3 actions a small EDA Company can take to save 2020

As the market reopens, small EDA companies must reengage prospects, revive customer engagements, prioritize opportunities, and close them quickly. Many EDA companies have lost close to 6 months of active selling in 2020.

There are three actions that a CEO can implement today to accelerate sales:

1. Explore stalled opportunities.

Projects put on hold in Q1 are prime targets for short term business. End users have deadlines too. Every single stalled opportunity needs an urgent call to the highest relevant executive at the potential customer.

It is best to match executive levels for these calls. A small company CEO might call another CEO, or a Division General Manager at a larger company. A CTO always calls a CTO.

Begin making customer calls while competitors go back to the old ways of sending emails and waiting for prospects to respond.

2. Requalify potential opportunities.

Restart business and functional qualifications. Is there still a need? Is the budget intact? Have the critical product features changed? Have the decision and approval processes changed? Assume everything is different.

Document new requirements and decision processes. Agree on what the prospect needs to approve a purchase.

3. Prioritize short term potentials.

Be realistic, prioritize opportunities that are most likely to close in the shortest amount of time. Quick wins reassure employees, and investors, that the company is moving forward.

Bookings have fallen behind for many companies and as activity begins to increase, everyone in a small EDA company must focus on accelerating sales.

We can still save 2020.

Tags: accelerate, bookings, covid, sales

Category: business

This entry was posted on Tuesday, June 9th, 2020 at 8:36 am. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.