Consistent Opportunity Planning Yields Higher Close Rate
Sellers were not developing opportunities in a consistent manner, resulting in lower closing rates. Pursuits were ad-hoc, not disciplined, and the coaching dialogues were virtually non-existent. Although our client enjoyed a very high renewal rate (80%+), they were losing new business.
The sales team had varying issues with opportunity pursuits – pursuing the wrong decision makers, encountering indirect challenges with brokers, presenting poorly developed cases for change, not clearly articulating value propositions, not developing compelling business drivers, and inefficiently moving the client through the decision process while maximizing their own opportunity. Sales leaders presented another issue, as they were not engaged in opportunity planning in a consistent, systematic manner.
Symmetrics Group Approach
To tackle these issues, Symmetrics Group unpacked the opportunity planning Standard Operating Procedure (SOP) previously defined by Symmetrics Group and built content for the leaders and the BDMs. We first developed a coaching program for the leadership team, spending a full day with them focused on the future state and teaching them how to support opportunity planning through coaching.
We also built materials for a one-day workshop for the sellers (BDMs), where each BDM brought a live opportunity to work through during the session. Using their own opportunity to work through the content not only cemented the fundamentals of opportunity planning, but it also challenged their thinking and helped to uncover existing gaps in real-time. Each leader also participated in the BDM workshops, affording them the chance to take a hands-on approach to coaching the opportunity planning process.
Opportunity planning has produced a very high close rate on the discussed deals. Some close rates were as high as 90%, and most were above 70%. We have shown time and time again that when we discuss, develop and challenge where we are with an opportunity, we close at a higher percentage.
“This is one of many examples of how a two-pronged approach of providing sellers with fundamentals and tools (this time on opportunity planning) and coaching leaders on how to reinforce new discipline can yield powerful results.”
Symmetrics Group Perspective
The Multigenerational Sales Team
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