As much as we hate to admit it, no company is perfect — we all make mistakes. Unfortunately, it’s impossible to put an exact dollar amount on how much all of these small fixable mistakes are costing your business. Most likely, they are costing your business more than you know, even though they seem minor at the moment.
To illustrate how much even the smallest mistake can affect things, let’s look to flying an airplane, where precision is an absolute must. Here are some interesting stats about flying just one degree off course:
- For every degree you fly off course, you will miss your target by 92 feet for every mile that you fly.
- For every 60 miles you fly, you will miss your target by one mile.
- Flying around the equator will land you almost 500 miles off target.
- Flying from JFK to LAX will put you nearly 50 miles off course.
What is your tolerance for being off course? Are you ok with a one degree mistake? At first glance, it may seem like “no big deal,” but once you start to see the full possible impact of such an error, you’ll probably agree with me that even a one degree mistake is unacceptable.
For an airplane to hit its target, it requires sophisticated computer systems and a good pilot that can constantly evaluate incoming information and then make the necessary correction to keep the plane on course. Similarly, keeping your business on target and running as efficiently as possible requires ongoing analysis and constant corrections – this means having a responsive and accurate “navigation system” for your business is vital.
Discover Your One Degree Mistake
At Primary Intelligence, we help our clients stay on course by uncovering these “one degree mistakes” that are causing them to lose business, as well as suggesting ways to get back on track and avoid them in the future.
Let me share with you an example of how making small changes can make a huge difference. A medical software provider hired us to do 40 win loss interviews. Their objective was to understand their clients’ and prospects’ needs and evaluation processes better, as well as gain more in-depth competitor intelligence. The overall goal was to gather and leverage this information in order to improve performance, increase customer loyalty, and win more new business.
From these interviews, we gathered some valuable feedback about their software demos. According to many of their prospects, their products appeared to be more difficult to use compared to their primary competitors. The data also showed a trend that, when the software provider’s sales team did not include and gain the support of a particular department head in the process, they had very little chance of winning the opportunity.
After receiving this data, our client made changes to their product demonstrations and made sure that the department in question was always included in the sales process. As a result, in one quarter after implementing these changes, their win rate went from 41% to 67%.
Both of these changes are rather small and easy to make. However, neither of these areas of improvement would have been discovered had it not been for a systematic program for speaking with buyers and prospects.
Every business has areas where they may be missing the mark — even yours. If you don’t currently have a voice of the buyer program, you might have no idea if you are truly headed in the right direction or if you are deviating from your target by “one degree” (or more). It’s time to get on course.