During the business development cycle, opportunities will present themselves that are particularly large or strategic in nature. Perhaps there is potential for a significant recurring order or a first project with a key customer target. Tracking these strategic opportunities separately is critical. Their importance merits additional effort.
strategic opportunities
I refer to these as must-win opportunities. Highlighting their significance to the objectives and purpose of your organization. Each company defines must-win in a different way, but the classification could include:
- High revenue potential
- Long-term revenue potential
- New strategic customer onboarding
- Industry reputation enhancement
- New service/product showcase opportunity
I’m a very visual person and find it useful to be able to see how these larger opportunities are progressing. Below I show you how to set up a tool that can keep you tracking your strategic opportunities quickly and easily.
Setting Up Your Matrix
To start, create the following matrix (see below). Drawing it on a large whiteboard makes this easy to update. However, creating it digitally can also work, especially if you’re sharing it with remote teams.
This simple matrix comprises timeframe on the horizontal. Representing the time in which the opportunity will be awarded by the client, the length of your sales cycle will determine the timeframes used. Though typically your must-wins are those with a longer sales cycle than your regular opportunities.
The likelihood of winning the opportunity makes up the vertical axis and is divided into three stages of probability. As a guide, I use:
Hi
- Engaged; strong customer relationship;
- Detailed project discussions completed;
- Aligned proposal submitted;
- Strong probability of a win.
Med
- Good customer relationship;
- Limited project discussions;
- Proposal likely to be requested;
- More work to do.
Low
- Little to no customer relationship;
- No discussions to date;
- Proposal unlikely to be requested at this time;
- Relationship building and positioning required.
Populating With Strategic Opportunities
Populating the matrix with your strategic opportunities (must-wins) means making sure it is large enough to house them. Mine sits on my office wall on a one-meter board. While it is nothing fancy, it allows me to easily move the must-wins between squares as new information comes to light.
Using Post-It notes to represent the opportunities makes for an easy system to use. Having just enough information so that the user can quickly discern what they are key. As an example, my must-wins contain the following:
- Project Name
- Customer Name
- Product/Service Required
- Likely Date of Award
This is enough information to cross-reference with your tactical action plan, where specific actions with key personnel and stakeholders should be captured. Next, it’s time to place it the opportunity on the matrix.
Check the timeframe and likelihood of winning to place the opportunity appropriately. The matrix needs to be user-friendly. Therefore, don’t overpopulate or create a huge sea of notes. Only include those of most significance.
Using the Must-Win Matrix
A successful business developer needs to be strategic. Having long-term visibility of strategic opportunities really supports this. To really work, the visibility needs to be convert to action. The goal of the matrix is to be able to move must-wins from a low to a high likelihood of success. A quick look at the matrix highlights which companies to talk to about which projects, and these actions should be placed into the tactical action plan under high priority and with appropriate due dates.
Much like the tactical action plan, the matrix must be living, which means it needs to be regularly and accurately updated to reflect the real-world situation. Opportunities should be moved as soon as information gleaned from customers and stakeholders is heard.
Good practice involves taking ten minutes a week to survey the matrix with your team to discuss any new information, make changes, and allocate actions to the tactical action plan.
I challenge you to set up a Must-Win Matrix and see the difference it makes to your strategic opportunities.
Strategic opportunities
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Strategic opportunities
For a deeper dive into business development and advice on setting up a purposeful and consistent system I recommend checking out my new book Business Development Begins Here. It is available to order on Amazon. It describes the triple A framework and will get you assessing your purpose, company, customers, competitors and place in the market. Aiming your effort in line with your purpose. Before taking daily action in engaging your customers and pursuing opportunities.
Coaching
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