new ways to add value to our client interactions.
By completing this exercise for a number of landmark deals, you will be able to identify a few key themes associated with each area. These themes, specifically around the business issue and value to the customer, will then help you plan relevant questions that you can ask these clients and others to uncover opportunities. Above all, they will provide credibility regarding how you will help achieve the set objectives and add value.
If you’d like to know more about what good looks like and how best to scale success, get in touch by e-mailing info@sbrconsulting.com, connect with us on LinkedIn, or call us on +44 (0) 207 653 3740.
At SBR, we’re dedicated to providing sales insights and sharing knowledge to help our clients accelerate their revenue. You can sign up to receive regular updates and join over 4,000 others who enjoy access to our unique research, expert guidance and advice.
