Are you comfortable with a 50 per cent win rate? Many salespeople are, but really it’s no better than a coin flip.
Based upon our experience, 80 per cent of salespeople are winning less than 50 per cent. That’s not even passing coin flipping averages. By contrast, the top 20 per cent of sellers average around 70 per cent.
What does the top 20 per cent do that the other 80 per cent don’t?
Before we delve into exactly what they do right that others don’t, let’s take a step back.
It’s important to recognise that the difference between winning and losing is marginal. For high-value contracts, nobody wins by a country mile. The outcomes are always very close when the contract value runs into the millions. It’s these variances that can make all the difference to your top-line growth.
So how do you go about tilting the odds in your favour? We describe these winning margins as the Disciplines of Pitching. We believe there are key areas of focus every sales professional tasked with pitching needs to master.
It’s all about the discipline of doing critical things better than your competition. Here are three areas to focus on when improving your win rate.
A winner’s mindset
A lot is written about mindset. Really it comes down to having a winner’s mindset, in particular. How do you know you have a winner’s mindset? Simple. Answer this question in the affirmative.
Are you pleased to win? Are you expecting to win?
How you react to winning highlights everything about your mindset.
Top sellers are not surprised when they win. They expect to win and project a winning attitude in all their meetings.
So consider, what are you projecting onto the minds of your client? What do you, as a team, project when you’re in the room?
Preparation and rehearsal
The next area to focus on is developing a disciplined approach to preparation. It is vital to make every detail count.
A well-rehearsed team is a confident team. The client will notice smooth transitions between subjects, arguments well-practised and a team that has done its homework.
Clear handovers between speakers demonstrate you’re well-rehearsed as a team. Referencing elements of each others’ presentations show you come across as a team, not a group of individual experts.
It comes down to this:
Teams who rehearse stand out.
We can’t reinforce this enough. The client sees how much effort you put in and the respect you show for their time.
By the way, it’s also a proxy for how you would approach the project. If you can’t manage a 45-minute presentation, how can you expect the client to believe you can manage a five-year contract.
Understanding client needs
The third area of focus is understanding your client’s needs.
Most salespeople already know the importance of understanding the client’s needs. That shouldn’t be a huge revelation. The question is, how much discipline and skill have you applied to this?
It’s not just about replaying the requirements stated in RFP. You can do that, but it won’t differentiate. You need to go beyond the more obvious criteria, understand the emotional and political drivers.
What is really at stake for them personally?
Have you fully understood the political landscape?
Uncovering these types of needs requires skilful questioning and excellent listening skills. The ability to articulate how your proposal solves their problem requires forensic discipline.
It’s worth mentioning again. Anyone can repeat the requirements in the RFP. But going further and offering insight creates a significant marginal difference.
Like everything in life, winning takes discipline. Being better at lots of small critical details combined with an expectant mindset is what puts you amongst the elite. Do this, and it puts you in the top 10 per cent of sellers.
At The Win Academy, we believe there are 10 Disciplines of Pitching that make a critical difference. To discover more about the 10 Disciplines and hear our latest thoughts on selling, sign up to our newsletter here.
Find out more about how we can help you put more discipline into your pitching process. Our Pitching To Win programme teaches the strategies and disciplines that resulted in our clients winning 85 per cent of their qualified pursuits. Click here for more details.