Managing Sales Opportunities - with Sales Opportunity Snapshot (SOS)

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Sales Opportunity Snapshot (SOS) is a one-day sales training workshop for professional salespeople that helps them do a better job of managing their sales opportunities. Complete with a software tool, it enables salespeople to develop a three-page Opportunity Plan for the key sales opportunities they are pursuing.

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Managing Sales Opportunities - with Sales Opportunity Snapshot (SOS)

  1. 1. Stephen J. Bistritz, Ed.D. www.sellxl.com steveb@sellxl.com (404) 256-1801 © 2011 - 2014, Learning Solutions International. All rights reserved.
  2. 2. What Is Sales Opportunity Snapshot (SOS)? SOS is a practical, one-day workshop that helps professional salespeople analyze and manage their current sales so they win more deals! opportunities – © 2011 - 2014, Learning Solutions International. All rights reserved.
  3. 3. The SOS Process and Workshop Modules Conduct Initial Analysis Test and Review Develop a Value Proposition and Action Plan Set the Competitive Sales Strategy Qualify the Sales Opportunity Align with the Political Landscape © 2011 - 2014, Learning Solutions International. All rights reserved.
  4. 4. Qualify the Sales Opportunity © 2011 - 2014, Learning Solutions International. All rights reserved.
  5. 5. For Each Sales Opportunity - Three Compelling Questions • Should we pursue this opportunity? • Can we effectively compete for this opportunity? • Can we reasonably expect to win this opportunity? © 2011 - 2014, Learning Solutions International. All rights reserved.
  6. 6. Opportunity Snapshot ® 1 Should we pursue this Opportunity? 2 3 1. Client’s Business Initiative 2. Client’s Ability to Fund the Project 3. Client’s Driving Reason to Change © 2011 - 2014, Learning Solutions International. All rights reserved.
  7. 7. Opportunity Snapshot ® Can we Compete for this opportunity? 1 2 3 4. Viability of Our Solution (from the Client’s Perspective) 6 5 4 5. Sales and Implementation Resources (Internal or with Partners) 6. Specific Business Value of Our Solution © 2011 - 2014, Learning Solutions International. All rights reserved.
  8. 8. Opportunity Snapshot ® 1 Can we reasonably expect to this opportunity? 2 Win 7. Ability to Impact the Client Decision Process 3 8 7 9 6 5 4 8. Executive Credibility and Support 9. Alignment with the Relevant Executive © 2011 - 2014, Learning Solutions International. All rights reserved.
  9. 9. Qualify a Sales Opportunity Opportunity Snapshot ® Worksheet 1 Should we pursue this opportunity? 2 1 Client’s Business Initiative 2 Client’s Ability to Fund the Project 3 3 Client’s Driving Reason to Change Can we effectively compete for this opportunity? 4 Viability of Our Solution (from the client’s perspective) 8 7 9 6 5 4 5 Sales and Implementation Resources Required 6 Specific Business Value of Our Solution Can we reasonably expect to win this opportunity? 7 Our Ability to Impact the Client’s Decision Process 8 Executive Credibility and Support 9 Alignment with the Relevant Executive © 2011 - 2014, Learning Solutions International. All rights reserved.
  10. 10. Review Each Criterion For Your Sales Opportunity 1. Review each of the nine criteria 2. Rate them as FAVORABLE only if both of the following conditions are met:  Information is known and comes from a flawless source within the client organization  Information is also positive and favorable to your company © 2011 - 2014, Learning Solutions International. All rights reserved.
  11. 11. Team Activity 1: Analyze this Opportunity Snapshot® 1 2 3 7 8 9 6 5 4 Purpose Analyze an Opportunity Snapshot with your table team 1 What does this Snapshot (shown in the upper left) reveal about the sales opportunity? 2 What actions should now be taken in this sales campaign? 3 Be prepared to review your interpretation of this Snapshot with the larger group © 2011 - 2014, Learning Solutions International. All rights reserved.
  12. 12. Snapshot Assessment © 2011 - 2014, Learning Solutions International. All rights reserved.
  13. 13. Align with the Political Landscape © 2011 - 2014, Learning Solutions International. All rights reserved.
  14. 14. Typical Organization Chart Examining Any Organization Chart  Question: What two pieces of information can we immediately obtain from any Organization Chart?  Answer: Authority and Responsibility  Question: What is the main purpose of an Organization Chart?  Answer: It’s the legitimate chain of command that preserves order and divides labor  Question: Can we determine influence from an Organization Chart? © 2011 - 2014, Learning Solutions International. All rights reserved.
  15. 15. Contrasting the Views of Authority and Influence Traditional Organization Structure Authority Influence E E A A A A B B C C B B C C D D Most Influence Influence Map Center of Power Least Influence © 2011 - 2014, Learning Solutions International. All rights reserved.
  16. 16. Key Criteria Access Blocked Need to Meet  Name Title A Role in Buying Process = Our Relationship Past Contact © 2011 - 2014, Learning Solutions International. All rights reserved.
  17. 17. Indicators of Influence Capabilities Connections How has this executive contributed to the success of the organization? How is this executive connected to other key players in the organization? Influence Value What value has this executive created and delivered? Vision Does this executive establish the vision and direction for the organization? © 2011 - 2014, Learning Solutions International. All rights reserved.
  18. 18. Sources of Informal Power People with informal power typically possess that power because of their …  Previous or current relationships  Reputation for past or current performance  Control of key resources  Subject matter expertise © 2011 - 2014, Learning Solutions International. All rights reserved.
  19. 19. Influence Map © 2011 - 2014, Learning Solutions International. All rights reserved.
  20. 20. Select a Competitive Sales Strategy © 2011 - 2014, Learning Solutions International. All rights reserved.
  21. 21. SOS Sales Strategies Three Categories D irect A lter Sales Opportunity S egment © 2011 - 2014, Learning Solutions International. All rights reserved.
  22. 22. SOS Sales Strategies D irect A direct strategy is a frontal approach where the client perceives you have superiority with your solution and/or your company.  Clear and unique solution fit Sales Opportunity  Previous client relationship  First on the scene for this opportunity  Immediate or quick decision  Swift implementation © 2011 - 2014, Learning Solutions International. All rights reserved.
  23. 23. Developing a Competitive Sales Strategy Current Status of Our Sales Opportunity 1 Our solution completely addresses the client’s buying criteria and delivers specific, compelling business value We can clearly differentiate this value from that of our competitors Strategy to Consider Direct 2 One of the following conditions exists: • The client’s buying criteria is not addressed by our solution • A competitor has convinced the client that they have a solution that provides the best value Alter 3 We can only address a portion of the client’s buying criteria Segment © 2011 - 2014, Learning Solutions International. All rights reserved.
  24. 24. Steps to Setting Your Sales Strategy 4 3 2 1 Select your strategy, addressing the key points outlined below Determine if your competitors have revealed their sales strategy for this opportunity or similar past opportunities Examine your competitors for this sales opportunity and determine the following: – Your competitors strengths and weaknesses – The strengths and weaknesses of your solution Analyze your client’s business initiative and the buying criteria associated with it. Look closely at the buying criteria established by key executives © 2011 - 2014, Learning Solutions International. All rights reserved.
  25. 25. Strategy, Value Proposition and ACTION PLAN © 2011 - 2014, Learning Solutions International. All rights reserved.
  26. 26. Develop a Value Proposition and Action Plan © 2011 - 2014, Learning Solutions International. All rights reserved.
  27. 27. Creating a Value Proposition You, Your Company and Your Solution Your Specific Business Value Client’s Business Initiative © 2011 - 2014, Learning Solutions International. All rights reserved.
  28. 28. Creating a Value Proposition Key Elements of a Value Proposition Addresses the client’s issue(s) and focuses on payback or return on investment as it relates to the client’s business initiative What’s important to them? Describes how we can help, in both a qualitative and quantitative form How does our solution create value for them? Might include an example of how we addressed a similar problem at another company How can we demonstrate our capability? © 2011 - 2014, Learning Solutions International. All rights reserved.
  29. 29. Creating a Value Proposition The Next Level – Additional Questions Will the client perceive our solution as offering competitive advantage? Can we clearly differentiate our solution from those of our competitors? Are we able to quantify the specific business value of our solution, using the client’s metrics? Does our value proposition create a sense of urgency for the client to take immediate action? Is our Value Proposition provocative and compelling? © 2011 - 2014, Learning Solutions International. All rights reserved.
  30. 30. Developing Comprehensive Actions Action Planning What needs to happen? When will it happen? Who will do it? How will this help? Strengthen 2 3 Soften Strengthen Obtain 4 Soften Strengthen 1 Obtain Obtain Soften 1. What needs to happen? • What is the specific action that needs to take place? 2. When will it happen? • In what timeframe will it take place? 3. Who will do it? • Who (in the sales organization) has the responsibility to implement this action? 4. How will this help? • S trengthen Your Position • O btain Missing Information • S often Your Weaknesses © 2011 - 2014, Learning Solutions International. All rights reserved.
  31. 31. Measurable Outcomes of SOS Using this process, Sales Managers are able to…  Quickly and effectively assess the status of each sales opportunity…whether a transaction or a complex sale  Provide guidance to salespeople by asking critical questions and suggesting key actions during each sales campaign  Determine which specific sales opportunities should receive critical resources, based on the strength of individual SOS Plans  Improve close rates by having salespeople focus on the deals they have the best chance of winning  Improve their ability to forecast deals with a higher level of confidence © 2011 - 2014, Learning Solutions International. All rights reserved.
  32. 32. Stephen J. Bistritz, Ed.D. www.sellxl.com steveb@sellxl.com (404) 256-1801 © 2011 - 2014, Learning Solutions International. All rights reserved.

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