Capitalize on success, avoid repeating mistakes

As the year ends, it can be helpful to take stock of what worked and what didn’t—so that you can capitalize on your successes and avoid repeating what turned out to be mistakes. Our clients find that one of the best ways to do this is to go straight to the horse’s mouth—the customers that bought and those that didn’t.

Make the most of your sales and marketing investments

Interestingly, despite the fact that many businesses invest a lot of time and money in getting new clients, relatively few have a structured process for going back to find out why they won when they won—and why they lost when they lost. Of those who do, many are surprised to find out that the reasons were not always what they suspected.

Forget your sales process, get into your buyer’s mind

As we’ve discussed in previous posts, your prospects’ buying process often starts months before your sales cycle. So step one is mapping their buying process so that you can later identify points where you could intervene more effectively to elevate your organization above the competition. For example, if you can find out what circumstances caused prospects to search for a solution in the first place, you may be able to source more buyers, just by looking for others in those same circumstances.

Nevertheless, the circumstances themselves may not be obvious. Although you may think that a prospect engaged one of your competitors to handle a recent acquisition, you may be surprised to learn that the prospect actually began sourcing a solution provider a year earlier when their own competitor launched a product that their own product line lacked. If that’s the case, then it may not be fruitful to focus on companies that have announced their attentions to acquire another company. Instead you may want to pursue companies whose competitors have recently made major announcements.

What do prospective buyers’ really care about?

When we perform win/loss analyses for our clients, we concentrate on buyers’ perceptions in four areas: the desirability of the solutions, the reputation of the vendor, the effectiveness of the communications, and the responsiveness of the individuals leading the sales or business development effort. In each case, our goal is to learn what factors were most important to the buyer and how our client’s company performed relative to the competition.

What really worked? What needs to change?

Rather than seeking to find out whether their performance was better or worse, we look for differences in our clients’, or the competition’s, performance that may have affected the outcome of the sale. Sometimes finding out why you won can be as, or more, useful than finding out why you lost. For example, the insights you gain may cause you to reinforce a particular marketing message. Or, they may drive you to reallocate your sales and marketing resources for greater impact.

Win or lose, relationships matter

So, as you’re closing the books on this year, ask yourselves whether you know for certain what to do differently next year. If not, it’s worth it to find out. Best case, next year will be more profitable. Worst case, the prospects in whom you’ve invested so much time will see how much you care about doing your best—and may be more likely to buy from you (again) next time!

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Related posts:

1. Shorten the sales cycle: one marketing message at a time
2. How search and social media will shorten the B2B sales cycle.
3. Shortening the sales cycle starts with getting into buyers’ minds

When it comes to marketing, it’s all about frequency and consistency

At about the same time, I realized that much of my business was coming from an organization that I had quit three years earlier because it didn’t meet any of these criteria. On the other hand, what this organization did provide was weekly contact with the same group of people. Because we met often, there was time for each of us to get to learn a lot about each other and our businesses. Because we formed deeper relationships, it was easy to stay in touch after we left the group. As a consequence of ongoing contact, many of the members of this group ultimately became clients and/or referral sources.

Making the most of professional organization memberships

Based on these experiences, I decided that I needed a new approach to make the most of my professional organization memberships. Here’s what I did and why.

First, I sought out organizations that met frequently (more than once a month) to ensure the ongoing contact that I had become convinced led to increased business. Because I wanted to balance work and professional life, I tried to find organizations that met during the day rather than in the evenings. I identified two organizations that met these qualifications.

One was an industry organization that also met several of my other criteria. It helped me keep abreast of trends in one of the three industries I serve. It also had a subgroup that enabled me to increase my knowledge in my area of specialty. And, it provided access to likely clients and/or referral sources. Even though it was expensive, I joined it because it offered most of what I was seeking from professional organizations.

The second organization was a cross industry organization that offered women leaders connection, access, and professional development. I joined this organization because I hoped it would attract others who were committed to helping each other advance in our careers—even though it was unlikely to add to my industry knowledge or technical expertise.

In both cases, I became involved in sub-committees, as well as attending organization-wide meetings, to ensure that I was meeting with the same group of people on a regular basis. I also sought out ways to become more visible through speaking engagements and by volunteering to organize or staff events.

Rounding out the portfolio

While joining these two organizations achieved my primary objectives of ongoing contact with the same group of people, and balancing my work and professional lives, it did not address all my objectives. I still needed to participate in other professional organizations to keep abreast of trends in the other two industries I serve, cultivate contacts with specialized expertise that I could tap for client projects, and build credibility as an expert in my field.

I joined a third organization in a different industry after they asked me to join their board—and a fourth for their member directory. To meet the remainder of my objectives, I attend and/or speak at meetings selectively based on the content, time commitment, and fit with my schedule. Similarly, I contribute articles to some of their newsletters.

Measuring results takes time

A year later, I believe that I’m on the right track but it will take several years to be sure—as it takes time to develop meaningful relationships. That said, I have already attracted new business from each of the organizations I decided to join—and I definitely have a better work/life balance.

What are your marketing objectives for professional organizations? How do you measure success? What questions do you have about getting a better return on the investment you’re making in those organizations to which you already belong?

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