Deal qualification for businesses

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there's a lot of methodologies out there i i have a problem with methodologies fundamentally because they're not emphasizing the human the human component just having a conversation you could follow some banter some spin or gap or challenger they're all great they all have purpose but really the the key to being great in sales is to be really great at having conversations and actually listening and and understanding and connecting with people like being a good person actually trying to help but not being attached to outcomes when you're going through a methodology like that's not the way people talk to each other you know a conversation flows right you can't just go down a checklist and so i have developed a new framework which i copyrighted and will be doing a course or something with it because i think it's very powerful which is used to predict whether or not a deal is going to close and also help qualify early whether it's a real deal or not and in the methodology it's super easy to remember it's called predict it's just that it's called predict and it's an acronym not for following a methodology but rather for assessing whether a deal is qualified it is likely to close especially at that larger deal level so i'll walk you through what predict is you're hearing this for the first time i've shared it a couple times in private workshops with my clients and like i said it's copyright protected so i'm not worried about anyone stealing it yet but it is something i'm very proud of and it's really simple the p stands for actually let's play a little guessing game nick if you guys i've made people guess on this but what do you think the p stands for performance think about like methodologies traditional methodologies like spin or med pick or any of the what do you think the p stands for who put me on the problem problem you got it problem so you you ultimately it stands for problem with pain problem with pain okay because the problem's not a problem until there's pain associated with it and they tell you why why it's a problem so so problem with pain it's like why is this really a problem what's it costing your organization what's how's it hurting you why do you need to solve it why now like really digging in and understanding what problem are you trying to solve that's the p okay the r is the personal motivation the reason why do you want to change you can take this at the organization level why does your company need to change what they're doing the why but also why you why is this important to you personally is this going to help you get promoted is going to help you with your career is this going to help you hit your bonus like is this going to help you raise money for you know your serious c so really understanding like why if you get to their why like like in the challenger customer that that's very powerful that's missing from all of the methodologies the e is another one that's missing from every methodology and i'll let you guess that one so the r is reason the p is problem the r's reason what's the evidence evidence is great but that's more more along the lines of the eye the e is is no one gets them so don't don't worry if you don't get them um let me give you a hint think about how do you know if a deal or a person's like really interested how do you know if they're like really serious what is a good indicator that they're super serious about it i can't think of what the e would be but i know that they start talking as us as a team and they start doing the wii talk okay so i call that engagement uh yeah that makes sense engagement customer is engaged with you they're participating they're sharing they're communicating they're getting back to you quickly there's a mutual action plan but it's also multi-threaded engagement we're not just single threaded so and it's also engagement with the d which you you're gonna get the d right what's the decision decision maker right decision so so engagement could be a number of things but ultimately how engaged do they and we know they're serious when they're going back and forth in fact every outreach or sales loft tool out there is trying to measure likelihood closing and it's all based on the frequency of communication that's why the e is so powerful the d is decision maker and decision process and that's pretty common in every every methodology it's do you know how they make the decisions do you know what happens from start to finish are you dealing and working directly with the decision maker if you are not working with the decision maker your odds of closing a deal decreased by 233 percent in the enterprise ing to gong labs if you are not engaged with the decision maker period it's almost impossible to get an enterprise deal done if you're not dealing with power at the smb level it's about 80 okay if you're not talking to someone who can't say yes then you're leaving everything up to chance and hopefully they know how to sell but most of the time they don't so that's what the d is it's do we know their process and we engage in the decision maker okay the i is impact impact so that's the the you know what what you said evidence so impact is what will solving the problem do for their organization what impact will it have in their organization we're talking about the impact of the person we're talking there's four levels of impact the first level is to the individual how is it going to help the buyer the person you're talking to the second level is the users how is this going to make the lives of your sales people better of your you know customer service agents of your marketing people whoever the users of the software your i.t people how is this going to improve their life so they don't have to do mundane tedious tasks or do manual processes that's what the second level of i is is the impact of the users the third level is the impact to the company what is the business case what type of cost reduction will this bring will this bring better revenue will it bring customer retention is it going to help with their employee turnover so what are the key metrics that matter to the organization and how is this going to impact the the company and the final eye is the the customer what will this do for the customer experience if you're selling the software for anyone that interface with the customer or maybe it's on the website where the customer experience is directly impacted maybe it's for the support group how is this going to make it easier to be a customer more frictionless right so those are the four levels of of impact and i literally will ask that and do we have a good business case to back that up so i like your evidence it's really powerful um the c let's let's get to the c what's your guess there it's like a contract because now you're closing everything up and you're moving over to implementation it's close it's really good actually but it's not right um c is cost okay you've got a few of them you're doing pretty good actually c is cost okay now there's a few components to cost there's three components of cost the first is the actual physical cost of what they're paying today we need to know what they're paying today what they're paying their people that are doing all these manual tasks that you're going to automate we need to know what they're paying for any software that is going to be obsolete consolidated retired we need to pay their know their infrastructure costs we need to know their outsourcing bills so any costs that will go away or be reduced by the software that you're selling we want to quantify that because then if they're if we're asking a million dollars a year but we can quantify that they're already paying 700 000 through software that they're retiring they don't need any more they're consolidating we're only asking for 300 000 yeah that's the key you don't sell the actual cost of yourself and you sell the gap between what they're paying today and what you're asking them and it makes it way easier because that's how they position it right so get their current cost that's the first thing get their opportunity cost opportunity cost is what are the things that you want to do that you can't do because of the current situation how is this preventing you from growing how is this preventing you from scaling your business what are the projects you can't get to that are strategic because your it team is completely bogged down and resource constrained right so opportunity cost the second city in the third c is what you said it's your proposal cost do they have our numbers right do they know what it costs are they budgeting do they actually have the funding and you know nothing happens unless we actually show the pricing and ask them to buy so so do they know what our costs are so that's the c and then the last one is t what's your guess thinking timeline i'm hoping we're getting into timeline and that's the teeth that's a t why now okay what is there a compelling event that we're trying to drive towards is there um something happening in their organization they try to do this by a certain year do they have certain goals this year is there a big project or initiative that's coming from the top down and then what's your desired go live date so you can work backwards and figure out okay based on that we've got to get this in place here so we need contract signed by actually in two weeks if you want to hit this timeline so if you hit everything in predict the way we use this is we take all of our deals we get a spreadsheet or you can put it in salesforce if you want to steal it and just give me credit literally and you go through all your deals and you say is this deal really qualified do we know the problem with pain okay are we clear on their reason do we know their why the company and the personal level how engaged are they with us are we dealing with power do we know their decision process are we engaged with the decision maker have we done a business case do we know the financial impact and the material impact that this is going to have have we quantified their current costs so we can help justify the investment and we establish timeline and compelling event and a reason to do it now so we can drive some urgency and if you can say yes to those things i can guarantee you you got a deal but most times you go through it there's going to be some holes there's going to be some gaps and then you know when you can go back and actually identify next steps so that's something i'm super proud of it was i can't even tell you how long and hard it was to get the word scramble to figure all that out but that captures everything of all the methodologies out there and then a couple things that aren't in any of them which are really important engagement and reason specifically