Choosing winners

What makes a winner for your business? People are not equally valuable, and you want to focus on people who are most likely to buy your product. If you don't do this, you are more likely to waste a lot of your time and resources on people who are not worth it.  You can choose winners when you create your target market and throughout the sales process.

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Create your target market

Market segmentation is the activity of dividing a broad consumer or business market, typically consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics. The goal is to identify people most likely to drive growth and profitability for your business. An excellent place to start is with your most valuable customers. What do they have in common?

  • If your business is B2C (Business to Consumer), it might make sense to look at demographics, lifestyle or behavioural segments

  • If you are B2B (Business to Business), you might use business type, business model or geography.

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Throughout the sales process

Not all winners are equal when they engage with your sales process. They may all have the same shared characteristics, but there can be key differences that influence their likelihood to buy from you. It pays to work this out and spend your time and effort with the right people. Keep your grading process as simple as possible, I have worked with some that were so complex and time consuming it made them virtually useless. A couple of widely used approaches are

  • BANT: This stands for Budget (Do they have one)? Authority (Does the person you are dealing with have the authority to buy from you? Need (Do they have a need you can satisfy? Timeline (Do they have a defined timeline for the purchase?

  • CHAMP: This stands for Challenge (Are they facing a challenge you can help them meet)? Authority (Does the person you are dealing with have the authority to buy from you)? Money (Do they have the money to pay you)? Priority (Is this item a priority for them)?

Simon Hale & Associates Ltd

Gloucestershire Lea

Warfield

Berks

RG42 3XQ

Registered in the UK Company number 10213659

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