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Welcome Automation has traditionally been a company into automation products. They have a large number of small Customers and have been operating through channel partners. Their management has now taken a decision to shift from getting more business from small Customers to getting large direct business from big Customers, concentrating on selling to projects. Their Vice President - Sales and Marketing, while articulating this vision to the sales team, notes that this may mean ‘re-tooling’ their sales people in terms of processes and skills. Do you agree with him?
A large IT company is in the business of big data, mobility, infrastructure, cloud, hardware and software is having a sales review meet. One of the salespersons, Mayank, who is responsible for enterprise business makes a comment, “The number of opportunities in the B2B market place are shrinking. I wish I had a magic wand by which I could convert more B2B Sales opportunities to orders. Am not sure whether this is an art or a science!” Can you help him with an answer?
A business development executive from a company selling fighter aircraft to governments comes to his superior and asks, “Boss, I have worked with various stakeholders of country ABC and what they say they require is a multirole state-of-the-art aircraft to counter the neighbouring country’s squadrons of sophisticated fighters. The aircrafts we sell are cheaper (one third the price), easier to maintain but may lose in a dogfight with the neighbours. What can I do to make a winning proposition to the defence minister?” What would be a piece of advice you would like to give this salesperson?
Many B2B Sales Organizations are looking out for improving their sales conversion of large opportunities into orders. Large complex Project Sales opportunities could involve large volumes or large margins at stake, or involve selling a strategic product or acquire a strategic client. This involves both ‘strategic thinking’ and ‘tactical actioning’, using various resources available wisely and appropriately. Strategy is often defined as ‘which door to open’, but in maximising winning the complex sale, it is also important to know ‘which door to close!’. Most often than not, in B2B Project Selling, it is all about selling the right solution, to the right people, in the right way!
The four critical steps of ‘Large Opportunity Management’:
1.Assessing an Opportunity
Since Project Sales opportunities are large, they involve investment of considerable time and effort. How many have we come across situations, where we invest a large amount of costly resources and then at the end, understand that maybe we should not have touched this opportunity with even an end of a barge pole? Do we have a structured process in place to determine upfront, whether this opportunity is
Do we have a structured GO / NO GO process in place?
2. Defining the right 'Solution Strategy'
Large complex B2B Project Sales opportunities involve several people from both sides. Different stakeholders have different buying criteria. One may say that a solution which satisfies the buying criteria is the best solution, isn’t it? This may be the right way, but not necessarily the only way! You can influence the Customer so that his buying criteria are not the same. You may also change his needs if you decide to! Defining the right solution strategy is a decision made on basis of your competitive strategy and identifying the selling situation correctly. The selling situation could be any of the six situations, depending on Customer reactions to your offer:
Each one of these selling situations will need different sales strategies. Will requires differentiated approaches and is most often than not the critical strategic piece missed out by most salespeople.
3. Aligning with the key players
Most of the time, in large opportunities and in a complex sale environment, one may have multiple decision makers and influencers. Decisions are made by a ‘Decision Making Unit’. Each player in the DMU has different roles to play, has different decision making power and different attitude towards us and competition. This then defines what should be our contact strategy: whom should we meet, whom should we use to influence whom. The “Chess” of aligning with key players provides the lever for making the solution strategy work.
4. Presenting the solution to the CXO
Large complex order values which are also strategic to the buyer organization, are usually decided at the CXO Level. The question the seller team needs to ask themselves is: If we need to make a presentation to the CXO, what should be the structure? Remember that the CXO is not so much bothered about the features of your products and services but more of how your solution would affect his business profitability positively; How will our solution help his organization get more business or help them do business quicker or at a lower cost.
The presentation therefore needs to link to his business drivers, his goals and vision and how our solution could help remove some hurdles in his quest towards achieving these objectives.
Questions for reflection
How to overcome the 3 challenges of group selling?
‘The idea of group meeting may be quite interesting,’ admits an experienced salesperson – ‘but my case is different.
Read moreCreating Conditions for Future Sales Vs Selling Now
Can you tell the difference between selling to a new customer and selling a new product?
Read moreEffective Sales Communication - 5 Stages and 7 Traps
Peter was with a client’s Vice President to make a presentation. The client had given all the inputs in his earlier meetings for Peter’s company to propose a solution.
Read moreAre your existing Customers coming back to you in enough numbers?
The series of meetings during sales negotiations are bound to take unexpected turns. So, should one prepare at all? If yes, how?
Read moreAre you well prepared for Negotiations?
The company gets 80% of business from 20% large sized orders and rest 20%business from 80% number of orders.
Read moreHow can you forecast your large order sales pipeline better?
“Sales forecasting is an art”. What is your reaction to this emphatic statement?
Read moreAre you managing large opportunities well enough?
Welcome Automation has traditionally been a company into automation products. They have a large number of small Customers and have been operating through channel partners.
Read moreWhat does it take to deliver high impact presentations?
When the audience hear your presentation without interrupting and without asking questions, what does that silence mean?
Read moreUnderstanding Customer needs.. The power of asking questions
A school hostel enquiry for 100 bunk bed stands (steel stands each with 3 beds one above the other) was answered by a large furniture company from organized sector.
Read moreAre you building your Platform for the future?
Should primary basis to decide sales actions ahead be ‘customer-by-customer-review’ or ‘enquiry-by-enquiry-review’?
Read moreHow does a sales manager manage by support?
The Company makes dies & punches for SME Customers, and enjoys good reputation, thanks to a large All India Field Salesforce that’s assiduously worked hard & well in various markets over last 10 years.
Read moreAre your sales people struggling to sell price?
A medium sized company (SME) wants to avail of the services of a facility management company to help use its IT infrastructure better for 15 IT related tasks that it has listed.
Read more