ABM and the importance of engaging early in the bid process
For the RFP stage win rates are something like 5% and in fact that drops to as low as 1% for those bidders that haven’t been involved in shaping the requirements with the right decision makers. So this is a problem that’s only getting greater. But big contracts aren’t a surprise, there is a really long lead time for the RFP or ITT to be issued so there’s an equally long time to build those relationships with those key buyers and importantly to have that dialogue before both parties are constrained by the procurement process itself.
You’ve got to be very mindful that today’s buyer expects a whole new level of personalisation; every single sales interaction, every single touch point to be so focused on their individual needs and personal pre-occupations, it’s as if you’ve pre-empted their next move. Really it’s the Amazon experience – we all expect now – both in our personal and professional lives.