As a sales representative, your ultimate goal is to close deals and generate revenue for your organization. However, there are many challenges and risks that can impact your probability to win deals.
At Aviso, we have identified three deal risk signals that can significantly impact win rate. If sales reps and managers look out for these risk signals timely, they can avoid the adverse impact and can also address these with the right solutions to increase their chances of winning a deal.
In this blog, we will discuss each of these risk signals in detail and provide solutions to mitigate them.
1. Pushing out the close date of an opportunity
One of the most common deal risk signals is when the close date of an opportunity is pushed out repeatedly. This can happen for various reasons, such as delays in decision-making, budget constraints, or changes in priorities. However, pushing out the close date can adversely impact your win rate. The longer an opportunity remains open, the more time your competitors have to get involved and sweep the deal.
To mitigate this risk, sales reps and managers need to identify and take appropriate steps to close such deals timely before they become dead.
"Your chance of winning a deal increases by 51% when there are no close date push-outs."
AI-based revenue intelligence solutions, like Aviso, can help in reducing the close date push-out and increase your likelihood of winning a deal. With Aviso’s guided selling, sales teams can identify deals at risk and deals with an upside potential to close them earlier than forecasted.
Aviso’s Deal Maps
Aviso’s Deal Maps divide your pipeline into 4 buckets and use the AI-generated insights to accelerate the deals that, according to you, could not be closed in the current quarter. This data is visualized in a single pane for reps and managers alike, giving them the power to inspect the health of their deal in real time.
2. Relying on gut instinct to forecast sales
Another big deal risk signal is when sales reps rely on gut instinct rather than data to close a deal. While human judgment and intuition are valuable in sales, relying solely on it can lead to missed opportunities and lost deals. Your gut feeling may not always align with the reality of the situation because of your cognitive biases. This can result in missing important information that could impact the outcome of the deal.
To mitigate this risk, reps and managers need to leverage AI-driven deal and forecasting insights to make data-backed, informed decisions.
“Compared to human instinct, AI is 20% more accurate in predicting winning deals and 32% more precise in predicting the chances of winning a deal.”
AI-based revenue forecasting solutions, like Aviso, can produce more accurate predictions than humans could achieve alone. This results in better sales and business outcomes.
Aviso’s AI WinScores
Aviso uses advanced algorithms to generate a WinScore for each deal. Aviso’s WinScore is the AI-driven statistical probability of a deal closing in the quarter. This is not just a CRM score but looks at both temporal and non-temporal data to give a live score. Our AI also generates WinScore insights and explanations for every deal to further enhance the likelihood of winning a deal.
3. Having single-threaded conversations
The third deal risk signal is when sales reps involve only a single decision maker or contact from the buying organization. When this happens, there is a risk that the deal will stall or fall through if the single point of contact either leaves the organization, changes their mind or fails to get a consensus from the executive team.
To mitigate this risk, you need to identify and engage with all the key stakeholders who will be involved in the purchasing decision. It not only improves buyer-seller relationships and provides a safety net for your deals but also results in achieving key sales objectives.
“Multi-threaded conversations increase Win Rate by 42% and decrease the sales cycle by 25%.”
AI-based relationship and conversational intelligence solutions, like Aviso, can help you adopt a multi-threaded approach to nurturing key prospects at buyer organizations. This will significantly impact your sales success and customer experience.
Aviso’s Relationship Summary
Aviso’s Relationship Intelligence guides reps in executing the right activities at the right frequency with the right stakeholders. Aviso’s Relationship Summary allows leaders to review the activity of their reps with precision. It allows leaders to see if reps are regularly interacting with executives and at what level of engagement.
As a sales representative, it's important to be aware of deal risk signals that can impact your win rate. By proactively identifying and mitigating these risks, you can increase your win rate and drive better revenue outcomes for your organization. Engaging with the right stakeholders, leveraging data-driven insights, and proactively understanding your prospects' decision-making process are the key to success in addressing these deal risk signals.
Stay ahead of the game, book a demo with Aviso now.