Opportunity Management: The Key to Winning Opportunities

Opportunity Management: The Key to Winning Opportunities

© The TAS Group 2015

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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


Wendy Reed EVP Solutions


Opportunity Management Challenges

#1 - Identifying opportunities worth pursuing

#2 - Assessing our chances of successfully closing the deal

#3 - Understanding and communicating our value proposition


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)


Agenda

1.  The key to winning is Qualification 2.  The importance and impact

3.  The framework for winning


Top money winners in golf 2015

18 events 7.8M 3.0M 2.8M


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


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


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


You do need to know where you are to effecBvely qualify Buyer Decision Stages

Operations & Planning

Awareness of Need

Impact Analysis Accept Implement Evaluate

Sales Process Stages

Business Development

Qualify & Discover Commit Implement Solution Collaboration

Sales Process is NOT Sales Methodology


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


Impact of ConBnuous QualificaBon

Win Rate

Forecast Accuracy

Quota Achievement

32%

46%

25%

Source: Dealmaker Index Survey


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?


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


#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 .


#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


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.


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


#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.


#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


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


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


Influence, as opposed to rank or authority, flows in non-traditional directions (from subordinate to superior or across departmental boundaries).

Identifying Influence Networks

Authority Influence


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.


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


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


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


Q A

Opportunity Management: The Key to Winning Opportunities