Applications of the Prospect Management SystemTM
The DEI Prospect Management SystemTM has two major applications:
- New Customer / New Business Acquisition: This is for salespeople whose main role is to prospect, hunt, create new opportunities and close business in a timely way. It can be low value, high volume deals or high value, low volume deals, the latter typically having longer sales cycles, which, can make pipeline and forecast management especially challenging.
- Existing / Key Account Development: The Prospect Management SystemTM is equally applicable where the salespeople work mainly with existing accounts, and their main job is to develop the revenue, wallet-share, footprint, revenue and profitability of the account. DEI is not an account management tool (there are plenty of those tools) around today); it supports account growth and development which is a different task, a selling task, with much the sale challenges as net new business development. In fact, growing business at an existing account, where the buyer has you already labelled and pigeon-holed is often more difficult than winning a new account.
Typically, net new business development pipelines will contain more opportunities (especially when you include prospecting activity), but where a company has for example, 200 existing accounts, and the goal is to grow 50 of them, at a minimum that’s 50 opportunities to manage – and some accounts may contain 2+ opportunities (e.g. by product or solution).
Hybrid Salespeople & Hybrid Sales Pipelines
In many companies, especially SMBs, the individual salesperson may handle both new and existing accounts. The DEI Prospect Management SystemTM is extremely useful in this situation, because it visualizes the opportunity inventory and velocity for each class of opportunity (new versus existing). And modern CRM tools enable you to tag deals so that the visualized Board displays each type of business separately which supports the weekly review and meetings.