A $1,000,000 deal is a big deal. It’s big enough that you should want to win that deal. Given the opportunity, you’d likely be aggressive in pursuing a deal of that size. But you would still be thinking small, and your actions may not be in line with the real value of a deal of that size.
How long do you keep a client? Is it three years? Five years? Maybe you keep your core clients for a decade or more. That would make a $1,000,000 deal worth $3M, or $5M, or $10M. How different would you behave if you were playing for that larger number?
Would it make sense to spend time nurturing the relationships inside the companies who would value what you do so much that the eventual creation of an opportunity worth millions of dollars makes that a worthwhile investment of your time?
How much time would you spend in discovery, really learning your dream client’s business, understanding the needs of the people inside the company, and helping them build a solution that would compel them to decide to work with you instead your competitor?
How would your overall strategy change if you were playing the long game, trading now for a deeper, sustainable relationship that potentially spans decades.
If you are a sales leader, how different would your pipeline look if you stopped looking at the annual revenue of the deals you are pursuing and instead multiplied that number by your client retention? How would you manage and coach deals if you were playing for lifetime value and wallet share instead of what you believe you might generate in year one? How different would your planning be if you were projecting these wins into future years?
There is a benefit to taking a longer view of client acquisition and retention. Taking a longer view of your client relationships provides a more strategic view, and a more strategic approach to go with it. What if what you are doing now is really setting the stage for a lifetime relationships built on the value you can create over time?
Are the actions you taking based on a longer view of what is really at stake when you acquire clients?
Look at the biggest deals you are pursuing now. What are they really worth, and what does that longer view require of you?
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Do good work this week, and I’ll see you back here next Sunday!
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