|Increase Hit Rates
Hit Rates are Affected by a Myriad of Variables
There are a myriad of variables that can affect your hit rate. The greatest success comes from combining a better opportunity qualification with a clear and concise value proposition. This results in a quantified value projection that the client agrees with, i.e. ROI, TROI, IRR etc. Coupled with ongoing strategic opportunity reviews, executive interactions (interlocks) and personal relationships, your company’s hit rates will increase.
Dramatic Effect on the Cost of Sales
Improving the hit rate can have a dramatic effect on the overall cost of sales. Assume you could look back to the previous year and eliminate all the man-hours, travel expense, demo expense and executive involvement that was spent to no avail. Most likely your cost of sales would have been halved. Realistically most organizations can improve hit rate from 20% to 50% with the application of good processes and discipline. That 20% to 50% improvement translates into a savings of typically 10% to 35% of the total resources spent. Think, how much more quality business could be booked if you had 10% to 35% more resource in the sales organization and they were used efficiently. The answer, of course, is 10% to 35% more business based on today’s resources available.
What’s In It for You?
Increasing your hit rate effectively increases your bottom line results and often your top end performance. Secondarily, you are recognized by your competition as a more furious competitor – one to be treated with respect. From an individual perspective, as your personal hit rate improves so does your professional image within your organization. Likewise, your value to your company appreciates significantly; you are seen as a comer or promotable, someone to be developed for more responsibility and money.
What Makes Us Different/Why Us?
We see increasing hit rate as a complex process, but one that is simple to educate and implement given the right environment and the proper discipline. The key is combining several processes into a very effective approach that addresses the client relationship with a clear understanding of what constitutes an ongoing value exchange. A key process tool is the “Dynamic Relationship Plan.”
Key Tools, Processes and Concepts that support increased hit rates:
Selling Value NOT Products/Service
WIIFMe (Personal Motivation)
1 Page Business Plan
1 Page Closing Plan
Dynamic Relationship Plan
Target Opportunity Reviews
Major Account ReviewsHVS Education Seminars