“We get this and that will be jackpot” Tom announced to Richard, Head of Client Relations.
Tom’s company specialized in application software for financial services and was in serious discussions with large bank to sell its Trade Wand product. Developed by experts in trade finance, Trade Wand promised to help banks meet the demands of accelerating technology and the complex, ever changing regulations in trade. It was both customizable and secure.
“Good job, Tom” said Richard¨. “Did you meet anyone besides the Chief Technology Officer?”
His boss’s low key response disappointed Wang. “No”, he said “But it shouldn’t matter as it is the CTO who will be signing off on the deal.”
“I know, Tom” said Richard. “I share your excitement. But I wouldn’t bet on this yet. My years in this business tell me that a large deal like this may not come through unless we have all stakeholders on board.”
What do you think, made Richard say that?
Large opportunities set in complex sale environments always involve dealing with ‘a Decision Making Unit – DMU’ – multiple decision makers and influencers. Individuals involved in a DMU have distinctive roles. Each of them has a different set of decision making powers. All of them bring varying attitudes towards the seller and the competition.
So, it is important to identify the key players involved, both formally and informally with the decision making process. Led by the Sales Manager incharge of the account, the various stakeholders will need to sit together and ‘map’ the ‘Decision Making Unit’ of the purchaser. The Sales Manager should then work on a differential approach to influence each of them. Such influencing may involve a cross-functional approach. This then defines what should be our contact strategy: whom should we meet, whom should we use to influence whom. The ‘Chess’ of aligning with key players on the Customer and Vendor sides provides the lever for making the solution strategy work.
Aligning with key players is a part of being effective in winning large deals. For a comprehensive understanding of what it takes to succeed in this challenge, read the Mercuri Insight Document on Are you managing large opportunities well enough.
Minsights – To Win Large Opportunities Align Your Contact Strategy To Key Players