When Keeping Score Makes All the Difference Between a Win or Loss
Have you ever pursued an opportunity you wish you hadn’t?
One that kept you up at night, stressed at work, and questioning your abilities as a sales professional?
I’ve learned to use the power of “winning fast or losing fast.” That is, I know quickly, before I waste time and resources, whether to pursue or not pursue. I do it by using a funnel scorecard.
This technique has eliminated guesswork and helped me pinpoint where I stand with each opportunity in my sales funnel. And I want to share it with you, right now.
I ran across an eye-opening case study by McKesson Corporation. In it, I learned about the funnel scorecard. When structured properly, it provides sales organizations with a sure-footed method to rapidly and systematically identify the best opportunities to pursue.
Selling by the Numbers
Sixty billion dollar pharmaceutical giant, McKesson, wanted to help account managers “direct sales activities toward the highest potential opportunities.” So it created a scorecard that assigns a score to each deal; the score changes over time as more information about the prospect is learned and applied.
In order to move a deal forward, the rep must secure the right information about the prospect. “If not, the deal stalls and the rep must walk away. The beauty of the scorecard is that it subjects every deal to ongoing evaluation in order to ensure that resources are being appropriately deployed,” states the case study.
The scorecard offers the framework to make fact-based decisions to optimize resource allocation and time management. What’s more, it’s an excellent coaching tool, linked into our CRM system, and a forecasting tool.
Here is a sneak peek at one aspect of the Funnel Scorecard, Making Better Decisions. However, I encourage you to download the entire report because the benefits can change how you do business in significantly positive ways.
Many organizations struggle with forecasting sales revenue and allocating the right resources on the right opportunities. The scorecard can be customized and focused on the right objectives to win more deals.
In a working session with clients, we’re able to identify the key characteristics to winning deals. The final product will include objective evaluation criteria, developed by recognizing and understanding key factors that impact the organization’s ability to win.
We then validate the scorecard by analyzing previous sales opportunities and, over time, we update as needed.
Working with a scorecard provides organizations a more confident way to rank and prioritize opportunities to pursue, as well as highlighting the steps needed to move them forward.
Learn from Win/Loss Reviews
Importantly, the scorecard facilitates win/loss reviews when used to identify which criteria were met and what information remained unknown during the sales cycle.
It allows organizations to apply best-practices when they analyze contributing factors to win or loss opportunities.
Make Better Decisions
Funnel Scorecard may be the answer to your company’s effort to:
- Recognize where to allocate limited resources for the greatest return
- Assess available information about the sales opportunity
- Identify critical next steps to advance through the sales cycle
- Facilitate win/loss reviews that improve future sales actions
- Improve forecast accuracy
- Make better decisions
However, there’s even more to be gained.
McKesson shares three core teaching points learned from its “deal score” case study:
- That it can systematize behavior of top performers and drive it into the sales culture.
- That it can now provide a platform and content to shore up poor management coaching of the sales force (missing in most sales environments).
- That it can improve deployment of scarce sales resources by not getting trapped into chasing every opportunity equally.
I’ll leave you with a thought from the great Vince Lombardi.
See you on the upside,Bill
For more information, go to www.pleinairestrategies.com
Or call William L. MacDonald in San Diego at PleinAire Strategies LLC at 760.340.4277 or 213.598.4700