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1. IntroductionSalespeople like closing the big deal. It means important business and a good commission. And landing the big fish can be a great way of putting a sales career on the fast track. But there can also be drawbacks. Chasing the big deal takes a lot of time and effort, plus plenty of company resource. And when they fall through, it's devastating. Often salespeople can't help but think about all the little deals they could've closed while chasing the big one that got away. That's why top performers keep a mix of all size prospects in their sales pipelines. Some big fish, but also plenty of smaller ones. This helps even out their sales cycles. When a new product launches, a new sales cycle begins. And this often leads to debate. What size buyers should salespeople target as early adopters?2. Scene 1[Jill]: I say we go after the major chains. Getting one as an early adopter would be huge. A real stamp of approval.[Doug]: Chains take too long to decide. We're better off focusing on independents. I say we get some smaller deals under our belts.[Jill]: A lot of those independents are totally cost motivated. Do we really want to under price our product just to get them to take it on?[Doug]: No, but what's the alternative? We've never had luck with chains and new products.[Jill]: Maybe we need to try harder.[Doug]: I don't think it's that simple.[Mary Ellen]: OK, everybody just take a deep breath here. Why don't we try looking at this in terms of the sales pipeline.3. The IssueA sales pipeline is a way to manage product demand. It tracks prospects as they progress from leads to repeat-business customers. Of course not all leads end up becoming customers. Some leak out of the pipeline along the way. When planning a product launch, it helps to tap into an existing product's pipeline. This gives a good idea of how many leads it will take to hit the new product's sales target. It's also helpful for identifying cross-selling opportunities. Big customers tend to have rigid processes and schedules for making purchases. They're less likely to adopt a new product at launch. And a big customer doesn't necessarily mean a large purchase – often, big customers start with a small roll-out. So it's often necessary to establish the product in the marketplace with smaller, more independent companies first. Such customers who really like a supplier's other products will often take a chance on its new one.4. Scene 2[Mary Ellen]: Our launch strategy needs to focus on qualified leads. Mostly existing customers who trust us and already have a relationship with our salespeople. Buyers like that are most likely to become early adopters. They tend to be smaller, but are good for a lot of repeat business. They've been in our other sales pipelines for a long time. See us as a top supplier. Once we lay the groundwork by closing some smaller deals, selling to the bigger, more conservative customers will get easier. Assuming we have enough qualified big leads in the pipeline by then. And that's definitely our goal.5. ConclusionEffective salespeople try to always have possibilities available at each stage of the sales process. They maintain pipelines containing unqualified leads, promising prospects, and deals about to close. This helps them sell successfully over time. And to keep the right balance, they constantly renew their sales pipelines with fresh leads. These include new prospects, old customers, and existing customers with new requirements. Top performers also keep a balance of different size leads in the pipeline. A good ratio is about ten smaller prospects for every big one. The right mix helps keep product demand smoother and cash flow more predictable. Big deals mean big effort. Closing them takes lots of time and skill. And when all that hard work pays off, it's a great feeling. But a few small deals can easily be worth as much as one large one. And every closed sale helps with reaching targets. That's why most smart salespeople work on big deals and small ones at the same time.6. SummaryHere we review the key points covered during this scenario. Review key points
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