So, you need to close every lead you have, and you're busy as a bee juggling connect and discovery calls, demos, onboarding expectations, and navigating your internal politics. However, the close rates haven't been high enough to make your numbers, and maybe you could use some fresh ideas...
Based on research conducted by the RAIN Group Center for Sales Research, it was discovered that the average conversion rate across various sales industries stands at an impressive 47%. [However, when it comes to the SaaS sector, the win rate benchmark tends to be lower, hovering around 22%.]
Driving a deal means you are in control, and if you're not, the chances are, your qualification technique isn't quite cutting it. And let's face it, that's a crucial aspect of any successful sales process. While there are numerous tried and tested qualification methods out there - BANT, MEDDIC, ANUM, CHAMP, or FAINT, to name a few - here's one you may not have heard of yet:
The best qualification method you've never heard of: IMPACT
I'm willing to bet that many of you haven't encountered it, and you might be thinking, "Why introduce another qualification framework?" Well, IMPACT is vendor-agnostic, seamlessly integrates with any sales methodology you've already adopted, performs exceptionally well across various sectors, and is ideal for both direct and channel B2B opportunities.
So, don't dismiss it just yet - this little-known gem might be what you've been looking for!
Let's take a closer look at the IMPACT Framework;
Identify: Identifying the right solution in any given opportunity hinges on grasping the business objectives and challenges the prospect faces. Identify the business processes that require assistance and define the objectives your solution can help with.
Money: What budget is allocated to address this challenge? Who is responsible for the budget, and is it possible to alter budget priorities? How are budgets decided, and which budgets hold precedence and authority? Can these budgets be accessed, and by whom?
Parameters for the Decision: What are the business and personal factors and standards that will influence the decision-making process? Are there specific ROI goals or job advancement opportunities that need to be considered? What are the informal decision criteria, and who can set or change them?
Access to the Decision Makers: Who participates in the decision-making process, and what roles do they play – economic, user, influencer, or detractor? Do you have a coach who can facilitate meetings with all decision-makers?
Competition: Who is your competition, and who leads them? Does their coach hold more influence than yours? Is choosing not to act a form of competition, and if so, why? How do you neutralise the competition?
Timing: When will the decision be finalised, and what steps are involved from the business decision to signing the contract? What are the common factors that typically cause delays and prolong this process? How does procurement factor into the timeline?
The primary purpose of the IMPACT Framework is to guide you in confirming whether a lead is your ICP (or not) and asking the right questions to identify leads worth pursuing and increase your close rates.
Benefits of using IMPACT for sales qualification
The infographic below explains this easy-to-remember acronym and how to use it.
If you're in B2B sales, why not give the IMPACT Framework a test drive and let us know how you like it?
Undoubtedly, given the research, there is ample opportunity for improving win rates. Honing your qualification skills is key to boosting your closed/won deals. The good news is, mastering a suitable framework can quickly elevate your qualification skills, leading to a noticeable increase in your win rates.
From Lead Generation Campaigns, Go To Market Strategy, defining Ideal Customer Profile, Pricing and Packaging review and Sales Process audit, we guide you on what to do and how to do it. And show you the potential for Sales Hub to assist your sales team.
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