“Doing big deal reviews like this really gets you more confident when you’re going through these larger deals.” – Marcos Serna in today’s Tip 1039
Do you do big deal reviews?
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Marcos Serna on LinkedIn
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Transcript
Scott Ingram: You’re listening to the Daily Sales Tips podcast and I’m your host with a cold, Scott Ingram. Today Marcos Serna is back. Here he is:
Marcos Serna: Many times a lot of sales reps really don’t prepare for these larger strategic deals as they’re going about their process. And one of the bad impacts of this is that your close rates actually tend to decrease. Right? And so a really good solution and tip you can take today is start implementing big deal reviews. And so basically, a big deal review is something that I’ve used and you get your manager and team involved, and really, the more stakeholders, the better. So if you can get your SVP or Chief Revenue Officer also involved in these meetings, it’s really good because it just helps multi-thread you in a deal. So people that are aware and give really high-level visibility as you go about these larger 7-8 figure deals. Right?
So what’s a good template to run a big deal review and what are some of the things that I do? It really breaks down into 5 different processes. So first is just basic info on the organization, and we’ll walk through that. I have a where are we at today section. All the negatives that can happen within the deal is my third section. The fourth one is meeting prep, and I’ll walk you through what I mean by that. And then the last one is kind of next steps, mutual action plan.
So let me walk through those first starting with basic info. So in the basic info section, what I’m really concerned about is how this organization I’m working with makes money. And a lot of times when you’re working with a lot of subsidiaries, they can make different types of money or revenue streams versus the regular business model. So that’s just something to look out for. But I am concerned about how this organization makes money and how it can tie it back to my solution.
Another thing that I look for in the basic info section is things like recent news on the industry. And then a big one here is any relevant customers from the company I work for that can potentially act as customer referrals. Right. So that’s just something that I’m always constantly looking for to see this company is in the pharmaceutical space. Do we work with any other pharmaceutical companies that we can potentially leverage down the road? So that’s the basic info.
Then I have a section on where we are today. This is where you’re going to want to fill out your medic. In my case, I use MEDDPIC. And then also I create an organizational chart. Now, the cool thing about this is I map everybody out, who’s the VP of IT? Who’s the director of IT? And who do they report to? But aside from doing the organizational chart, I do what’s called an influence authority chart. So I want to figure out who at the organization has the influence that can potentially help our deal, but also who has authority, right? Who can actually sign off on this deal?So going through that process just really helps you get more prepared throughout the deal. So that’s number two, where are we at today.
The third section is, what are all the negatives that can happen in this deal? Right. I try to figure out all the ways this deal can go wrong. What if the stakeholder leaves? Are we multithreaded? What happens if this organization gets disrupted? Does that push back the timeline? Things like that. Have we even talked to legal, right? So all the negatives that can happen in the deal is that third section.
The last two are meeting prep. So I go line by line. I kind of map out everyone that’s involved in the deal that has some type of influence or authority, and I actually create different questions for every persona. So if I get a chance to talk to John Smith, who’s an engineer that started maybe two months ago, I could try to get a valuable conversation out of that by asking him relevant questions that will lead me to a higher conversation with their Director of Engineering, where I can take what I’ve learned up to that person and then just get more valuable conversation.
And then the last one is a mutual action plan. So basically, what are all the next steps that we need to do in the deal, right? Do we need to go through a negotiation on the MSA? Do we need to work out pricing or doing a POC scope things like that?
So doing big deal reviews like this really gets you more confident when you’re going through these larger deals. It helps you become intimate with the deal, right? And then also helps you close at a higher rate.
Scott Ingram: To connect with Marcos on LinkedIn and for a link to check out his SalesLife podcast, just click over to DailySales.Tips/1039.
Once you’ve done that. Be sure to come back tomorrow for another great sales tip. Thanks for listening!