“What’s your strategy for this opportunity?”

When asked “What’s your strategy for this opportunity?”

The response often is “to win, of course!” or “to close the opportunity!”

When probed further, the response might include “to expand the relationship!”

Closing an opportunity and/or expanding a relationship is cause for celebration, however, these are outcomes, not strategies.

Sales is like a game of chess. To be successful, it requires competitive intelligence, strategic moves, tactics - at times offensive, at times defensive, focused execution, and skill.?

Often as sellers, in the pursuit of a qualified opportunity, we think and behave as though it is a two-way conversation, between the client and your orgranisation. In fact, it’s a three (often more) way dialogue with the client, your orgranisation, and the competition. And even then, who we think of as competition should range from our key competitors to include ‘no decision’ and AUF (alternative use of funds).

To win an opportunity, understanding the competition is critical. This goes beyond just knowing their offerings; it involves grasping their strategy, potential threats, target markets, and projected growth. With the abundance of competitive information available today, a simple online search can yield extensive data. While some of this information is valuable, raw data alone isn't sufficient. What you need is competitive intelligence—insights that enable you to craft effective strategies and position yourself to successfully compete and win.

Conducting a strategic analysis using key information provides valuable insights into both your competitors’ vulnerabilities and strengths, as well as your own. This intelligence gives you a competitive edge, allowing you to leverage your organization’s strengths and unique value more effectively. In turn, you can significantly improve your client's business outcomes and increase the likelihood of winning their business for your organization.

While assessing the opportunity, take a deep dive into the ‘course-value creation’:

Course Value Creation?– identify your organisation’s unique value from the client’s perspective.? Leverage Unconsidered Needs to Create Differentiation and a Value War:

• Undervalued Needs: needs a client doesn't fully appreciate.
• Un-met Needs:?needs a client doesn't realize they have because they've hidden them with workarounds.
• Unknown Needs:?hidden problems that the client doesn't even see as a problem until the seller highlights them.

You may not yet have all these areas fully or clearly?assessed early in the sales cycle. However, you must see a path forward towards this. Otherwise, your time is better spent elsewhere.

Opportunity Revenue & Volume         

What is the overall size compared to your average size?

Critical Considerations include: ?

• The Financial Value -?How much estimated revenue will this opportunity generate?
• The Quantities - How does this compare to our average?

Given it is still very early in the sales cycle, one good way to estimate revenue potential is to find similar opportunities won in the past with similar clients (size, industry, etc.)

Potential Account Revenue Growth        

What potential growth beyond this opportunity can result if we win this deal?

Critical?Considerations include:

1. Cross–selling other products or services.
2. Client's Business Growth Rate

Our Risk If We Win        

What level of risk could your organisation potentially face if we win? What are those risks?

Risks can come from many different places with many different consequences. Let's explore a few critical risk areas, along with sample self-coaching questions for you to consider when assessing risk:

Contractual Risk         

• What unique contractual requirements should the client demand?
• How confident are we that your oganisation can meet these demands in the expected timeframes?

Financial Risk         

• How confident are we that your oganisation can deliver the solution profitably?
• How much money could we potentially lose if we were not able to deliver the solution within the cost estimates?
• How consistently have we profitably delivered similar solutions in the past?
• How often have suffered losses while delivering similar solutions in the past?

Relationship Risk         

“Knowledge evolves, understanding matures and wisdom progresses. Don't be so hung up on what you think you know.”?

• What are the client’s expectations of your oganisation?
• How confident are we that your oganisation can deliver a solution that satisfies and delights our client?
• What happens to our relationship if your oganisation doesn’t deliver the promised solution – leaving the client dissatisfied?
• What impact will that have on the trust and partnership between the client and your oganisation?
• How long will it take to rebuild the relationship?

Customization Risk         

• How much customization is required to meet the client’s objectives?
• How confident are we that your oganisation can successfully customize the solution to meet the client’s needs in the expected timeframes??
• How successful has your oganisation been in similar situations requiring similar levels of customization?
• How much risk is associated with the proposed solution? Are the right resources available, with the right skillset to deliver on time?

Margin Potential        

Concentration and mental toughness are the margins of victory- Bill Russell

• How much margin can we potentially generate through this deal?

Market Impact        

• How can this opportunity help us win new clients and??improve your company’s market position?

Resource Alignment        

• To what degree can available staffing and capabilities meet the solution's needs?

Critical Considerations include:

• How well do our resources align with the clients' requirements and timelines??
• What client technologies will impact our solutions???How well does our solution fit with these technologies?
• What equipment and/or facilities are required?

Alignment to Our Solutions Roadmap        

• To what degree does this solution match our strategic direction?

“Taking the path with the least resistance does NOT mean take any opportunity that comes to you. Some opportunities are traps!”?- TemitOpe Ibrahim

In summary, to succeed, you must go beyond understanding your competition's offerings. Delve into their strategies, target markets, and vulnerabilities. Competitive intelligence is the game-changer. Analyze strategically to uncover strengths and weaknesses, empowering you to capitalize on your advantages and increase your chances of success.

I hope these strategic thoughts and viewpoints will help you to build the skills needed for Course-Value creation and increase your win rates. #StrategicSelling #ClientConversation #OpportunityQualification #Change #HybridSelling #VirtualSelling #AlwaysBeLearning

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