The Oddsmaker – What’s Your Chance of Winning?
Vegas has its oddsmakers. These experts evaluate all sorts of data to determine the likely outcome of some event- usually a competitive sporting event. All sorts of information is considered in the calculation- health of the contestants, past win-loss records, positional match ups, even weather. Then they make their predictions.
The good ones have a secret formula that they use that, when combined with their experience and instincts, allows them a higher accuracy than their competitors. They call it their “system”.
For large account sales, I can give you my formula- the rest of the system you have to come to The Academy to learn.
- Start with zero
- Executive Sponsor: If you have a Executive Sponsor, add 30 points
- Buyer’s table: If you have established contact with three or more of the members of the prospect team’s buying group and have met with them face to face, add 10 points. If not, then subtract 15 points.
- The Eel: If you have identified the Eel and are engaged with them in the sales process, add 5 points. If you have not identified the eel, or if you cannot get their engagement, subtract 15 points.
- Hunt team connections: If you have introduced three or more people in a meeting or on-site visit for a period greater than 45 minutes to members of the prospect team’s buying group, add 10 points. If not, then subtract 15 points.
- Needs assessment: Add 15 points if you are able to perform an in-depth needs assessment as a part of the preparation of your proposal. Subtract 10 points if you are not.
- RFP: If you wrote the RFP, Add 10 points. If you did not, subtract 15 points. If there is no RFP, add 5 points.
- Final presentation: If you are allowed a final presentation to the Buyer’s Table with a team of greater than three from your side for longer than 45 minutes, add 10 points. If you are not, subtract 15 points.
- Past business history: If you have had successful business history with the buying company or at least two members of the prospect’s buying team, then add 10 points.
- You are lowest price: Add 5 points.
The best score you can get is 95 out of 100 points, because there is no such thing as a “sure thing.” You can get a negative score, which is as close to a sure thing as you can have- you are going to lose if you can’t change those scores.