“If you add to the How by complicating your sales process, you’re dividing the bigger numbers up top, meaning you’re lowering your ratio, which means you’re lowering the likelihood of the deal.” – Jack Wilson in today’s Tip 1112
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Transcript
Scott Ingram: You’re listening to the Daily Sales Tips podcast and I’m your host, Scott Ingram. Today Jack Wilson is back. Here he is:
Jack Wilson: What’s going on Daily Sales Tips Community. Jack Wilson back for another tip. And today is not so much of a tip as it is just a different lens to look at your deal scorecard through. So if you use a MEDDIC, a MEDDPICC, or any of the other deal scorecard systems out there, they’re very linear. They’re very yes or no, right? So you’re either red, yellow, or green. Or you’re either good or bad in the category.
But I want you to think about the formula for the likelihood of a deal. And that formula to me is, What * Why / How. And when you look at those different functions. The what is for the seller, the features, the functions, the solutions, the products, the services. For the buyer, the what is the challenge, the opportunity, the obstacle they’re looking to overcome, the opportunity cost.
The why, that’s pretty self-explanatory. That’s the outcomes. That’s the transformation. That’s what you’re going to deliver as a key result for your buyer. Now it’s important to understand that the what is multiplied by the why. The Why is much more powerful in this formula.
And lastly, it’s all divided by How. How is the buying process? It’s the stages that the buyer naturally has to progress to through, rather to buy your product or service.
Now if you add to the How by complicating your sales process, you’re dividing the bigger numbers up top, meaning you’re lowering your ratio, which means you’re lowering the likelihood of the deal. So be careful about adding to the complexity of the How.
So again, it’s What times Why divided by How equals the likelihood of a deal.
Scott Ingram: Just in case you need to see Jack’s Deal Likelihood Formula visually, click over to DailySales.Tips/1112 and we’ll have that along with links to connect with Jack.
Once you’ve done that, be sure to come back tomorrow for another great sales tip. Thanks for listening. Better yet, thanks for binging the podcast!