If you were to ask your prospect, “How will you know if this project is successful?” I’m betting that they wouldn’t know how to answer you. A study on IT system implementations showed that 37% of them failed. That means only 67% of IT projects succeeded, which in any school would be rated a “D.” Why did they fail? The study cites that the requirements for the project were unclear, resources were lacking, schedules were unrealistic, planning data was insufficient, and risks were not identified.
Does this sound like any of your past projects?
Whether you are in the IT industry or the TP industry, there are lessons to be learned here. The most important lesson is that it was, at best, only after the project was completed that thought was given to how success would be measured. As customers are (thankfully) getting smarter, more and more are learning to define the scorecard in advance to measure the success of the project.
The greatest opportunity with your prospect is to help them develop the scorecard that will be used to determine what success looks like.
What kind of measurements will your clients be using? Return-On-Investment (ROI) is a common business measurement yardstick. It is certainly one that is dear to the CFO‘s, CEO’s, and Board of Director’s hearts. If you can show your prospect that your product or service can reduce costs, increase revenue or margins, increase productivity, increase quality, or increase customer satisfaction, then you have a good chance of moving your proposal up through the organization. If you can help your contact at that company matter to the C-Suite, and help him or her enable the company to survive tough times and even grow, then that contact will start to treat you like a trusted advisor who is out to help the organization.
After you have proven yourself to be an expert and have identified the key people you need to meet and work with (Becoming An Expert In Order To Qualify Successfully, Chapter 3), you are ready to start writing the score card that will be used by your client (and hopefully forced upon your competitor). The sum of that scorecard needs to be firmly anchored in the Client Centric Sales model of win-win; it is imperative that you work together to create and supply the optimum solution to the company’s most important problems.
Win-Win is easier said than done. The most difficult part of this is that the contacts you have at your prospect’s organization will most likely not have a full understanding on how the project affects the business drivers of their company. They may have secured budget money, and may even have a specification written. The project may have been funded to solve “Problem X” which is funded for “Y dollars” for a period of “Z months,” but has a business case been developed that would enable your contact to justify the project? Are you in a position to help your prospect show the C-Suite how the proposed project is a win for them?
You probably have a good understanding of your prospect’s industry, and an even better understanding of the challenges your prospect’s company faces. You will need to identify how your product or service can address at least one of those challenges, and you will need to help your client develop the scorecard that will be used to both establish the success of the project and can be used to make sure that your competitors are being measured to the same standard.
Many, and half of them are caused by ourselves. We don’t listen, we make assumptions, we think of solutions that we have already sold instead of working to understand every aspect of our prospect’s business, and we assume that we are talking to the right people within that organization. But it is not all our own fault. It doesn’t help that our prospects don’t really know what they need, can’t find a way of accurately describing the problem, keep key information to themselves, won’t let us near the right people, are unrealistic about expectations, and are more concerned with company politics than end-results.
This is why you need to help write the scorecard for your project. Granted, it is not easy, and it takes a lot of time. The good news is that each step you take will help you to continually educate and qualify your prospect. In coming chapters, we will examine a simple methodology that you can use to create a concise, measurable, and justifiable scorecard that you and your prospect create together that will help put you in the driver’s seat.