Can you answer three simple questions about your proposition and how it aligns it to your ideal customer profile? They are: Why this? Why us? Why now? If not, it may partly explain low sales engagement or win rates. Maybe even both.
Why this? Is linked specifically to the business challenges that you address with your solution.
Why us? is about your unique credibility and track record as a supplier in that space.
Lastly, why now? is your in depth understanding of the circumstances that typically lead to a buying decision. This is also sometimes called a trigger event, when the prospect needs to make a decision to drive improvement in some way.
The degree to which you can easily answer these questions will either reassure or alarm you. This is because it reveals how clearly you have defined your ideal customer and therefore, your target market. The more challenging you find the questions, the more it means that additional rigor ir required. If this is you, then you need to join the dots up for the prospect. If not, you may as well walk away now, or accept low win rates. Or high cost of sales, the choice is yours.
Some businesses choose to go to market with a loose approach, where they believe their solution could be sold to “almost anyone”. This is rarely true and hardly ever works as a scalable strategy. Mostly, it is because you are relying on the prospect to map what you have against what is going on in their business. How many strangers are going to bother doing that?
Ask yourself, if we contacted a hundred companies with that kind of proposition, how many of them do you think would take the time to do the mapping? Whereas, if you invest the time up front to properly research and profile your sweet spot and focus only on those within it, you will drastically improve your chances. Plus, your win rate.