How to Determine if Your Big Deal Will Close By Year End
Think about this. Professionals across a variety of jobs use recipes, checklists, formulas, and procedures to serve as a guideline for what they consistently need to do to reach success. Bakers use recipes, flight crews follow checklists, and manufacturers follow operating procedures. However, in the all too often complex world of selling, do sales professionals have a similar formula? One that can really set them up for sales success?
A formula can help sellers determine if initial opportunity engagement and further engagement with a potential buyer are warranted. It can also help everyone on a sales team more effectively communicate the progress of a deal and help identify areas that need attention.
The formula, you ask?
SALES SUCCESS = PPVVCC
Pain – You have identified a critical business issue, problem, or even a potential missed opportunity underlying the opportunity.
Power – You have identified someone or some group that has the influence and/or authority to make a purchasing decision happen.
Vision – You have helped the buying entity clearly see a future state where your capabilities are preferred and can help them address their pain.
Value – You have established the quantifiable return on investment for acquiring your potential solution.
Collaborate – That’s the act of you and the buyer working together during the sale in a spirit of transparency, where the goal is to evaluate the potential solution while minimizing buying risk.
CRTA – You have identified a time-bound event or milestone in which the buyer needs to take action
Assessing any deal in the context of these 6 variables is a simple, yet powerful approach to looking at the quality of a deal. And, do think of it like a formula. If any variable is zero, well then, the deal is on course to be a zero.
I might even suggest that when Pain, Power, Vision, Value, and a CRTA are in place and equal among competitors, a deal is going to happen. I think the seller or selling organization that best collaborates with the buyer and established a path of effective evaluation, risk mitigation, and true collaboration on the solution will win the business.
So, I encourage you to think about your top opportunities in the context of this successful sales formula. Assess where you are strong, where you are weak, and where you are nonexistent, and take actions to close necessary gaps.