WHY DO B2B PROJECTS FAIL?
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Why Should Sales Professionals Care?
In some sales training scenarios, the stars just seem to align. That is what happened when I read a recent article on the failure of B2B projects. Turns out that the four reasons the projects fail can be remedied by the four keys to sales' successes. The two relate in surprising and sensical ways.
In this newsletter let's examine why B2B projects fail. Then, armed with some answers, we will look at why B2B sales superstars should care about those failures.
A lot has been written about the failure of B2B projects. My experience, along with research on the topic, tells me that the cause of the failure is NOT due to the failure of the product or solution as many would believe.
Bernard Marr, a speaker and author on business technology, recently contributed an article to Forbes magazine. Marr concluded that technology is shown to be the problem in only 3% of the cases, finding that,
"25 percent of technology projects fail outright; 20 to 25 percent don't show any return on investment; and as much as 50 percent need massive reworking by the time they're finished. Technology is NOT the problem (3%)."
Reasons for the failure of B2B projects can be categorized into four distinct areas:
1. Leadership/Ownership
A project run with poor leadership is destined for failure. I would further define this need for leadership as the need for executive level leadership or ownership. All large B2B projects are like boats in the ocean. All will encounter waves, some large and some small. Only those projects being skippered by a passionate senior-level leader will be able to navigate the treacherous waters.
2. No Measure Of Success
Games cannot be played without goalposts, targets, and scoreboards. The same holds true for B2B projects. For them, the targets and goalposts can be found in the Business Case. The stronger the Business Case for a project, the more likely it will succeed.
3. Planning & Accountability
Ben Franklin famously said, "Failure to plan is planning to fail." If you want a B2B project to fail, simply fail to develop a detailed accountability plan tied to a calendar. Trust Triangle Selling graduates will recognize this as the Critical Event Timeline best practice.
4. Change Management and Implementation/Installation/Training/Adoption
For any B2B major project it is wise to start with the premise that people hate change. In fact, people will sabotage projects that they feel are not in their best interests. As already noted above, failure is guaranteed when all key stake holders are not included in the planning and accountability of any B2B project. Additionally, project failure is certain when sufficient resources are not dedicated to installation/implementation, training, and adoption.
So now that we better understand why B2B projects fail so frequently, let's turn our attention to why B2B sales superstars should care about this.
The short answer is very simple. B2B sales superstars care about one thing above all others, THE SUCCESS OF THEIR CLIENT and the SUCCESS of the project the
client has
under consideration. That's right. They are not driven by another sale and a fat commission check, nor are they driven by their own or their company's sales goals. That is what separates them from all other reps on the planet.
In the back of her mind the sales superstar understands that, "He who earns the most trust, WINS!"
While their competitors are bragging to the client about their new features and benefits, the sales superstar is focused like a laser beam on the success of the project. She shies away from the discussion of her products' bells and whistles and directs discussions to how clients define success, how they will achieve success, the timeline for success, and how they will face challenges along the way.
The sales superstar gains trust, educates and provides insight by understanding these two powerful quotes:
"Those who don't know history are destined to repeat it." Edmond Burke
"History teaches us the mistakes we are going to make." -Unknown
She educates her clients with a history lesson and helps them to stay clear of the four key reason projects fail. How? For each of the reasons projects fail, she has the antidote. The four keys to project success are more fully explored HERE.
By aligning the four main reasons project fail against the four keys to project success, she becomes a problem AVOIDER--not simply a problem solver. She is a true SUPERSTAR!
Good Selling!
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