By Tibor Shanto - email@example.com
Those of you have kept or keep diaries, know that one of the reasons it has such great value is not just because you open up about intimate secrets, but that you share everything, not just the good, not just the bad, but all that and everything in between. You were able to go back and relive the experience, and more often than not glean lesson and things you would do differently if you had to do them all again. You didn’t just look at what you did well, or things that turned out to be good, living up to and beyond your expectations. You looked at the bad things that happened and tried to understand how you might avoid similar things in the future. The more honest you were the more rewarding the experience. If you skewed or slanted things one way, you may feel better for a while, but reality comes creeping back in, forcing us to deal with the bad, and the gray.
Sales people and sales organization need to keep a diary of their experiences, all of them, the good, the bad, and the in between. Most already do deal reviews in some format, but many do not, either choosing to them selectively, or just enough to satisfy a KPI or ScoreCard requirement. Few do the real deep dive required in order to get the most out of it, in the process allowing both a learning and revenue improvement get away. To be clear, and as you will see further on, “deep dive” does not have to be a laborious time consuming exercise with minimal payoffs, it can and should be an ongoing process that helps you with deals you are currently involved in, while also allowing you to capture and repurpose things on the fly. Done right, it should resemble the old EDS add about building an airplane while it is flying, the opportunity for sales people and organizations, is to build a continuously better sales, even as they are executing current sales, and prospecting for their next one.
Specifically this involves reviewing all deals you were involved in, those you won, those you lost, and those which go to “no decision”. Note, if you are involved in ten to a dozen deal a month, I recommend you review all of them; if on the other hand you are involved in dozens of deals, you may want to review a representative sample. If you have 7 wins, 15 losses, and 6 no decisions, review 25%, or seven, and you will get good, executable output. But as you’ll see, even if you don’t formally review each one, you will produce usable output.
Now some of you reading this may be aware that I am the coauthor of an award winning book about Trigger Events. In that book the recommendation was that you focus your reviews to only those deals you win. This will allow you to continuously repeat those things that are consistently help you win deals. Sound thinking, to a point. Let me explain, coauthoring a book is a lesson in compromise, you give you, you learn, you take, and in the end you produce a book that reflects the learning of both. But as you move on, the hope is that both authors evolve, not limited by the required compromises, and we each continue down our path, shaped by or experiences.
Since the release of that book, my thinking has evolved to where I see focusing strictly on one segment of your activities and only one of many outcomes, brings an unnecessary level of risk to one’s sales success, regardless of which one of the three possible outcomes you focus on. Given that on average, wins make up less than half of potential deals, if for no other reason than to broaden you perspectives, you should review outcomes other than just wins.
This is why the 360 Deal View was developed. It allows you to capture relevant information about the sale, the outcome and specific contributors to that. As with most tools, it is less about the tool itself, and much more about the approach and behaviours it promotes, which in turn lead to the desired results in more repeatable, predictable and consistent ways. It allows you to evolve you selling along with the way your market and buyers evolve.
While there is no denying that you want to know exactly what you are doing that is helping you win, you want to know what unfolded on the buyer’s side that prompted them to engage, and what outside and inside factors accelerate your sales cycle or cause it to slow and stall. What were the buyer’s objectives that allowed you to gain traction, and how you were able to connect with those? All important things you want to leverage. But it would be dangerous if not naïve to not go through a similar exercise with the other outcomes, losses and “no decisions”. Two simple advantageous to knowing why you lose, first, it may just take a small adjustment to change some of the inputs that will move a loss to the won column. Second, you may discover that a segment that made sense on initial exploration made sense to pursue, based on practice does not. Looking at “no decisions” will often allow you to understand when would be the best time to reengage, and take the cycle to fruition. It will also help you detect tire kickers a lot earlier.
These will be fallouts if you only review wins, but there is no denying that focusing on just one area, will lead to tunnel vision, causing you to miss changing trends that are more evident in the other categories, and more importantly, leave you very open to be blindsided. If you rely on one set of data, you will continue to find others who fit the mold, but it does not speak to the size of a market, things can continue to look good in a shrinking market, and by the time you react, many opportunities will have been missed, and competitors will have made unnecessary gains at your expense.
Most CRM’s and related apps will allow you to do a complete all three, and even allow you to get more granular if need be. You can download our tool here, but the key to success is not the tool, but the philosophy, and more specifically the discipline of doing it in up, down, or sideways markets. Just as with a diary, the best ones were usually written in simple notebooks, not fancy specially diaries, what made them great was the depth and completeness of what was captured, and the consistency of execution.
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