Hi Friends,
Here is your end-of-the-week insight into what I see going on in the business world, what I’m thinking about, and what I’m learning about. Forward anything that you feel inspired to share
I have spent the last month with several teams cleaning up their pipelines. Every year around this time, pipelines are extremely dirty. There is bad data, even worse deals, and misguided senses of hope.
I have been working with account executives to review their deals and take a very honest look at them. We look at date of last touch, date of last communication from prospect, the content of the communication, the context, and the patterns and sentiment of all communications. We then make a plan for all the deals.
The purpose is to get an honest assessment of what is real and what is not. Once we get an idea of what is real, we assess where the deals really stand. Does the account executive have a firm grasp of what steps remain and what risks exist? We use a risk calculator to determine what still needs to be uncovered and then execute on our plan to uncover that information. (You can find one version of a risk calculator at gotensai.com, a small passion project of mine.)
The reason so many bad deals have entered the pipeline is usually due to a loosening of standards at the top of the opportunity funnel. This has usually been caused by lack of total deals, anxious reps, or anxious sales leaders—individuals loosening the standards to make themselves feel less stressed/anxious.
The problem is that it gives people a false sense of security and leads to some bad practices. Reps spend time on deals that are not real when they should be focused on the deals with true potential (or looking for new deals). Leaders report and discuss deals that are not likely to close or, even worse, spend resources on unwinnable deals.
The account executives I have recently worked with have told me how much they have hated the exercise of cleaning up their pipeline but how much they have appreciated the results after they are done. Like many great things in life, the hard work sucks, but the results are worth it.
My suggestion to account executives is to find a partner with whom to review their pipeline and have that person dig in and ask questions. Or, if you like, reach out to me or anyone at Maestro and we are happy to help (not a pitch, just an offer).
What Made Me Laugh
Eminem just dropped a new album. HERE is a take on one of his most iconic performances.
The Olympics start today. For the next few days, we will all become short-term experts and passionate about sports that we only care about every four years. Here is a phrase you can use at dinner parties this weekend to make you sound like the Olympic expert you are. “I love how they changed the name of synchronized swimming to artistic swimming. I really think it captures the essence of the sport. And the addition of up to two men per team will be a game changer in adding more power and strength to the already graceful choreography.” You are welcome.
Potpourri (shoutout to Jeopardy!) is a category that covers a variety of topics.
My son constantly trolls me because of my age. He forgets that I was once young and that I still am at heart. THIS SILVER KING probably had enough trolling and needed to go show the youngins what was up.
"Work while you have the light. You are responsible for the talent that has been entrusted to you." Henri-Frédéric Amiel
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Let me know what you think about this week’s edition of Fuentes Fridays. Which section was your favorite? How can I make this better? Shoot me a message on LinkedIn @willfuentes.
Until next week!
Thanks,