Challenge: My team was trying to secure a $4.5M deal to lead a marketing and sales transformation consulting project in a global Value Added Reseller. After months of discovery, we had developed a proposal, business case and coalition of Companions to take to the board for approval. Our CEO flew in to help close the largest deal in firm history.
Solution: The night before the board meeting where we would present our Proposal, our team gathered at Mullaney’s Harp and Fiddle Irish Pub to review our plan and prepare for the next day. We discussed the Buying Decision Team and the roles they played in the next day’s meeting, and subsequent steps to signing.
- Deal Review: The first ever Court Case was held with our CEO serving as judge and jury. We presented the opening statement explaining why investing in a long term engagement would provide an expected return for the board. We presented evidence to validate our claims. We asked ourselves the 5 Questions we didn’t want to be asked the next day to ensure we beat up our assumptions. We concluded with a closing statement honed by the exercise, and another Guinness.
- Closing: In the board meeting, we presented our proposal and defended it when the Board pushed on certain elements. At the conclusion, the Chair asked what the chances of success were for the project. Our CEO, knowing the emotional state of the Companions gave it a 50% chance of success. He was clear that there was great risk in the project, but the Temptations had been proven to be even less likely to deliver the results the board sought.
Results: The Board of Directors signed off on the contract within days. This led to critical milestones for the firm:
- 15% higher average deal size due to this one deal closing and the precedent it set for future larger deals
- 40% shorter average sales cycle due to direct access to the Board and consensus to prioritize the project