Sales Strategy: Rating the Long-Term Value of Your Clients
If you believe the current “up” selling cycle will continue indefinitely, history says otherwise: as we’re often reminded, history repeats itself. Will you be ready for change before it comes? By strategically seeking and electing to work with clients with higher long-term value, you can be better prepared in advance for inevitable change. Here’s why:
- Is your sales funnel full? In a good selling environment, it’s natural to do what’s easy – focus sales on business that’s flowing in through the front door. Yet it can be more strategic to systematically assess the relative value of each new opportunity:
- What’s the long-term value of the business relationship?
- Is it really the best opportunity for available capacity?
- How big is the gap between a sales lead and an “ideal” opportunity?
- How good is your “rolodex” of connections? Lots of salespeople are hired based on the expected quality of their contact list. But lists are aging assets, the value of which depreciates relatively rapidly as people change companies and responsibilities. To stay current, your rolodex needs to be supplemented with resources that tell you about the best targeted current opportunities. I refer here to the PharmSource Lead Sheet, which continually tracks the product development pipeline and new company financings – and keeps the focus on identifying well-suited opportunities today.
Thinking about business prospects strategically is the difference between having a sales funnel that’s filled with short-term, possibly marginal leads, and one filled with leads that have been selected to optimize long-term growth. Looking more deeply at your sales funnel and evaluating lead sources may not be what comes naturally, but can be of great value in keeping you better prepared for more challenging times to come.
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