Every now and then we look back at our articles and see some that we consider CLASSICS. They were relevant then and are relevant now. This is one of them.
From time to time, we all have to figure out how to, or even if to, approach a special target client or a bluebird deal. Every special target or opportunity has a real cost associated with it, as well as the revenue.
We all know about the costs of an airplane trip, taking technical resources with us, the time to research and investigate, as well as the fact that we are not working on other more predictable deals in our pipeline.
But there are some other costs that are larger both in the short-term and certainly, in the long-term.
Organizations that are going to survive and thrive have answered these revenue strategy questions:
- What is our brand promise?
- What’s the customer “problem” that we solve that no one else solves?
- What niche/s do we or will we dominate?
- Who is our ideal customer?
- Which are our key offers for dominating the niche?
These organizations have built an aligned deployment model that brings ideal clients the value defined in the strategy while getting paid handsomely for doing that.
When organizational leadership decides on special targets or bluebirds that just show up, we are making an investment of revenue resources that are not aligned to the revenue strategy. At this point, a lot more is happening than just investing short-term resources.
No matter what we say, what we write, or how we message, blog or evangelize, the world knows who we are based on the combination of what we say and our behavior. The world will compare the two and always believe our behavior.
If you abandon your proclaimed strategy by acting on those special shiny objects, the world forgets what you said and believes what you do.
Leaving a proclaimed strategy and following momentary whims tells the world they can count on you doing whatever you think is best for YOU at this minute. You are a WIN/LOSE vendor.
Every investment you make needs to be measured against your revenue strategy to determine if the investment is worth it. If you have answered the 5 questions and have decided how to deploy them, you can develop a simple triage process for all opportunities including the “special shiny objectives” that looks like this.
One great thing about answering the triage questions is that your target market becomes everyone who has the problem you solve and is willing to pay for the solution. The result will be more ideal clients than you have resources to call on. So, you not only get to, but you MUST, say NO to investing resources that are
not aligned and highly unlikely to successfully monetize. Here are criteria for triage so you are working with the best “ideal buyers”:
- Does the suspect value, seek out, and compensate partners who provide value (or are they just fine with a vendor who has a low price)?
- Is the suspect compelled to solve the problem only you solve for clients?
- Do you have an unfair advantage (an owner or senior leader who is a sponsor) within the opportunity?
- Will you be contracted by, and work directly with, your ideal buyer?
- Will the suspect invest time and people in creating a Joint SOW (scope of work) so both you and the suspect are sure about the work to be done, the roles of each party and required outcomes (vs. asking for a blind proposal)?
You may have other triage elements that measure how aligned and leveraged an opportunity is. When you invest in things not aligned to your strategy, the world (your team, your partners, your customers and the market) sees you as a short-term opportunist vendor.
When you invest in things that monetize with negative or minimal leverage, the world sees you as a short timer without a long-term sustainable model.
The triage process can, and should be, applied at every level from the CEO, to marketing, to the inbound call center. No one should invest in opportunities that do not pass the triage test without an organization’s agreement to change strategy and the triage process.
Good “Revenue Generation” staff already know this, and great sales people live it, which is why they are often thought of as “mavericks” or “loners.” They know their credibility with the suspect, and the market is measured by living the triage process.
It is time for the rest of us to figure it out and then, DO IT.