[bold_text] Close Sales Deals [/bold_text]
SellerNAVTM navigates sellers to success in even
the most complex deals.
The success of any sales performance drive is ultimately measured in terms of deals closed. That is why SellerNAVTM includes a sophisticated deal management component called DealNAVTM.
DealNAVTM is designed to ensure that improvements to process, behaviours and skills directly result in closing more sales.
Navigating The Complex Deal
SellerNAVTM‘s DealNAVTM functionality enables sales teams to boost deal closing confidence by up to 30%. Specifically it helps sellers to:
Each of the above is examined in more detail below.
DealNAVTM helps sellers to review deals not just from sales process point of view, but importantly it provides a behind the scenes buyer view that is so often lacking in deal management. This is the secret to taking pre-qualification, forecasting and closing to new levels.
1. Accelerate the deal
Progress key opportunities with confidence through your optimized sales process using DealNAVTM.
The sales person will be coached through a 3D view of the deal and be guided to a set of strategies to close the deal. DealNAVTM will:
– Highlight any impediments to the sale and spot early warning signals
– Draw attention to missing information or false assumptions
– Map and plan stakeholder access and engagement
– Ensure that no step is skipped in the application of your sales process / best practice
– Help the seller to clarify buyer requirements and understand the buyer’s next steps
– Guide the seller to building a more compelling proposition (including addressing issues, such as; economics, risk and strategic fit for the buyer)
– Provide an assessment of the seller’s competitive position in respect of the deal and recommended steps to advance that position
– Provide a unique ‘insider view’ of what must be done to win the sale, including the requirements of getting the purchase sanctioned within the buying organisation.
2. Improve Forecast Accuracy
A structured and systematic approach to pipeline reviews is key to effective opportunity management. DealNAVTM puts more discipline and structure around pipeline reviews:
DealNAVTM helps sellers to achieve a new level of forecast accuracy in respect of key deals, in the following ways:
– Provides a deal confidence index for each opportunity reviewed. That is a measure of robustness of the deal forecast
– Identifies deal dependencies, including; missing information, access to decision makers/stakeholders, risk factors and so on
– Helps overcome optimism bias on the part of the salesperson/sales team to provide a more objective measure of pipeline health
– Challenges sellers to write down inflated opportunities and to focus on the most promising opportunities
– Helps sellers to better predict / manage stalled deals by identifying early warning signals and prompting corrective action
– Guides sellers through a more rigorous pre-qualification and a more thorough analysis of the buying decision
Reviews can be scheduled in advance over the lifetime of the deal. e.g. every week or every month. Managers and staff are provided with alerts and reminders where a deal review is imminent. The approach is a collaborative and can involve all members of the bid team, with full visibility for the sales manager.
3. Execute Better Bid – No Bid Decisions
There is no point chasing deals that are unlikely to be won. That means a rigorous ‘bid-no bid’ process is key to effective opportunity management.
DealNAVTM helps ensure better ‘bid – no bid’ decisions in the following ways:
– Provides a decision tree structure for ‘bid – no bid’ decisions, guiding the seller through a process of answering key questions regarding a deal and applying decision rules to the answers
– Eliminates phantom sales opportunities by putting in place a pre-qualification process for deals of various threshold levels
– Manages the approvals process, notifying key managers where bid approval is required
– Tracks the investment in key deals and sets budget allocations for progressing approved bids
– Tests the seller’s understanding of the requirements of the buyer’s process, the cost of pursuing the bid and the likelihood of winning
– Guides the seller on key actions with respect to progressing the bid and building a compelling proposition.
4. Optimize Win-Loss Analyses
Lost deals are an expensive, yet priceless learning opportunity. Yet win-loss reviews are often conducted in an ad hoc and unstructured fashion. The result is that lessons learned are quickly forgotten and opportunities to improve win rates are missed.
DealNAVTM optimizes the process of win-loss reviews to :
– Accurately pin-point what went wrong and identify the implications for future deals
– Ensure deeper analysis and insight in respect of lost deals
– Keep the review positive / constructive and future focused
– Re-write the narrative of the lost deal by challenging assumptions / blind spots
– Assess the sales process and sales skills implications that may be contributing to lost deals
– Implement a more collaborative approach to deal reviews
– Record and share the output of win-lost reviews
5. Build Buyer Intelligence
Sellers often admit to gaps in the understanding of the buyer’s motivation, or process. This can lead to costly mistakes in terms of winning the deal.
DealNAVTM progressively builds the seller’s level of buyer intelligence over time – including helping the seller to:
– Understand the buyers buying process
– Better predict what the buyer is going to do next
– Access key information on how the buying decision is going to be made
– Write RFxs or proposals that address all the buyers key decision criterion
– Build the economic justification for the purchase
– Leverage issues such as risk, strategic fit and compliance
– Assist the buyer in getting internal approval
DealNAVTM has several levels of complexity / sophistication based on the stage of the deal and buying IQ of the salesperson. It grows in depth as the salesperson or sales team develops their level of buyer knowledge and sales skill.