What does the term “pursuit” mean to you? What about the term ”capture”? Are they same thing?
It’s a tricky one as many people / companies have differing definitions.
I’ve never liked talking about “pursuit” in Business Development. To me, pursuit means following and not catching up. I’d rather prepare teams for capture than for pursuit.
So, I’ve been thinking about what makes the difference. Over the next few issues, I’m going to explore three changes you can make that will help you shift from pursuing opportunities to capturing them.
Change no. 1: Be on the front foot
Change no. 2: Don’t let the opportunity lead you astray
Change no. 3: Be quiet until they trust you
Today we will dive into Change no. 1: Be on the front foot Businesses often tell us that they know an opportunity is coming up, but then they postpone giving that opportunity the focus it needs until the RFP is about to be released – or has been released.
The truth is, this is a pursuit mindset. We all have to deal with competing priorities, and it seems like a given that the one with the looming deadline gets most of the attention. If we continue to do business from this space, we miss the chance of engaging with the customer and influencing their specifications and expectations – which is the ultimate capture mindset.
So the question is: How can we change from a pursuit mindset to a capture mindset?
• Think about how important to your business that future opportunity is, and understand that it also presents a looming deadline – the point at which the prospective customer makes up their mind about what they want, based on who has been talking to them. And if that’s not you, it’s your competitors.
• Understanding your customer’s buying cycle, and where they currently are in that cycle, will prepare you to step forward and engage with them while they are still open to your suggestions about the different paths they might travel.
• Prioritise the items on your to-do list based on this different set of criteria.
Walking alongside your customer to shape their requirement (capture) is far better than running after a requirement they have already determined (pursuit).
These mindset principles are taught in the Capturing New Business online workshop.
Written by Amanda Reid-Young