So, before I open the Pandora’s box full of reasons, let me first demystify the fact that the Business Discovery Workshop is not the same as a Product Discovery Workshop.
And if you have read the popular book “Purple Cow: Transform Your Business by Being Remarkable” by Seth Godin, one of the leading Marketing Gurus, you’d be familiar with what Product Discovery is.
The book focuses on building a brand that outshines the competition. In today’s information-savvy world, traditional marketing of TV commercials or banner advertisements are no longer effective. Hence, a successful brand is all about building remarkable products that stand out among others. In short, it talks about creating an awesome product and a modern marketing approach.
Now we all wish to make remarkable products, which is an ongoing process. So, what do we do till then? We need to sell what we have today, to earn money to make remarkable products, tomorrow.
The Business Discovery Workshop does not look at making remarkable products, but focuses on the right here, right now – to accelerate your business.
The objective is to identify the gaps, then create a strategy and follow it up with an execution plan with milestones and measurable outcomes.
Do any of the following resonate in some way or the other, with your Internal Business Reviews?
We have a great Account-Based Selling Methodology, but our Account Planning fails to achieve the expected results.
Ever thought why?
- Poor and late client engagement in their buying cycle
- Inconsistent implementation of Sales Methodology
- Low or No engagement with Buying Powerhouse; remember it’s not one person who calls the shots
- Ability to build constructive tension with the customer for a compelling reason to act.
- Lack of timely or non-existent executive cover/sponsorship
We have an excellent sales team but guess what, I think we have the wrong set of Accounts to meet our sales quota.
Ever wondered how you arrived at the Target Accounts?
- Picked up the top companies without the required research, lack of understanding of total spend and the maturity stage for your product or service.
- Lack of time and resources for deep-dive account profiling which would have provided focussed accounts with higher win-rates.
- Ignoring the long-term and short-term, macro and micro economic factors, most likely to impact the business in the target accounts.
We have an awesome product or solution understanding and I can bet none of our competition has better presentation skills than us, yet we’re missing our quota.
Ever thought what more we could have done?
- Lack of ability to develop insights and understand business needs, which could have led to a solution.
- Lack of understanding of the complex financial, budgetary and procurement processes of the organizations and the implications of these processes for commercial modelling for the deal closure.
- Inhibition to brainstorm and recommend an innovative business model for the customer, which is designed to improve their product or service.
We have a very poor MQL (Marketing Qualified Lead) to SQL (Sales Qualified Lead) ratio, we need better partnership from Marketing.
Imagine this: Lead to opportunity—13% is funnelling down to Opportunity to deal—6%
- Not evaluating your lead source and benchmarking it with industry and then deciding where to invest more.
- Expecting marketers to get more and more leads than high-quality leads, the focus being on Quantity rather than Quality.
- Working with empanelled agencies in isolation, without evaluating their capability for both digital as well as experiential.
We end up closing deals on our own; while our partner team and partner ecosystem are not putting their skin in the game.
Why is it so?
- Not spending enough time with the partner team and partner ecosystem, to onboard them and coach them to speak the same language with the customer, as you do.
- Not upskilling your partner ecosystem through the same training processes as you’ve been through.
- Not doing enough to identify the right set of partners, due to lack of time & resources for deep-dive partner profiling.
And the Pandora’s box of reasons can go on and on….
The Business Discovery Workshop therefore – develops further understanding of business strategies, initiatives and priorities and then validates ideas, insights and opportunities, in real-time and on an ongoing basis.
The workshop enables organizations with a tailored and pragmatic approach supporting sales teams to engage with customers better, in their buying process. In addition, sales managers and leaders too can run structured and programmatic RoBs (Rhythm of Business) with their teams.
One of the key approaches, is leveraging your existing sales methodology and augmenting or complementing those, with other methodologies for successful customer engagement, enhanced sales pipelines with increased velocity.
All set for Business Discovery Workshop? Connect with me TODAY!