HOW DO WE INCREASE WIN RATES?

I’ve just completed reviewing the CSO Insights (the Research Division of Miller Heiman Group), 2018/19 Sales Performance Report, and I’d like to summarize some of my takeaways from a specific chapter which deals with ‘Increasing Win Rates’, a subject close to the heart of everyone serious about their sales performance.  I’ll certainly be taking on board the outputs from the report as I strive to increase my personal sales performance in 2019. For more information on the Sales Performance Report and specifically how to improve your Organisational win rates, please feel free to contact me. 

One of the biggest challenges for CSOs, CFOs and CEOs is the outcome of forecast deals. To be forecastable, the sales person should have a high level of confidence that the deal will close, yet the study indicates that forecasts are wrong more than ? the time, and indeed increasing win rates of forecast deals was one of the main priorities for participants in this year’s study. So, how do we address this need? 

Firstly, there needs to be a more robust and realistic approach to sales funnel management, so sales managers should be prepared to challenge the sales personnel and their forecast to deliver more accurate results.

Following a rigorous sales process is of course a key element for delivering results, however, the CSO Insights study suggests the level of client / supplier relationship has a much greater impact on the win rates indicated by the participants in the study. So the next tip to increase win rates is to move your relationship ‘up the scale’. We can all point to anecdotal evidence of being an approved supplier, or a preferred supplier, but does that really give you a great chance of success? Sure, we may get a deal over the line from such positions, but the study indicates that win rates are significantly below 50%, which really isn’t a great strike rate – and if we’re forecasting on such a probability, we stand as much chance of being wrong as we do being right. So, we should be looking to develop the relationship, to a that of a trusted trading partner, whereby you are seen as the ‘go to’ supplier, who can offer value before, during and after a prospective sale.

A key area where I have tried to improve in 2018 and into 2019 is to leverage my relationship with current customers, in order to develop new ones. Of course, clients will usually be uneasy about recommending our products and services operating as their competitors horizontally, so what’s to stop us thinking vertically, and getting recommendation from our client to approach businesses in their supply chain upstream and down? We’ve all heard that getting referrals is an excellent way to grow our business and develop revenues, but how many of us do it – and do it consistently? Having a referral reduces the number of cold calls and let’s face it – we’ve got to have a better chance of success approaching with a referral or testimonial from a happy customer.

This post is my take on a snap shot of a really interesting report, published by CSO Insights that really goes into detail on the key ingredients for a successful sales performance. I’d be delighted to discuss your overall sales performance, and/or how we can help you improve win rates in the coming months, so why not get in touch?