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Opportunity Management: The Key to Winning Opportunities

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There Are Only Two Reasons Why You Lose A Deal

Yes, just two! Either you should not have been competing in the deal in the first place (i.e. you did not qualify it properly) or you were outsold (either by a competitor or no decision).

Winning starts with four key questions:

Is there an opportunity?
Can we compete?
Can we win?
Is it worth winning?
Knowing which deals to resource and which to qualify out – is challenging. We agree.

Here’s what we’ve found:

Opportunity Management Matters! When you don't consistently follow a solid opportunity management process and methodology, you’ll miss important signs that often end up stalling or losing deals.

If there’s a chance that your team might be missing the real issues in your opportunities, watch and learn what you should be doing every single time, to maximize your opportunity to win.

Published in: Business

Opportunity Management: The Key to Winning Opportunities

  1. 1. Opportunity Management: The Key to Winning Opportunities
  2. 2. © The TAS Group 2015 Before We Begin 1 You will receive a link to the recording of today s webinar. Watch for it in email. 2 The recording will also be available on our website thetasgroup.com, in the Resources section. 3 Enter your questions in the Questions box or tweet to @thetasgroup. 4 Join the conversation on Twitter: #OpportunityManagement
  3. 3. © The TAS Group 2015 Wendy Reed EVP Solutions
  4. 4. © The TAS Group 2015 Opportunity Management Challenges #1 - Identifying opportunities worth pursuing   #2 - Assessing our chances of successfully closing the deal   #3 - Understanding and communicating our value proposition  
  5. 5. © The TAS Group 2015 POLL   Select the #1 Opportunity Management challenge facing your organization: A.  Identifying opportunities worth pursuing B.  Assessing our chances of successfully closing the deal C.  Understanding and communicating our value proposition D.  Identifying and accessing our key decision makers E.  Identifying the compelling customer business problem(s)
  6. 6. © The TAS Group 2015 Agenda   1.  The key to winning is Qualification 2.  The importance and impact 3.  The framework for winning
  7. 7. © The TAS Group 2015 Top  money  winners  in  golf  2015   18 events 7.8M 3.0M 2.8M
  8. 8. © The TAS Group 2015 POLL     What is the hardest part of Qualification? A. Finding out if the customer needs to buy B. Working out your competitive strengths C. Establishing who the decision makers are D. Picking the right deal to work on
  9. 9. © The TAS Group 2015 What  is  excellent  QualificaBon?   •  Continuous •  Objective •  Evidence based •  Assessment •  Triangulated •  Discriminating •  Calculated •  Mutual Value •  One time •  Casual •  Verbal •  Assumed •  Single threaded •  A check list •  Certain or absolute •  One sided
  10. 10. © The TAS Group 2015 Remember…..   For every unqualified opportunity that you work, there is a qualified opportunity you are not working. The greatest competitive equalizer is 24 hours in a day
  11. 11. © The TAS Group 2015 You  do  need  to  know  where  you  are  to  effecBvely  qualify   Buyer Decision Stages Operations & Planning Awareness of Need Impact Analysis Accept ImplementEvaluate Sales Process Stages Business Development Qualify & Discover Commit Implement Solution Collaboration Sales Process is NOT Sales Methodology
  12. 12. © The TAS Group 2015 QualificaBon  is  a  Sales  Methodology   Progress Unique to each company Linear, time-bound, step-by-step Sales Process Quality of the progress Standardized Applied repeatedly through every stage Sales Methodology
  13. 13. © The TAS Group 2015 Impact  of  ConBnuous  QualificaBon   Win Rate Forecast Accuracy Quota Achievement 32% 46% 25% Source: Dealmaker Index Survey
  14. 14. © The TAS Group 2015 A  Framework  for  Winning     4 Key Questions … 1.  Is there an opportunity? 2.  Can we compete? 3.  Can we win? 4.  Is it worth winning?
  15. 15. © The TAS Group 2015 Is  there  an  Opportunity?   An initiative with resources assigned by a key player has been confirmed. . The customer is in your sweet spot or target market. #7 Solution Fit Financial information is compatible with the Customer Project. Funds for the project are approved or can be obtained. #9 Current Relationship #1 Customer Project #2 Customer Business #3 Customer Financial Condition #4 Access To Funds
  16. 16. © The TAS Group 2015 #5 Compelling Event A Compelling Event is a time sensitive response to their internal and external Pressures connected to Key Players that drives the customer to act, to make a decision, to solve a problem, or to take advantage of an opportunity in front of them by a defined date. Compelling business issues causing the Key Player(s) to act by a defined date are well known. Yes or No .
  17. 17. © The TAS Group 2015 #5 Compelling Event • What is driving the customer to make a change? • What is the customer deadline for making a decision? • Is the status quo acceptable, or do they have to change? • What are the risks and benefits if they make a change? • What are the consequences if they do not change? • What will success look like and how will it be measured? Pressures Business Initiatives Obstacles Problems Consequences Opportunities Payback GOALS
  18. 18. © The TAS Group 2015 Can  You  Create  a  Compelling  Event?   Poll Question Can You Create a Compelling Event? Yes, of course I can! No, I don’t think so.
  19. 19. © The TAS Group 2015 Can  we  Compete?   Formal Decision Criteria are documented, well understood and attached to the key players #6 Formal Decision Criteria Your solution effectively addresses 100% of the customer's "must have" requirements. . #7 Solution Fit Sales Resource Requirements are normal for an opportunity of this size. #8 Sales Resource Requirements A Key Player in the opportunity considers that you or your company will add value, based on previous experience. #9 Current Relationship
  20. 20. © The TAS Group 2015 #10  Unique  Business  Value  DefiniBon     From the customer's perspective, you have unique capabilities that map to the customer's "must haves". Yes or No The specific capabilities of your solution that meet or solve the customer's business issues that a Key Player considers to be uniquely better than any alternative.
  21. 21. © The TAS Group 2015 #10  Unique  Business  Value     • What is the specific or measurable business result that you will deliver? • How does the customer define value? How will they measure it? • How have you quantified this value in the customer’s terms? • Has the customer confirmed their understanding of the value you will deliver? • How does this value differentiate you from your competitors? Pressures Business Initiatives Obstacles Differen- tiation Solution Capabilities Compelling Event Unique Business Value GOALS VALUE
  22. 22. © The TAS Group 2015 Can We Win? You have more Supporters and Mentors than Non-supporters and Enemies. #11 Inside Support You or another person on the team can regularly access an Executive Key Player. #12 Executive Credibility The customer's culture is similar to yours. #13 Cultural Compatibility Informal Decision Criteria have been discussed and are attached to the Key Players. #14 Informal Decision Criteria You have a greater number of Supporter/Mentor Key Players (with coverage) than Non-supporter/Enemy Key Players on the Politcal Map. #15 Political Alignment
  23. 23. © The TAS Group 2015 Who Are The Key Players? 4 3 2 1 1 2 3 4 5 Rank (Formal) Agile Astute Aware Wonder Influence (Informal) Make Things Happen Political Structure Control Outcomes Inner Circle Outside Political Structure Watch Key Players Are: • Inner Circle • Political Structure • People with Influence
  24. 24. © The TAS Group 2015 Influence, as opposed to rank or authority, flows in non-traditional directions (from subordinate to superior or across departmental boundaries). Identifying Influence Networks AuthorityInfluence
  25. 25. © The TAS Group 2015 Is  It  Worth  Winning?   #16 Short-Term Revenue #17 Future Revenue #18 Profitability #19 Degree of Risk The initial size of the opportunity is equal to or greater than the average opportunity size for your business. Future Revenue is equal to or greater than the average lifetime value of a customer for your business Profitability is equal to or greater than the average profit on an opportunity for your business The customer is likely to succeed. #20 Strategic Value This customer will have a greater than normal positive strategic impact to the company.
  26. 26. © The TAS Group 2015 TAS  1-­‐20  Commons  Concerns   Compelling Event (#5) YES •  Poorly defined •  No business consequence for inaction •  No specific date for customer action •  Measureable business value not defined Unique Business Value (#10) YES •  No Compelling Event •  No Customer Project •  The same as the competitor •  Not related to the Compelling Event •  Features Solution fit (#7) YES •  No Compelling Event •  No Customer Project •  No Decision Criteria defined Political Alignment (#11-15) YES •  Lack of evidence for Inside Support, Executive Credibility or Political Alignment •  No identified non-supporters or enemies •  No Decision Makers •  No access or coverage on Key Players
  27. 27. © The TAS Group 2015 By the Middle of your sales cycle… Is There an Opportunity? 1 CUSTOMER PROJECT 2 CUSTOMER BUSINESS 3 CUSTOMER FINANCIAL CONDITION 4 ACCESS TO FUNDS 5 COMPELLING EVENT Can We Compete? 6 FORMAL DECISION CRITERIA 7 SOLUTION FIT 8 SALES RESOURCE REQUIREMENTS 9 CURRENT RELATIONSHIP 10 UNIQUE BUSINESS VALUE Can We Win? 11 INSIDE SUPPORT 12 EXECUTIVE CREDIBILITY 13 CULTURAL COMPATIBILITY 14 INFORMAL DECISION CRITERIA 15 POLITICAL ALIGNMENT Is it Worth Winning? 16 SHORT-TERM REVENUE 17 FUTURE REVENUE 18 PROFITABILITY 19 DEGREE OF RISK 20 STRATEGIC VALUE
  28. 28. © The TAS Group 2015 An Idea to Try “The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand” Sun Tzu
  29. 29. © The TAS Group 2015 Q A
  30. 30. Opportunity Management: The Key to Winning Opportunities

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