How likely are you to close that opportunity you’re working on?
How likely are you to close that opportunity you’re working on?
How likely are you to close that opportunity you’re working on?
This week, I’ve conducted deal reviews with several clients. We’re one month into 2024, and clients have already postponed projects to the next quarter. That’s not good.
We review the likelihood a deal closing by asking the obvious BANT questions. Budget availability, the buyer’s authority to purchase, the client’s need, and a clear decision timeline.
But for better insights we need to go beyond BANT. Look at things from the client’s perspective, not ours.
These are the type of questions clients will be asking themselves … when you’re not in the room. These are the deliberations that cause your deals to slip.
This is what your client is thinking:
What are my proof points for the impact of the issue this initiative will address? And what specific, validated metrics reinforce the need for immediate change now?
Who are the other stakeholders impacted by this, that I need to get onboard? And who is my power executive sponsor?
How do I get those other executives aligned to this project as a priority initiative?
What other options have I considered? And why is this initiative the best option?
What are my proof points the outcome is possible? And what specific metrics would validate success?
What is the compelling story I need to tell about the result that takes the message beyond an investment number of a spreadsheet.
What level of budget do I need to get approved to get this project away?
Who are my preferred external partners to work with on this? How do I position those people internally with the other stakeholders, so I don’t get railroaded into using another supplier.
This list is not exhaustive, yet it offers insight into why projects often slip into the next quarter.
Even worse is when clients don’t ask these questions of themselves. That means the chance of the project being stalled, delayed, or stopped by factors outside their control is increased.
So, what can you do about it?
As a consultant, it’s your job to be an ally and help clients get clear and reach decisions.
Once they view you as an ally, you can proactively work with them to address these questions, navigate the support-gathering process, and significantly enhance your odds of closing the sale.
PS Buying behaviours become clearer, once you start to see the world through the eyes of corporate clients - their careers, their rivals, their boss, the pathways they have to navigate.