How to Use Sales Opportunity Management to Qualify Pursuits

Without an effective way to qualify opportunities, sales organizations risk spending resources on unsuccessful pursuits.

These resources – the seller’s time and the tools they use – carry a considerable cost. Moreover, these costs are growing. For example, many sales pursuits today require a team of sellers. Committing a group of sellers to a poorly qualified opportunity is an immense cost to the selling organization.

Additionally, selling organizations continue to make substantial investments in their marketing and sales tech stack. I.e. sales and CRM software. When applied to poorly qualified opportunities, these tools become an investment without a return.

Therefore, sellers need a clear and repeatable strategy for determining the credibility of an opportunity. They need an opportunity management process. Here, we look at the five questions sellers must ask to determine qualifying leads. We show why these questions matter and what sellers need to know to answer them. 

Does the Buyer Have a Clear Pain?

To motivate a purchase decision, a buyer needs to recognize that they have a pain (i.e., a critical business issue or a potential missed opportunity), what that pain is, and that addressing it is a time-sensitive matter. If there is no pain, there is no reason for the buyer to take any action. Put simply, no pain, no change.

A pain consists of three criteria. First, it is job-specific, meaning it is a factor a person is measured on or it is a goal they must achieve. Second, it can be quantified to show improvement. Third, it has negative implications if not addressed. Examples of pain include rising operational costs, falling margins, or missed revenue due to late entry into a market.

The seller can start to understand the customer’s pain by drafting a Key Player List, which names each of the decision-makers and their potential pains. The faster the list is written and clearer it is, the better the seller can assess the opportunity. With this information, the seller can also map the Pain Chain, which allows them to visualize how pain impacts the stakeholder group.

The seller and the buyer must be clear on the pain. You cannot prescribe a solution without diagnosing and agreeing upon what needs to be solved.

Can the Seller Access the Key Decision-Makers?

The seller must be able to identify and influence those with the authority to purchase. You cannot sell to someone who cannot buy.

Accessing key decision-makers means persuading the initial contact to grant access to key stakeholders. Gaining access is challenging because the contact may see this request as a threat to their autonomy. Therefore, the seller needs a plan for making the request. The request must not appear to diminish the contact’s role in the organization.

That plan should start with the seller recognizing the contact’s value and support. The seller should also explain how granting access will benefit the contact and those in decision-making roles. Next, the seller should ask for information and insight about the stakeholders. These questions reveal the customer’s main drivers both from a business and personal perspective.

Finally, the seller should state the actions they plan to take to prepare for a meeting with the decision-makers. This communication will reassure the contact that the meeting will reflect on them positively. It is also essential for the seller to commit to keeping the contact in the loop.

Can the Stakeholders Align with the Seller on a Buying Vision?

The seller must be able to align with the customer on a buying vision around the capabilities needed. That vision must incorporate the solution differentiators – the capabilities that deliver unique value.

To align on a buying vision, the seller must do several things. The first step is for the seller to state who they have spoken with and summarize the pain and causes each stakeholder has identified. The seller can summarize the capabilities needed to address those challenges from here.

Next, the seller must solicit feedback on the issues shared while exploring their impact on the decision-makers. This inquiry is also a great time to gain insight into the current business strategy.

Finally, to align on a future state, the seller should request feedback on their understanding of the capabilities needed. Doing so often raises additional required capabilities, which is good because they clarify the stakeholder’s definition of value. The seller must also quantify their solution’s impact and confirm a time-based compelling reason to act.  

Can the Value of the Solution Connect to the Buyer’s Needs?

The solution’s value only matters if it is relevant within the context of the customer’s business. Therefore, to qualify the opportunity, the seller needs to gauge how well they have linked the solution’s effectiveness to the customer’s business.

Making this connection clear requires a plan. First, the seller should recap the customer’s objectives and priorities and check for confirmation. Next, the seller needs to position the details of the solution to address the customer’s specific needs.

When qualifying an opportunity, the seller must know if this will be possible. If they cannot see themselves making this connection explicit, the opportunity might not fit. This question is important because the link between the solution and the need must become more detailed as the pursuit evolves.

A value statement is one effective way to trace a clear and direct line from the solution to the customer’s needs. This statement consists of three parts: the issue, the action, and the value. The seller cites the problem that needs to be addressed, the action required, and the value of doing so. This clarity makes it easy for the customer to see themselves using the solution.

Can the Seller Build Consensus Among the Decision-Makers?

The seller needs to know if they have established a broad agreement with the stakeholders to move towards a buying decision. Creating this agreement means co-creating a collaboration plan with the decision-makers.

A collaboration plan leads the customer through the buying journey. It defines the actions both parties will take to ensure the customer feels comfortable buying. This approach works because it reduces the chances of late-stage concerns that create a stall in progress. A seller can create a collaboration plan by listing the key events that must unfold for the stakeholders to reach a buying decision as a group.

The events in this plan should address three critical aspects of a sale: operational, transitional, and financial. The first covers how a solution addresses the customer’s requirements, the risk of doing nothing, and the scope of the customer’s need.

Next, the transition aspects address the customer’s implementation needs and how they can adopt and use the solution with minimal risk. Finally, the financial aspects address the business impact of the solution and how well it meets the customer’s ROI needs. The seller should draft the collaboration plan to support the customer’s targeted date for solution implementation and how they will measure success afterward. With a collaboration plan, the seller can confidently guide the buying team to a purchase decision they can agree upon.

The collaboration plan plays a crucial role in ensuring a smooth and successful implementation of the solution. It outlines the specific steps and timelines for both the seller and the customer to follow, ensuring that everyone is on the same page and working towards a common goal.

Firstly, the collaboration plan should clearly define the customer's targeted date for solution implementation. This allows the seller to align their resources and efforts accordingly, ensuring that all necessary preparations are made in a timely manner. By setting a specific date, the customer can also have a clear timeline for when they can start reaping the benefits of the solution.

In addition to the implementation timeline, the collaboration plan should also outline how success will be measured. This can include specific metrics or key performance indicators that will be used to evaluate the effectiveness of the solution. By establishing these measurements upfront, both the seller and the customer can have a clear understanding of what constitutes a successful implementation.

Furthermore, the collaboration plan should address any potential risks or challenges that may arise during the implementation process. This includes identifying any potential roadblocks or obstacles that could hinder the successful adoption of the solution. By proactively addressing these risks, the seller can develop contingency plans and mitigation strategies to ensure a smooth implementation.

Lastly, the collaboration plan should outline the roles and responsibilities of both the seller and the customer throughout the implementation process. This ensures that everyone knows what is expected of them and can work together seamlessly. By clearly defining these roles, the seller can provide the necessary support and guidance to the customer, helping them navigate any challenges that may arise.

Overall, a well-drafted collaboration plan is essential for guiding the buying team towards a purchase decision that meets their needs and expectations. It provides a roadmap for successful implementation, ensuring that the solution is adopted and used effectively. With a clear plan in place, the seller can confidently lead the customer towards a mutually beneficial partnership.

Sales opportunity management is crucial for qualifying pursuits and ensuring the effective allocation of resources. By asking the right questions and following a clear and repeatable strategy, sellers can determine the credibility of an opportunity and make informed decisions. From identifying the buyer's pain to aligning with key decision-makers, connecting the solution's value to the buyer's needs, and building consensus among stakeholders, a well-executed opportunity management process can lead to successful sales outcomes. By implementing these strategies, sales organizations can minimize costs, maximize returns, and ultimately achieve their sales objectives.