GB Ep 45: How I Lost Multi-Million Dollar Deals Due to This Mistake

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Today we’re going to talk about how not to lose multi-million dollar deals by taking advantage of strategic planning.

• To give a little context, we would be on the short list for companies looking for a good agency, but for some reason we’d always lose the deal. Because I didn’t have a background in doing sales, I asked why we weren’t chosen. [01:20]
• Potential clients felt we lacked salesmanship and data. [02:35]
• I found out from someone in my EO forum that I should be doing strategic planning. [02:47]
• I discovered that strategic planning means providing lots of data to a prospective client, bringing up aspects of their goals they may not have thought of yet, and overloading them with data to give them confidence in us. [03:00]
• When you’re starting out, you do need to have an element of planning, even if selling a product instead of a service. [03:47]
• I would recommend OpenStrate.gy, which provides information on consumer research, consumer media usage, ad planning, and strategy templates. [04:13]
• I found the templates particularly helpful: you can take them to a designer, change the elements you want, and have it reflect your brand. [04:49]
• There are resources about user testing, case studies, trends, strategy frameworks, all the stuff you would expect to learn in a marketing class. [05:27]
• Once we started doing this, conversion rates started increasing. [05:44]
• Make sure you revisit your strategic planning process once every quarter, and you’ll be in a much better spot to close more deals.  [06:02]

Resources from this Episode:

• OpenStrate.gy
• EO: Entrepreneurs’ Organization

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DISCLAIMER: Your results may vary depending on the stage of your business. Like any program, there are no guarantees that you will have the same result. It's all about the work you put in!

The post GB Ep 45: How I Lost Multi-Million Dollar Deals Due to This Mistake appeared first on Business & Personal Growth Tips.