The challenge of generating more leads and live opportunities is at the front of every Sales Professional’s mind. This often requires a significant investment of time and marketing dollars with no guarantee of success. Results, though, are clear by measuring inbound calls and increased pipeline. But it’s not an overnight fix and requires consistent and disciplined attention.
There is another opportunity that is often overlooked, or considered too difficult to tackle, due to the many moving parts involved – converting more of your pipeline to closed deals. This doesn’t involve more money, but it does require time and effort. But where to allocate this?
With many sales organisations in the technology industry running at 25% – 30% close rates, a boost to 50% should theoretically increase margin contribution by at least 60%, which in itself is a dramatic shift.
How best to do this will vary from company to company, but with many sources of research clearly pointing to overall client experience and ease of doing business as being far more important than the “Feeds and Speeds” of the technology, it’s all about how the solution is delivered.
Logically, this would lead you to focus on services and delivery as the prime mechanisms to differentiate your solution.
You should therefore be asking yourself: how do I strategically lead with services? And do I have either the ability or the confidence in my services partner to craft a winning solution? If your win rate is in the 25% – 30% range, then perhaps you do not have the right offering, or you are not placing enough emphasis on the services component of your solution.
What we do know is that when a Best Technology Services partner chooses our solution to lead with, they have a win rate which has averaged at 53% over the last 3 years.
Perhaps it’s time to rethink how you could achieve this for your own organisation, if so, we would love to help you.