There is a fixed amount of time and resources connected to every sales effort. While it may take more effort to cut a $1 million deal, it’s usually not nearly ten times as much as effort as cutting a $100,000 deal. Therefore, the more money you can make on each sales opportunity, the more you’ll make overall.
- TWEAK #15: Uncover the entire opportunity. You must fully develop the customer account during the sales process. This means giving each account your full attention, and spending enough time on it to be able to uncover the full opportunity. BTW, the key to doing this is only focusing on fully qualified prospects, because if you’re selling to fewer prospects, you’ve got more time to dig deep.
- TWEAK #16: Keep doing your research. Continue this research process as you continue to develop the account. That way, you’ll be constantly looking for (and find) additional ways that your firm can help that prospect. As you find these, either work to have them added to the current deal, or position them as the next element in your sales campaign after the initial sales has been made.
- TWEAK #17: Use discounts sparingly. In the case of standard discounts, that drop in margin is already reflected in the business model. However, extraordinary discounts offered merely to secure the sale may not only make the current deal smaller, but (if publicized) can result in discounts (and smaller deals) from future customers.