- Identify the factors relevant to your situation. Prioritization is all about recognizing the factors that will impact your results. There can be different inputs depending on your industry and type of sale. Identify the factors that have the highest probability of influencing the deal. Ensure that your criteria affect all of the open opportunities you have. Identify the factors most relevant to the strategic deals – this gives you the biggest possible lift. They could be things like:
- Revenue amount
- Probability to close
- Effort to close
- Relationship in the account
- Probability of future revenue
- Customer timeframe to purchase your offering
- Determine how much each of these factors matter. Each factor must have a weighting to normalize the opportunities. There is no set answer unless you know how much each of these factors should weigh. Utilizing the Avoid Tactical Thrashing Tool makes this a simple process. Determine the top influencing factors, assign a weighting, and the tool calculates the rest. If you are working with a team, have each member complete this exercise as well. The more input available, the better the calculation. For example, this tool helps prioritize opportunities that differ across various dimensions. For instance:
- Opportunities with a high upside but will require a lot of effort to close
- Opportunities with a low upside and a moderate effort to close
- Opportunities with a low upside, a low effort to close, but a high probability of further revenue
- Develop your tactics. Once you have ranked your opportunities through the algorithm, you can develop tactics. Focus on the top-scoring opportunities and de-prioritize others. Then determine the timeframe, and what needs to be accomplished. Create your tactical approach and determine the timeline for each action.
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