Large sales opportunities are often referred to as “whales” due to their size. They can have a significant impact on your revenue, but they can drain a considerable amount of time and energy while being pursued (just ask Captain Ahab). And if you don’t win the business, you not only have nothing to show for the effort, but your sales team may very well have neglected better opportunities in the process. It’s a double whammy.
This is why it is advisable to put a standardized approach to “whale hunting” into place. Such an approach has the following characteristics to mention a few:
- Fit – does the prospective customer fit your ideal customer profile?
- Qualification criteria – is the opportunity winnable? Why?
- Key contacts – what are their roles in the decision making and what are they trying to achieve?
- Information – what do you know, what do you need to know and who can provide it?
- Possible actions – what are the best possible actions to take?
The answers to questions such as these can be captured in a form (along with pertinent background on the company and opportunity) to facilitate a discussion with your key stakeholders aka Deal Council. The purpose of the Council is to leverage the expertise and experience of your leadership team to assess the probability of landing the whale and to map out the course of action for doing so. Once the actions are determined, they are also recorded on the form along with the name of the responsible party and a target date for completion.
The Deal Council would meet on a regular schedule (weekly, bi-weekly, monthly, for example). The frequency will depend on the number of whales your sales team is pursuing. Engaging your leadership has many benefits:
- Their knowledge of your industry, competitors, and business is brought to bear.
- Your sales team is challenged to think more critically about their sales opportunities.
- Your resources are invested more effectively.
Working with our clients, Keylan Management Group has implemented the Deal Council approach. If you would like to learn more about it or have questions about any aspect of Fractional Sales Management services, please contact us at 216-410-3024 or info@keylangroup.com.
